I’m not sure how much of the housing was supposed to be for mid to low income so I’m not sure if it’s bad for housing as well.
Even if building exclusively “luxury apartments”, it’s going to help the housing market by upping total supply and pushing older apartments to lower income tenants.
If nobody is moving into luxury apartments, why would they get built? It makes no economic sense for developers to build something they can’t sell/rent.
In theory sure. But there would need to be constant new construction for this to be the case. And that’s assuming no remodeling construction.
As we’ve seen, when investment blocks are allowed to own large segments of supply they’ll happily let units sit empty to artificially protect or inflate the price on the rest. Nimbys accomplish the same thing but voting down new development to protect the value of their homes.
Exactly the same way ghost hiring works to keep employees in line. And why the unemployment goal is 5% not 0%. It’s not about building self sufficient people, it’s about having just enough threat to be replaced to corral dignity, demands for decency and suppress wages. It’s “sustainable” exploitation.
The efforts of our labor, our vitality, which we substitute money for to make trade easier, is being systematically farmed away from us, with just little tweaks to increase efficiency in the operation
Is this good or bad?
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Except that luxury housing and Single Family houses is still being built, mid income housing is what’s on pause in Minneapolis
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Even if building exclusively “luxury apartments”, it’s going to help the housing market by upping total supply and pushing older apartments to lower income tenants.
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But does the supply matter if nobody is moving into the luxury apartments?
If nobody is moving into luxury apartments, why would they get built? It makes no economic sense for developers to build something they can’t sell/rent.
In theory sure. But there would need to be constant new construction for this to be the case. And that’s assuming no remodeling construction.
As we’ve seen, when investment blocks are allowed to own large segments of supply they’ll happily let units sit empty to artificially protect or inflate the price on the rest. Nimbys accomplish the same thing but voting down new development to protect the value of their homes.
Exactly the same way ghost hiring works to keep employees in line. And why the unemployment goal is 5% not 0%. It’s not about building self sufficient people, it’s about having just enough threat to be replaced to corral dignity, demands for decency and suppress wages. It’s “sustainable” exploitation.
The efforts of our labor, our vitality, which we substitute money for to make trade easier, is being systematically farmed away from us, with just little tweaks to increase efficiency in the operation
Ah. Capitalism.