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[deleted] t1_j9uz1gq wrote

[deleted]

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dandykaufman2 t1_j9v1a35 wrote

We’ll the theory is these are priced the highest of anything and then down the line the rowhome off the Main Street with the drafty windows won’t charge as much. Also that neighborhood and Philly is growing so you have to account for increased demand. Maybe rent would have gone way higher than it even has without the new units.

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[deleted] t1_j9v39ki wrote

[deleted]

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dandykaufman2 t1_j9v4rtg wrote

A house will only sell for 400k if someone buys it for that much. That’s the demand part. Building it isn’t what made it sell for 400k. Then the house next door that’s not removated yeah now they know with up to date renovations they could sell close to that. But the house next door selling for that didn’t raise the prices for everyone. It was jus price discovery. (Putting aside if the house took up the place of an empty lot or blighted property.)

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dandykaufman2 t1_j9v53jo wrote

The buyer is not like Whoah it never occurred to me to pay 400k for a house LFG!!

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[deleted] t1_j9v9tak wrote

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dandykaufman2 t1_j9vatsp wrote

And so how does that info affect whether we should build housing in Fishtown? More people want to live in Fishtown and Kensington than in 2016, which was seven years ago. The landlord will get less in rent than they would without this building and other units that have been built.

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apatheticwhiteguy t1_j9v25la wrote

I would imagine the units already existing around the new construction will have to lower prices to compete with fancy new apartments. Also yes, fishtown is a desirable place to live, that will be priced in.

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OnionBagMan t1_j9v4j3t wrote

Do you think it would help if some of the units were required to be below market?

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