Head_Acanthisitta256 t1_ixdvpv6 wrote
Reply to comment by user182190210 in After ‘exhaustive negotiations,’ Won supports $2 billion Innovation QNS project in Astoria by 09-24-11
Oh please, the easy to see process of gentrification across the world says this supply side philosophy of increasing housing stock through luxury housing is patently false.
user182190210 t1_ixdw8kb wrote
Cities are expanding and prices going up, with lower SES residents driven out regardless of this.
I think we both agree that this is not ideal and everyone knows what actually needs to happen for housing to stabilize and be reasonable. This isn’t that and between all the politics and profit incentive I doubt we will get much of that.
I do think this helps by increasing supply especially with 1400 affordable units. But if you disagree that’s okay, I don’t know everything about this and honestly it may turn out to be wrong.
Head_Acanthisitta256 t1_ixdww5x wrote
Actually 100% agree with this take. There’s certainly no easy answer. But whatever we’re doing as a society isn’t currently working.
GND52 t1_ixeioc9 wrote
The easy-to-see process, when you look at the numbers, is that population and job growth in cities has outpaced new housing for decades.
> although the housing stock grew by about 8% between 2000 and the end of 2016, the adult population grew by almost 11%, and adult-only households made up almost 71% of all the households in the city in 2016. The number of jobs in the city grew by more than 16% during that time period. The growth in both the number of adults and the number of jobs signals increasing demand for housing
> new supply in the city is not growing fast enough to adequately moderate the pressures on rent and housing prices created by increasing demand. Household size has increased, and more renter households are living in severely overcrowded units; the city’s vacancy rate remains very low; and the share of recently available housing units in the city affordable to low- and moderate-income households has fallen significantly since 2000. The report also highlights a mismatch between incomes and the cost of housing units on the market. Median monthly rents have risen in real dollars by about $300 since 2000, at the same time that the median income of a renter household has only increased by $145 per month
https://www.thecity.nyc/2022/1/5/22869518/housing-trends-to-watch-for-the-future-of-nyc
> The number of housing units grew by 7% in the past decade, even while New York City’s adult population grew by 10%
> And in the past 10 years, the city added fewer apartments and houses than it had the decade before
> The number of new unit permits fell as well –– while the coronavirus pandemic and the temporary construction halts had an impact too, leading to a decline in the completions and permits in 2020 from the year before.
Head_Acanthisitta256 t1_ixeqxoz wrote
New York City population has dropped the past few years especially since the pandemic began and yet your tHeOrY about supply & demand hasn’t lowered housing costs despite a construction boom in the city. Not even close.
GND52 t1_ixf0o6o wrote
There in fact was a huge drop in rental prices associated with the pandemic that was widely reported on. A massive drop in demand resulted in lower rents, just as the “tHeOrY” would predict. And as the pandemic abated and the city became desirable again, rents returned to their previous highs. Again, as the “tHeOrY” of market forces would predict.
Sure, one solution to the rent problem is to make the city very undesirable, reducing demand. That’s not a very good solution, however.
A much better solution is to simply allow supply to grow. It doesn’t even require a big plan. Just upzone the whole city. Easy shit like rezoning LIC from industrial use to high density residential. It makes everyone better off.
Head_Acanthisitta256 t1_ixf3g7x wrote
The city has not had an uptick in population as the pandemic abated! What is this desirability you’re talking about?! Unbelievable.
Head_Acanthisitta256 t1_ixf3sov wrote
Rentals during the 00’s in L.I.C. were reasonable. As soon as the high rises that replaced the warehouses of the area spread like wildfire the rental costs skyrocketed with the luxury building boom. Your talking points are completely disingenuous.
b1argg t1_ixly8jv wrote
Do you want people moving into new units or outbidding existing residents for theirs?
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