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fireweed , (edited )

Criminally neglected by this article: Yesterday’s luxury housing is today’s affordable housing.

The problem is we underbuilt for decades and don’t have enough “yesterday” housing to fill “today’s” demand, and new affordable housing often doesn’t pencil out without unsustainable amounts of government subsidies. This article makes the NIMBY-fuel mistake of bemoaning the luxury housing as basically useless without acknowledging that 1) these units will become more affordable over time and are part of a necessary return to rent price stability and a balanced market, and 2) in low-vacancy markets, luxury housing relieves pressure on mid-price housing which in turn relieves pressure on low-price housing, which is not enough to resolve the issue but still better than building nothing.

Too often is the argument “we shouldn’t allow this apartment/condo building because it’s not going to be affordable” followed by “we shouldn’t allow this subsidized affordable apartment/condo building because it will strain local resources/destroy the character of the neighborhood/increase crime and traffic/uglify the neighborhood with its cheap appearance.” Opposition to luxury housing is the top rung on the NIMBY ladder, and NIMBYism leads to housing shortages, which lead to affordability crises.

Zahille7 ,

It’s just “crises,” but yes.

fireweed ,

fixed

riodoro1 ,

Yeah, where I live in europe theres construction sites all over the cities building all sorts of eye sores but the prices are still going up.

The boom is for the sellers, not the buyers.

MicroWave OP ,
@MicroWave@lemmy.world avatar

A closer look, however, shows the trend will likely be little comfort for many U.S. renters who’ve had to put an increasing share of their income toward their monthly payment. Renters in cities such as Cincinnati and Indianapolis are still getting hit with increases of 5 percent or more. Much of the new construction is located in just a few metro areas, and many of the new units are luxury apartments, which rent for well north of $2,000.

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