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It actually is, otherwise you would have seen Manhattan skyline reach the end of earth but it does not. Premium condos demand such high prices that developers d
by objektif 7y ago
It actually is, otherwise you would have seen Manhattan skyline reach the end of earth but it does not. Premium condos demand such high prices that developers dont have incentive to over supply the market.
- mixmastamyk 7y agoThe housing shortage is real, discussion of niche exceptions is not a great use of time.
- mantas 7y agoThe problem is that there's no economic incentive to solve that shortage. Numbers just don't add up. Existing city residents wouldn't be that happy if their municipality started building shitload of public buildings using their tax money. Those money would be redirected from other issues that are important to current inhabitants, their real estate value would plummet and they get much densier city that comes with all the associated problems. On top of that, cheap rents would make the city more interesting for more people. So rents would start raising again and we're at step #1... But with more crowded public services.
- mixmastamyk 7y agoDoesn't need to be public investment, there are incentives for some but not others, and yes the situation is complicated.