Re:Baby boomers are becoming homeless at a rate not seen sin...
by blharr on Monday September 25, 2023 @11:48PM
(#37654077)
>They were only a bit more expensive
Not to be a doubter, but it seems like this note completely changes the context of the problem they stated. A slightly more expensive housing is competitive with the current housing you had. A higher-end luxury building being built costing 10x as much would likely have different effects.
Several years ago I was living in a lovely, historic, but no-frills apartment in a desirable area (Cobble Hill, Brooklyn) when several new “luxury” apartment buildings opened nearby, all around the same time. They were only a bit more expensive but offered lots of amenities (doorman, elevator, gym etc) that my building didn’t have.
The impact was remarkable: when other apartments in my building went on the market they sat unrented for weeks, when they’d previously rented in hours. The landlord actually lowered the rent on them! In NYC! Our lease was up soon after, and we managed to negotiate that they gut renovate our kitchen in exchange for extending our lease.