4 ms·
Just drive to the nearest new luxury condo and count how many low-income folks just moved in. If you don't build these things, you'll have to compete in a bidd
by digisign 5y ago
Just drive to the nearest new luxury condo and count how many low-income folks just moved in.
If you don't build these things, you'll have to compete in a bidding war with rich people to rent an old, renovated shitbox. Guess who will win?
- dylan604 5y agoI think might have misunderstood. I know low income people are not moving into fancy new condos. I'm just not familiar with older fancy condos being opened up to low income residents. They just stay high rent, but with "charm" since they are older.
- digisign 5y agoThat's because extreme scarcity distorts the market to the point that old housing never gets to its natural cheap point. If they stopped building but only a few cars, a pimped out Datsun 240Z from the 70s would still look a lot better than walking, and fetch a lot better than 70s prices. In fact you could raise them with impunity. Didn't something similar happen in Cuba?
- bombcar 5y agoIt’s not instantaneous but it does happen - go look at some of the random lower price housing in a big city - it’s often in older neighborhoods that have “fallen on hard times”.
- pertymcpert 5y agoHow would you know? Compare original 30 year old apartments to new builds and see the rent difference. There is one.
- digisign 5y agoYes, to bring our corner as an example. Compare the rent of these buildings on the same street: - 2020, new ~$4500 - 1990, renovated, ~$3500 - 1975, maintained, ~$2500