jakejanobs t1_j3zg3ax wrote on January 12, 2023 at 2:50 AM

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

Study published in a peer reviewed journal: “The supply of new market rate units triggers moving chains that quickly reach middle- and low-income neighborhoods and individuals. Thus, new market-rate construction loosens the housing market in middle- and low-income areas even in the short run. Market-rate supply is likely to improve affordability outside the sub-markets where new construction occurs and to benefit low-income people.” Luxury housing (called market rate in this study) increases the availability of middle and low-income housing. All supply reduces prices, even if it isn’t affordable in itself

MahBoy t1_j43qbw7 wrote on January 12, 2023 at 11:24 PM

Yeah, totally not buying that argument.

There would be a direct benefit to Providence residents to build straight-up affordable units near the city center/transit hub.

jakejanobs t1_j43wgin wrote on January 13, 2023 at 12:05 AM

Source? You got any peer-reviewed, published evidence that increased supply somehow increases rents?

And yes! We need cheap housing too and we should absolutely be building that, if private developers are unwilling then the city should work with them or build it themselves.

Per the US census, Rhode Island built 1300 housing units in 2021. That’s the worst in the country by a long shot, both in absolute terms and per capita. Our population is growing, and our housing stock is not. Rents have no where to go but to the moon until we get our shit together and actually build something