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
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      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
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                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
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              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
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                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.