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stosyfir t1_jbqo2va wrote

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

“Luxury Apartments” in a skyscraper isn’t going to help the housing problem. The people affected by the housing problem wouldn’t be able to live here.

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fishythepete t1_jbrc5ny wrote

>“Luxury Apartments” in a skyscraper isn’t going to help the housing problem.

Yes. It is. You know what helps a housing shortage? Housing. In the absence of new high end housing, people coming in from Boston / NY will be competing for the existing high end housing stock. The people they’re competing with go down market, and so on.

>The people affected by the housing problem wouldn’t be able to live here.

No shit. But they won’t be able to afford the place they’re living now either if there isn’t new housing built that absorbs new higher income residents.

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automaton11 t1_jbrfroi wrote

Doesnt this perpetuate the inflation thats causing the crisis in the first place? The way to treat it is to add housing to the middle of the curve, balancing the function. Adding housing to the right hand side of the curve only pushes everyone down to the left and perpetuates the problem, albeit with richer and richer people. See also: Manhattan

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fishythepete t1_jbrhswe wrote

Let’s talk about the middle of the curve when it comes to housing. You know what term can almost universally describe it? Used. 10,20, 50 years old. At least that here in New England.

There is next to no economic incentive to build new low cost housing, just like there’s nearly no economic incentive to build new low cost cars. Most consumers would sooner buy a $5,000 used car with AC and power windows than a $5,000 new car with neither.

So it is with housing. New market rate housing (short of those tremendously successful housing projects we flirted with in the 60s / 70s) is always the top of the market. But if it’s never built, then it will never be there in 30 years as a moderate cost housing option.

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meme-scraperr t1_jbtj26z wrote

YES!!!! Agreed. Thank you! So frustrating these people all have that same “luxury housing” line

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