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Why would that happen? Demand will be satisfied as that would be the most high value thing to do, driving the land tax wherever the process starts.
by RandomLensman 3y ago
Why would that happen? Demand will be satisfied as that would be the most high value thing to do, driving the land tax wherever the process starts.
- Aunche 3y agoYou mean why luxury apartments will become regular apartments? Most of the "luxury" apartments these days aren't really that special besides being newer and trendier. Of course, the truly iconic buildings will always be considered luxurious, but even the above average ones depreciate. In Manhattan, you can see a lot of buildings from a century ago with degraded ornamentation that would have been beautiful in their heyday, but they're actually more affordable than their neighbors that are plainer, but more renovated.
- krisoft 3y agoIt is clear that ornamentation is not what makes a luxury apartment. I would say the biggest component of a luxury apartment is the layout. A huge open space is amazing if you want to throw large parties, and can easily use up as much space as 3 studio flats. But the one huge luxury apartment will never realistically degrade into 3 studio flats.