3 ms·
Unfortunately a decent fraction of luxury housing isn't actually used to live in - it is viewed primarily as an investment. And luxury housing becoming availabl
by crote 3y ago
Unfortunately a decent fraction of luxury housing isn't actually used to live in - it is viewed primarily as an investment. And luxury housing becoming available doesn't suddenly make it affordable to people living in mid-segment houses either.
- wkat4242 3y agoYeah this sounds like Reagan's old trickle-down fallacy in a new coat of paint
- Analemma_ 3y agoThe "decent fraction" is totally false. This is pretty much only true in Manhattan and London, and even then only among big flagship projects like 432 Park Ave. Everywhere else, new construction gets filled. It's completely fallacious to use one or two white elephant projects in one borough of NYC to talk about housing in general. Instead, use the multiple observational studies of multiple cities I posted below the sibling comment to confirm that new housing does empirically decrease rents.