3 ms·
Yes, but it's also Oakland - not really the most desirable place in the neighborhood. That's actually the kind of place where prices would be most likely to dr
by zozbot234 3y ago
Yes, but it's also Oakland - not really the most desirable place in the neighborhood. That's actually the kind of place where prices would be most likely to drop if you just increase density across the board. (Which is not a bad thing if you're overly worried about the detrimental effects of gentrification!)
- jeffbee 3y agoPeople who say that are speaking from ignorance. These new buildings are ludicrously valuable. The newest, tallest in Oakland is worth > $500 million and the rents are $2k to $4k, and it's > 90% occupied. There are tons of jobs and demand for these homes.
- epistasis 3y agoPlenty of places with far worse reputations than Oakland are not dropping in prices, because they didn't build. Any place will drop in prices if you keep on building in advance of demand. Gentrification is more likely to come from lack of building than building. That's the story all throughout California and every other wealthy area in the US: extreme gentrification through lack of new housing. Its not the new housing that drives up prices, it's the lack of it.