Cummings, in his letter to neighborhood residents, stated that some of the apartments will be “affordable.” But when the project went before City Planning in October, the truth came out. Nearly all units will be market rent, currently estimated to be around $1,100 per month for a one bedroom and $4,200 for a 3 bedroom. Cummings said that he wanted to make sure that the Bywater remains an “epicenter for creativity” and ease pressure on the downtown housing market. But studies show that increasing the stock of highly priced housing makes gentrification accelerate further, spiking surrounding housing prices and attracting further real estate speculation.Building nice things for rich people is not going to solve your affordable housing problem. Not sure why that simple point is not immediately obvious to everyone.
Tuesday, December 29, 2015
Plenty more of these to come from everyone but the collection of Top 5s of 2015 in the December Antigravity is particularly fun. I especially enjoyed this "Top 5 Condo Developments" list by Breonne Dedecker. Probably the most important point worth highlighting is in line with a theme we've harped on repeatedly here.