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Space is space is space. Think about it this way: if more high-rise apartments were built, then some rowhouses (or other inefficient [in terms of people per sq
by mhjacobson 13y ago
Space is space is space.
Think about it this way: if more high-rise apartments were built, then some rowhouses (or other inefficient [in terms of people per square foot of land] housing) could be torn down. Restaurants could be built in their places.
Thus the supply of restaurant space would increase, and the average price would accordingly decrease.
- timr 13y ago"Space is space is space." Blah blah blah. This isn't Econ 101. We have zoning laws, so no, all space is not the same. I haven't checked, but I'm fairly certain that the Grove's location isn't zoned for residential use. In any case, I can guarantee that isn't what the owners are planning to do with the space, given its prime location on a high-foot-traffic, retail strip.
- mhjacobson 13y agoThe zoning restricts the market somewhat, but it like anything else can be changed. Didn't mean to come across as patronizing above — sorry if I did. One more thing... you may have misinterpreted my comment. The situation I'm imagining is not the case where The Grove is turned into a residential development. It's the opposite — some residential areas are razed and rezoned for business, driving down The Grove's rent.