Requirements for parking spots. Parking spaces are not free to construct or to maintain.
Requirements for windows.
And no, of course I don’t wish to live in a windowless single-room apartment without a kitchen, private bathroom or space for my car. But were I broke, I would rather live in that than pay money I don’t have for a nicer place.
> The reason there's not a $500 apartments being built is because by expanding the residence out just a tiny bit you can charge $2000 for the same space that 2 $500 apartments would occupy.
I understand that the typical pattern is that new construction is luxury, and over time those units wear down and become more and more affordable. Adding new $2,000 units to the market reduces the value of existing units.
Bans on single room occupancy: https://en.wikipedia.org/wiki/Single_room_occupancy
Requirements for parking spots. Parking spaces are not free to construct or to maintain.
Requirements for windows.
And no, of course I don’t wish to live in a windowless single-room apartment without a kitchen, private bathroom or space for my car. But were I broke, I would rather live in that than pay money I don’t have for a nicer place.
> The reason there's not a $500 apartments being built is because by expanding the residence out just a tiny bit you can charge $2000 for the same space that 2 $500 apartments would occupy.
I understand that the typical pattern is that new construction is luxury, and over time those units wear down and become more and more affordable. Adding new $2,000 units to the market reduces the value of existing units.