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Status_Silver_5114 t1_jbqfxqk wrote

Reply to comment by realbadaccountant in Fane Tower project in Providence is dead by The_Dream_of_Shadows

Luxury housing tower = affordable? For whom?

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realbadaccountant t1_jbqi91j wrote

More housing means there’s less of a shortage which means landlords and home sellers can’t just charge whatever they want. Supply and demand.

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brick1972 t1_jbqmfuf wrote

But luxury dumb shit like this is very inefficient at accomplishing this goal. This is a vanity project that accomplishes nothing but it's always the same. Fucking luxury housing is the trickle down economics of real estate development.

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realbadaccountant t1_jbqnn4n wrote

A) you’re wrong. More housing is the only true affordable housing, period. And B) In case you weren’t aware, developers need profit incentive. NIMBYs doing a great job at scaring big ones away. Good luck finding a charitable development organization. And wait until you see the NIMBY backlash if there ever was a development with all “affordable” housing, which is an arbitrary term that means whatever the idiot uttering the phrase wants it to mean.

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brick1972 t1_jbqquz8 wrote

Here's the thing.

Building luxury apartments can have a pull through effect. In theory. Unfortunately the reality of recent development (since 2005 boom) has not been this. Increase of supply of luxury units has not, in fact, reduced prices for anyone else. The collapse of the national economy did help for a while at least for people that didn't lose their jobs so I guess there is that argument, get enough banks to fund enough stupid overpriced shit and the whole thing will implode again,

There is a reason this argument comes from developers and trade unions and not from housing advocates, and it's not that everyone except some enlightened few are just anti development nimbys.

Regardless one point you fucking people ignore is that this tower required zoning variance and other variations from the CPC. If this tower is so amazing build it where you don't need the variances and you will get a lot more cooperation.

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Silentjosh37 t1_jbqrp0m wrote

Well said! Anyone that has actually followed this at all would have seen all the shit the city had to deal with with all the revisions the developer was making and telling them they had to make changes, and even then the city was still giving them the variances they needed. This would have been another half full building that has a ton of turn over.

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Null_Error7 t1_jbuiit1 wrote

Just means rich folks can outbid you on your next house. Good luck.

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Standupaddict t1_jbs5ebf wrote

Everyone, because it means people with lower incomes don't have to compete with as many rich people for modest apartments.

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Then-Attention3 t1_jc4prz6 wrote

Rich people aren’t competent with poor people for apartments. Corporations are buying up real estate to sell it at a high price point. Rich people don’t need more houses, they buy it for more money. And it’s bullshit. We need to stop playing life to serve the 1%. Tax them at 70% put a cap on the amount of housing units they can own. Allow middle class to buy a home they’ll actuall live in and not have to rent out from some nepo dick head

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smt674 t1_jbqgaym wrote

What does "affordable" mean

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WhackedOnWhackedOff t1_jbqjaph wrote

You need to take a basic economics course that covers principles of supply and demand. This is attitude is straight NIMBY!

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