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> Oakland has just gone through a major wave of new construction. New apartments command higher rents. Funny, the religion in these parts is usually that build
by rodgerd 6y ago
> Oakland has just gone through a major wave of new construction. New apartments command higher rents.
Funny, the religion in these parts is usually that building more apartments is the only way to drop rents.
- mint2 6y agoAll new construction in the bay is usually high priced luxury since that’s where developers make the most return. Thus new units aren’t cheaper. What I’ve heard is that’s either supposed to free up other older apartments or we’re supposed to wait 30 years for the new luxury apartments to become old and cheaper. I think we need rules about constructing diversified units, not exclusively luxury ones but proportional numbers of basic, medium and luxury.
- mint2 6y agoHow in the world did this one of my comments get a downvote.
- jeffbee 6y agoNew construction (supply) brings down prices overall but rental market reports only include inventory turning over right now, which is biased toward new, empty, and more expensive buildings. These two facts are not conflicting.