Re:Alright, amigo, let's build some affordable housing
by Swizec on Saturday April 02, 2022 @07:02PM
(#30892452)
> But yeah, to your point, building more housing in a supply constricted market requires like way more proof.
Having lived in downtown San Francisco for 7 years now, I can’t help but notice how all the new highrises and fancy apartments have pushed down the prices of the normal stuff.
My current landlord tried to sell his house before we moved in and couldn’t get “enough” money for it because why pay $1,000,000 for a house from 1906 when you could pay the same for new construction across the street? Instead he had to settle for renting (to us). 3 years later and similar apartments in the area are now selling for $800,000 because there’s even more new construction around.
Rents are down too. Why pay $4000/mo to live in an old house when you can pay $4200/mo to live in a luxury highrise across the street?
Having lived in downtown San Francisco for 7 years now, I can’t help but notice how all the new highrises and fancy apartments have pushed down the prices of the normal stuff.
My current landlord tried to sell his house before we moved in and couldn’t get “enough” money for it because why pay $1,000,000 for a house from 1906 when you could pay the same for new construction across the street? Instead he had to settle for renting (to us). 3 years later and similar apartments in the area are now selling for $800,000 because there’s even more new construction around.
Rents are down too. Why pay $4000/mo to live in an old house when you can pay $4200/mo to live in a luxury highrise across the street?