Not the case when affordable housing is demolished and replaced with luxury apartments. There are hundreds of luxury apartments going up with 1 bd units renting for $6k and yet rents at all apartments is going up, up and up with no end in site.
I would submit that a large number of these luxury apartment developments with rents far above market rates are in reality parking places for oligarchical wealth.
AckieFriend t1_j4p90r7 wrote
Reply to New apartment buildings in low-income areas lead to lower rents in nearby housing units. This runs contrary to popular claims that new market-rate housing causes an uptick in rents and leads to the displacement of low-income people. by smurfyjenkins
Not the case when affordable housing is demolished and replaced with luxury apartments. There are hundreds of luxury apartments going up with 1 bd units renting for $6k and yet rents at all apartments is going up, up and up with no end in site.
I would submit that a large number of these luxury apartment developments with rents far above market rates are in reality parking places for oligarchical wealth.