Re:Why Is 'Affordable' Housing So Expensive to Build?
by dhzjxnbzn on Sunday January 07, 2018 @06:19AM
(#16090401)
There is actually a cost-efficient way to create affordable housing: create luxury housing. After rich people move in, less rich people will get to inhabit those older homes left behind. Restricting housing construction creates a backlog that must be worked through for the market to adjust fully. Some of the benefits of removing those restrictions are immediate, others take over time.
The rents in Philly are higher, but nowhere near those of the Bay Area. Here is an article about the local market: https://www.google.com/amp/s/cdn.relaymedia.com/amp/billypen...
People are angry that although they can afford a perfectly standard apartment, they can't afford new construction. Apartment developments being abandoned before completion due to low demand. Market distortions caused by development restrictions during the 90s.