No idea, unfortunately. Market rate is generally around $1800/mo, I’d imagine this would have been less (maybe $1200-$1500?) because it was kinda old (I want to say late 70s/early 80s).
Eh. The people who are going to live in these units would still be living in your city, they’d just be living in a different building. I’d prefer we were replacing single-family homes with 20-story apartment buildings instead of replacing naturally affordable stuff (affordable usually just because it’s old and shitty), but if you’re getting more than 4x the units I’d probably take that trade.
I know most people on Hexbear disagree with me about that, though.
Housing or investment? If nobody can afford to buy or rent there, they either end up being bought by overseas buyers as a money laundering effort, or they’re turned into short term rentals.
Condos are not a great investment. High carrying cost and slow appreciation. Especially in new buildings. They used to get bought by Chinese buyers looking to park money overseas because domestic options were not great, but the party cracked down on that. Foreign buyers were always kind of an overstated boogeyman.
And short term rentals are a solved problem. NY just basically made them illegal. Since you can make those rule changes retroactively it’s better to have the housing built already than the alternative.
what was the rent like in the building it replaced?
No idea, unfortunately. Market rate is generally around $1800/mo, I’d imagine this would have been less (maybe $1200-$1500?) because it was kinda old (I want to say late 70s/early 80s).
They replaced a single family house with 20 units?
No, they replaced an old 3-story apartment building (maybe 15 units?) with a 20-floor tower, I think around 100 units.
Oh. 20-floor, I read 20 unit.
Wow that’s a lot of housing!
It would be good if it were remotely affordable, lol.
Eh. The people who are going to live in these units would still be living in your city, they’d just be living in a different building. I’d prefer we were replacing single-family homes with 20-story apartment buildings instead of replacing naturally affordable stuff (affordable usually just because it’s old and shitty), but if you’re getting more than 4x the units I’d probably take that trade.
I know most people on Hexbear disagree with me about that, though.
Housing or investment? If nobody can afford to buy or rent there, they either end up being bought by overseas buyers as a money laundering effort, or they’re turned into short term rentals.
Condos are not a great investment. High carrying cost and slow appreciation. Especially in new buildings. They used to get bought by Chinese buyers looking to park money overseas because domestic options were not great, but the party cracked down on that. Foreign buyers were always kind of an overstated boogeyman.
And short term rentals are a solved problem. NY just basically made them illegal. Since you can make those rule changes retroactively it’s better to have the housing built already than the alternative.
What do you mean by “retroactively” in your second paragraph?
AirBNB was allowed, now it’s not. I don’t know if existing AirBNBs get to stay, but you could just as easily write the law so that they can’t.