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Not if the developers realize that they should tear down the old apartment and build a new one with “luxury” rents.
by lotsoweiners 4y ago
Not if the developers realize that they should tear down the old apartment and build a new one with “luxury” rents.
- lwansbrough 4y agoThey can only do that as long as there is market demand. And there would be an increased demand in regular housing if you tore those down. Eventually (or immediately) the demand for regular homes would exceed the demand for luxury homes. Then it becomes a greater risk to build luxury homes vs. regular ones. So the developers choose the lower risk option..