Viewing a single comment thread. View all comments

Ilanaspax t1_j9ulgfq wrote

Reply to comment by Direct_Ad18 in How are rents going up 10% again? by russokumo

Then I guess you could say only adding luxury rental buildings to the housing supply is the real problem?

2

Nuplex t1_j9uxdy7 wrote

When there are no "luxury" containers for yuppies they just end up making our existing housing into luxury and pushing even more people out. This is what happened to San Francisco. Luxury housing is a necessity. Don't build it and things just get worse even faster. You can't stop yuppies from moving to JC. You can build them housing to keep them from making a 4th floor walk up studio in Greeneville $2500/month.

2

Ilanaspax t1_j9v63jx wrote

The city openly courted this demographic ( “Make it Yours!” ) and now the solution is more luxury rental buildings to “fix the problem”.

Funny how that works.

1

Direct_Ad18 t1_j9umy2j wrote

Increasing supply should be helping demand, but obviously when the new supply is pricier than what currently exists, it drives up the cost of rent as well. I'm not an expert in this but I imagine there are a number of factors related to rents going up.

The point still stands that the 10% increases are generally only seen in luxury buildings, and that to avoid them, you should rent with a single landlord.

−1