COMMENT OF THE DAY: WHAT LUXURY REALLY MEANS “Although the term ‘Luxury’ is being thrown around loosely, it’s shorthand for New Construction with Upper Market Price. The truth is that from a developer’s perspective that’s the only thing that makes financial sense, there’s no money left in low end markets unless its government subsidized. Go big or go home.” [commonsense, commenting on Where Downtown’s New Residential Tower Will Go]
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Captialism, making things better by meeting what the market demands to satisfy an individual’s need since the Guilded Age.
And “no money in” is shorthand for “not a whole lot of money in”
The market must be in pretty sad shape if developers only think in terms of either “luxury” or “government subsidized”
If you want more affordable housing, build more housing, period. That’s what takes the upward pressure off of housing prices, and what forces owners and landlords to accept lower rents and sale prices.