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Nowhere_X_Anywhere t1_j88gd0s wrote

Everyone on here: History/Parking Lots/NiMBYs vs aFForDabLe hOuSIng....REEeeeEeEee WTF!!!!!!

Actual issue: History/Parking Lots/NiMBYs vs Market/above market Luxury 'Housing'

At best this project, if successful, will simply help raise the median rents in Freeport and provide a luxury option for new Maine arrivals with their out of state income and larger economies of scale provided equity reserves.

Nothing about this project will support directly, or even indirectly, housing affordability for lower, lower-middle, or even middle income earners already living working in the area.

I am ambivalent to this project, but misrepresenting or ignoring the actual facts is really pretty lame regardless of what side you fall on.

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gingerbreadguy t1_j88m41v wrote

https://www.fullstackeconomics.com/p/how-luxury-apartment-buildings-help-low-income-renters

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Nowhere_X_Anywhere t1_j88o2ed wrote

Based on a non-existant dynamic in Maine currently: demand for housing remaining constant.

Come on do just a little research before regurgitating this same tired trope.

Maine has ever increasing demand pressure on its housing market. Anything outside of directed housing developments that specifically qualify/disqualify based on income, nothing but economic recession/depression and reverse migration are going to lower ME rents.

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gingerbreadguy t1_j88onkb wrote

But if we don't increase supply it would get even worse, correct? And these potential luxury apartment shoppers would compete for lower end properties that would otherwise be affordable, correct?

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Nowhere_X_Anywhere t1_j88qvui wrote

If are median incomes can support rentals in the 1k-1.7k range and developer builds apartments targeting a market range of 3.5k-4.5k how exactly does that improve affordability?

You are trying to pretend:

  1. Developers are ignorant to the concept of market saturation (developing pacing or out pacing demand)

  2. Developers are actually interested in developing at a rate that puts the prospect of ever increasing rents rates at risk

  3. Maine has housing demand that is stagnant of can be outpaced by development.

All three are fallacies, born out by decades of data.

I'm ambivalent to this development as we are already talking about a tourist trap developed town.

No this development will not have any downward pressure effect on area rents. Full stop. Quick ignoring facts and readily available data to try and imply otherwise.

These are apartments for higher income out of state workers, at best. More likely these will be long term rentals for higher income snowbirds, wanting to maintain their FL residency to live in the summer, and leave vacant in the winter.

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