jakejanobs t1_j39j295 wrote on January 6, 2023 at 11:35 PM

Reply to comment by PM_ME_ASS_SALAD in New Design for the Approved 550-foot Fane Tower by Appropriate_Garden26

‘“For each 100 new, centrally located market-rate units, roughly 60 units are created in the bottom half of neighborhood income distribution through vacancies,” the researchers write. Even more remarkable, 29 vacancies are created in neighborhoods in the bottom quintile of the income distribution’

From a published research paper, Source

You got a source on how new construction raises rents? Everything I can find says the opposite

PM_ME_ASS_SALAD t1_j39nc1k wrote on January 7, 2023 at 12:05 AM

These are not market rate apartments. They are luxury condo units.

Creating so-called “luxury” rental units is fine, and does relieve pressure across the board (not immediately, though). This isn’t that. Actual luxury condominiums aren’t going to do shit for the thousands of crappy multi family units controlled by slum lords.

ProvBroker t1_j3drqaw wrote on January 7, 2023 at 9:13 PM

The condos are often bought individually and then rented out just the same. Please cite your source for the “thousands” of luxury units added downtown? Define luxury please? Any supply is good supply. The top end of owners purchases newer/nicer construction and will often circulate their old housing back into the market. Not everyone who owns property is hoarding real estate to the extent of their ability. In fact many people want nothing to do with landlording, it’s a huge pain in the ass.

PM_ME_ASS_SALAD t1_j3dwjjr wrote on January 7, 2023 at 9:45 PM

Awfully defensive, ProvBroker.

ProvBroker t1_j3dzbk3 wrote on January 7, 2023 at 10:04 PM

I am deeply engaged with the subject of housing accessibility and have an understanding of how poor our performance is in terms of new construction, our municipalities general zoning tendencies etc. I also manage several units of different types and affordability around town professionally. I am a renter and own no real estate despite being in the business. You’re allowed to have an opinion, and I’m allowed to have mine. I feel particularly entitled to mine because I’m a subject matter expert, but hey, what the hell does that mean anyways?

PM_ME_ASS_SALAD t1_j3dzu1b wrote on January 7, 2023 at 10:08 PM

I respect that you’ve got an interest in solving the housing crisis, but catering and capitulating to multimillionaire developers in the private sector who milk public funding via tax breaks to build million dollar condo units inaccessible to 99% of Rhode Islanders is absolutely a bridge too far. Ridiculous that we even have to consider this. Bending over backwards to do their fucking PR for them. It’s absurd, insulting and everyone here advocating for it should be ashamed, even if it ultimately is a marginal plus for the market. Which I really don’t believe it is.

ProvBroker t1_j3e0u46 wrote on January 7, 2023 at 10:14 PM

To be fair I am also personally highly critical of our governments giving these tax breaks and incentives. If I had a line item veto, or personal discretion over the matter, I absolutely wouldn’t tolerate it. I am with you on vehemently opposing these projects that are painted as “public private” partnerships, and the sweetheart developer deals that are regularly cut.

Now that that’s clear, and understanding the gravity of the crisis at hand, I would rather see something actually come out of the government spending and partnerships which will inevitably occur, and I see this as one of the better returns on investment in when forced to reckon with the inevitable.

It is completely possible to have a nuanced view, and to like/dislike some parts of a project more than others. Nothing is perfect. Nobody is doing PR for anyone, this is just how it goes with our particular political reality. Everyone is forced to jockey for flawed outcomes. I’m on your side dude.