Quirky_Butterfly_946 t1_jddt8js wrote on March 23, 2023 at 5:57 PM

Is this the type of apartments people have been screaming for to ease the housing "burden"?

We keep on telling these hyper construction advocates that more housing will NOT lower housing costs, and we can see it again with this particular monstrosity.

Citizens need more say on what gets built and where, and how large.

--A3-- t1_jdfa0bi wrote on March 23, 2023 at 11:41 PM

This does lower housing costs though. Somebody who makes a lot of money can live there. If these units were not built, you would be competing against those rich people in the rental market. Your landlord chooses not to renew your lease so he can give the apartment to Mr. Moneybags, and you need to go live somewhere else.

Less competition among renters is always good for renters. Just because these particular units are expensive doesn't change that.

orielbean t1_jdea3ye wrote on March 23, 2023 at 7:44 PM

Until the citizens form a benevolent REIT and start making the change themselves, you will find this not an uphill battle but a total hoisting by your own physics-defying bootstraps as the RE owners are the same ones who spend their profits controlling the local zoning/mayor's boards, and usually replacing the ones who don't play ball.

Desperate-River-7989 t1_jdg9m5m wrote on March 24, 2023 at 4:18 AM

You're not seeing the counterfactual. Imagine a world where this housing doesn't get built. Would prices be lower?

Also just because they're trying to get this rent now doesn't mean that they'll be able to rent it at that level. There were some similar apartments that went up near me in the city I was living a couple years ago. Units they were trying to rent for $2200-$2400 are now going for $1700. At the end of the day, prices are driven by supply and demand.