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Is this really what would happen? I guess if they could mass produce them all at once it might. But it seems like every new condo or apartment building that i
by sbov 13y ago
Is this really what would happen? I guess if they could mass produce them all at once it might. But it seems like every new condo or apartment building that is built in SF is more expensive than everything else already available.
- njr123 13y agoYeah, but they push down the rents on the older apartments. At least thats the way it worked in my city, which has a similar housing situation.
- akgerber 13y agoNew construction is unlikely to push down rents anywhere in the current market environment in SF. But it does limit upward pressure on rents elsewhere. The bigger supply also is likely to lead to big price cuts during the next crash. And new construction becomes old within a few years. There are plenty of perfectly serviceable condo towers of unfashionable age in downtown Chicago with very reasonably priced apartments.
- orky56 13y agoThe problem is that they are rent-controlled. The article actually states that those newer properties are majority market-based. The gap between the market rate and the rent-control rate actually increases. This puts pressure on landlords to increase rents for these rent-controlled tenants using 1 of the 8 means prompting evictions. This is what is causing the unrest, despite allocating a significant percentage of new developments to affordable housing.