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Proof-Variation7005 t1_jbqlixe wrote

Reply to comment by JoeFortune1 in Fane Tower project in Providence is dead by Ph886

How? There isn't a huge plethora of underdeveloped land and the amount of tax money it'd cost to even add 1,000 units is going to have the net effect of property taxes (rent) going up for everyone else.

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JoeFortune1 t1_jbr4l3k wrote

If there is land for luxury condos, that land can be used for other things as well. Supposedly some trickle-down effect from a project like Fane will eventually benefit the people who actually need affordable housing in Providence. I don’t think it benefits the people who need it

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Proof-Variation7005 t1_jbt0voy wrote

I think building affordable housing at the scale needed to make a dent takes a lot more than one parcel of land. And the city and state definitely can not afford it.

The net result of this tower not happening is we’ll have the same increasing amount of people competing for an amount of housing that isn’t increasing proportionally. Realistically, we need to be adding thousands apartments at every price point. Prices will always be high if demand outpaces supply

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JoeFortune1 t1_jbtkwvw wrote

I could be incorrect but from what I’ve seen there have been multiple towers and other luxury buildings opened to high end buyers/tenants that had a very difficult time filling up and with a lot of empty spaces. Building these high end towers might theoretically lower prices down the road a few years-maybe.

The state needs to be creative and make some budgetary changes in order to afford to build housing. The state can’t afford it and people can’t afford their rent. So the only solution I ever see proposed is to build luxury condos. It’s a stretch to say this will benefit the working class and poor

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