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Nobody wants new apartments in their neighborhood because the fear is that those would drive rent prices up.

by pantalaimon 5y ago

tmamic 5y ago
That is like saying more fruit stores on the street will drive the fruit prices up.
- RobertoG 5y ago
  This is a complex issue. if you add apartments for the same number of citizens prizes should go down, but that's hardly the nature of the system we are working with here. If you have a busy highway and add more lanes will traffic jams go down? This is a complex issue. https://usa.streetsblog.org/2017/06/21/the-science-is-clear-more-highways-equals-more-traffic-why-are-dots-still-ignoring-it/ https://usa.streetsblog.org/2017/06/21/the-science-is-clear-... https://en.wikipedia.org/wiki/Induced_demand https://en.wikipedia.org/wiki/Induced_demand
  - ric2b 5y ago
    > If you have a busy highway and add more lanes will traffic jams go down? Yes, but perhaps in neighboring/older roads instead of the fancy new lanes on the highway.
    - sagichmal 5y ago
      All evidence suggests the answer is actually "no".
- smelendez 5y ago
  But this can happen with certain products, including housing, by driving new demand. Imagine your street has a great fruit store that caters to locals and is a bit busy but reasonably priced. Three other fruit stores see the demand and open up, offering slightly different fruit and other higher margin products like pies and smoothies. People start coming from all over the city for fruit, and tourists come to try local fruit they can't get at home. Now you have four busy fruit stores, and they gradually raise prices and focus on higher margin items instead of everyday fruits and veg. This happens all the time with bars and restaurants, too, as a neighborhood gets trendy. And it can happen with housing, because upscale housing brings rich people to the neighborhood, which makes other rich people feel more at home, even in less fancy housing.
vetinari 5y ago
Nobody wants new apartments in their neighborhood because increased density decreases quality of life of those who already live there. There's no upside _for them_ (remember, they already have apartment, they don't need another), only downsides.
kspacewalk2 5y ago
People who already own property don't want new apartments in their neighborhood because the fear is that those would drive house prices down. Plus they already got theirs, what do they care about anyone else? Thankfully it's not really anything like most people who have this NIMBY attitude, just the loudest ones.

Nobody wants new apartments in their neighborhood because the fear is that those would drive rent prices up.

tmamic 5y ago

That is like saying more fruit stores on the street will drive the fruit prices up.

RobertoG 5y ago
This is a complex issue. if you add apartments for the same number of citizens prizes should go down, but that's hardly the nature of the system we are working with here. If you have a busy highway and add more lanes will traffic jams go down? This is a complex issue. https://usa.streetsblog.org/2017/06/21/the-science-is-clear-more-highways-equals-more-traffic-why-are-dots-still-ignoring-it/ https://usa.streetsblog.org/2017/06/21/the-science-is-clear-... https://en.wikipedia.org/wiki/Induced_demand https://en.wikipedia.org/wiki/Induced_demand
- ric2b 5y ago
  > If you have a busy highway and add more lanes will traffic jams go down? Yes, but perhaps in neighboring/older roads instead of the fancy new lanes on the highway.
  - sagichmal 5y ago
    All evidence suggests the answer is actually "no".
smelendez 5y ago
But this can happen with certain products, including housing, by driving new demand. Imagine your street has a great fruit store that caters to locals and is a bit busy but reasonably priced. Three other fruit stores see the demand and open up, offering slightly different fruit and other higher margin products like pies and smoothies. People start coming from all over the city for fruit, and tourists come to try local fruit they can't get at home. Now you have four busy fruit stores, and they gradually raise prices and focus on higher margin items instead of everyday fruits and veg. This happens all the time with bars and restaurants, too, as a neighborhood gets trendy. And it can happen with housing, because upscale housing brings rich people to the neighborhood, which makes other rich people feel more at home, even in less fancy housing.

vetinari 5y ago

Nobody wants new apartments in their neighborhood because increased density decreases quality of life of those who already live there. There's no upside _for them_ (remember, they already have apartment, they don't need another), only downsides.

kspacewalk2 5y ago

People who already own property don't want new apartments in their neighborhood because the fear is that those would drive house prices down. Plus they already got theirs, what do they care about anyone else? Thankfully it's not really anything like most people who have this NIMBY attitude, just the loudest ones.