dishwashersafe t1_j46mxzl wrote on January 13, 2023 at 3:13 PM

Reply to comment by quinntronix in Share your opinion about Fane Tower by quinntronix

Affordability is mostly a matter of supply and demand. Most new construction isn't affordable the same way most new cars aren't affordable, but there won't be used cars on the market if no one buys the new ones. This will lower rents across the city as rich people move here instead of outbidding you on what should be cheaper places. This explains it well.

MarlKarx-1818 t1_j471stw wrote on January 13, 2023 at 4:48 PM

Does that assume the rich people moving there will come from Providence itself? And not Boston or other areas? I also think new construction could be affordable, we just need to put down the public money to make it so. I'm not necessarily against the tower tbf.

The_Sneakiest_Sneak t1_j47b30x wrote on January 13, 2023 at 5:44 PM

There’s already plenty of rich people moving from Boston to Providence regardless. It’s better for them to be competing for new luxury apartments that most people can’t afford, than competing for the limited existing housing against the Rhode Islanders who are already struggling and getting outbid.

MarlKarx-1818 t1_j47b7zo wrote on January 13, 2023 at 5:45 PM

That's a good point

dishwashersafe t1_j47pgln wrote on January 13, 2023 at 7:12 PM

It assumes people tend to decide where they want to live, then figure out housing. A new luxury apartment complex doesn't influence rich people from Boston moving here anymore than an old affordable housing project in Worcester influences you to move there.