Saw a new 20-story development is going up nearby and checked out prices. Mao should have killed more landlords.

  • barrbaric [he/him]@hexbear.netOP
    link
    fedilink
    English
    arrow-up
    6
    ·
    1 year ago

    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).

            • regul [any]@hexbear.net
              link
              fedilink
              English
              arrow-up
              3
              ·
              edit-2
              1 year ago

              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.

          • jonne@infosec.pub
            link
            fedilink
            English
            arrow-up
            5
            ·
            1 year ago

            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.

            • regul [any]@hexbear.net
              link
              fedilink
              English
              arrow-up
              3
              ·
              1 year ago

              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.