Re:What Happens When a Suburb Begins to Die?
by closeparen on Wednesday October 11, 2017 @03:10PM
(#15452446)
The nature of the apartment determining its price is not a very good model. A luxury apartment goes for $1200 in Chicago or $3800 in San Francisco. This is not because the San Francisco apartment has better finishes, but because San Francisco has a tighter supply/demand balance.
The suburbs contribute supply and absorb demand.
If developers built similar quantities of “affordable” units, we would have just as much trouble getting them, but due to waiting lists/lotteries/bribes/whatever instead of rental prices.
Given the sorry state of the apartments left after urban decay, “luxury” apartments are the only kind that won’t be a huge decrease in quality of life to middle class former homeowners.
The suburbs contribute supply and absorb demand.
If developers built similar quantities of “affordable” units, we would have just as much trouble getting them, but due to waiting lists/lotteries/bribes/whatever instead of rental prices.
Given the sorry state of the apartments left after urban decay, “luxury” apartments are the only kind that won’t be a huge decrease in quality of life to middle class former homeowners.