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LateralEntry t1_je10l7o wrote

Reply to comment by Ilanaspax in Tenants Fight Back As Rents Soar In Jersey City And Hoboken by mad_dog_94

I actually am glad to see all the giant skyscrapers going up. As much as everyone complains, we desperately need more housing

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No-Practice-8038 t1_je1oz98 wrote

We need less of them and more affordable housing. Especially for working poor and lower middle class.

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JeromePowellAdmirer t1_je1yjox wrote

There is no theory by which less of them results in lower rents for you and me.

People move here from NYC because of lower income taxes and more space; people also move here from outside the NYC metro because of better job opportunities. Location is the #1 determinant of whether someone moves, not whether there is new housing there. This is why gobs of millionaires live in crumbling old buildings in Manhattan and parts of Brooklyn.

If you don't build the yuppie fishtanks, the yuppies will simply outbid for your housing. Don't be mistaken and think they'll simply stay away - that's what they thought in San Francisco (and Manhattan and Brooklyn), and then the rich moved into the old housing, because they care about location and proximity to jobs, not whether the housing is new. They can always move in and gut renovate the inside, after all, or the landlord does it to take advantage of the higher rent they can pay.

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pixel_of_moral_decay t1_je1huw9 wrote

Those buildings are only viable if rents continue to go upwards. If banks had any reason to doubt future trajectory they wouldn’t be financing it.

Nobody invests in something they plan to lose money in, and those buildings are expensive to build and even more expensive in the long run to maintain.

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