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First American City to Tame Inflation Owes Its Success to Affordable Housing (www.bloomberg.com)

submitted 11 months ago by [email protected] to c/[email protected]

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[-] [email protected] 101 points 11 months ago

Nooo my TrIcKlE DoWn EcOnOmIcS is the only thing that works. If we allow affordable housing, what’s next, can people marry a toaster!?

[-] [email protected] 33 points 11 months ago

Nooooo. Think of the children!!

[-] [email protected] 15 points 11 months ago

Think of how much productive work we can get out of them, you mean?

[-] [email protected] 4 points 11 months ago

I hear there are children willing to give capitalism a hand.

[-] [email protected] 11 points 11 months ago

Those pedophiles wanting to marry a brave little toaster. Terrible people.

[-] [email protected] 98 points 11 months ago

Minneapolis, MN for those who don’t want to open.

[-] [email protected] 33 points 11 months ago

Props. Minnesota seems to be doing some really progressive stuff

[-] [email protected] 8 points 11 months ago

If it wasn't cold as fuck id consider moving there

[-] [email protected] 10 points 11 months ago

Looking at weather trends in the US it will probably be outright tropical in another decade lmao. Consider it an investment.

[-] [email protected] 3 points 11 months ago

I live there. The cold really is cold AF, but it’s only half the time. It’s tolerable and the changing seasons are beautiful.

[-] [email protected] 5 points 11 months ago

It’s like their Scandinavian ancestors awoke from some code word

[-] [email protected] 14 points 11 months ago* (last edited 11 months ago)

It even looks like they got rid of the zoning laws that forced everything to be a bungalow! This picture could easily be mistaken for some place in Europe now

[+] [email protected] 60 points 11 months ago* (last edited 6 months ago)

[deleted]

[-] [email protected] 30 points 11 months ago

Well, you could simply not make a payoff possible. If you build, you must also build affordable housing. Period.

Alternatively, the city could just have its own housing company. In my hometown in Germany, more than half of all apartments are owned by the city or non-profit cooperatives.

[-] [email protected] 5 points 11 months ago

Is non profit coops the model in tower blocks?

[-] [email protected] 9 points 11 months ago

They took over the old East German blocks, but also build new, modern houses.

The blocks are also far less bleak than they might appear. Usually the surroundings are pretty green and all buildings have been renovated.

[-] [email protected] 3 points 11 months ago* (last edited 11 months ago)

Ahh yes that's the same model that was adopted here in CZ. 1/3 of the population lives in commie blocks and those were also mostly made into housing co-ops.

[-] [email protected] 20 points 11 months ago

we have a very small middle class.

That assumes there even is a middle class.

(Spoiler alert: there isn't.)

[-] [email protected] 7 points 11 months ago

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[-] [email protected] -2 points 11 months ago

Net-new luxury housing is good for affordability, because when someone moves into a more expensive unit, that frees up their current more affordable unit.

More to the point, Seattle literally just legalized missing middle housing in most of the city earlier this year. That's good for affordability, but new housing takes time to build. And developers will try to build the most lucrative project they currently can.

Housing is a matter of supply and demand. When you're in a housing shortage, prices will be high and most of the new supply will be luxury. The solution to a housing shortage is to build more housing, period. If you build housing faster than increasing demand from population growth, prices of units will go down. If you build housing and prices stay high, you didn't build enough. Build more. Remove NIMBYs ability to prevent new builds.

Which is not to say that building public housing or other projects to subsidize housing is a bad idea. But it's really, really hard to do that effectively during a housing shortage and solving the shortage is good for everyone except homeowners who wanted to use their equity as their retirement nest egg.

[+] [email protected] 6 points 11 months ago* (last edited 6 months ago)

[deleted]

[-] [email protected] 0 points 11 months ago

It's not about trickle down, it's about building to meet the capacity. I live in this area and can tell you first hand. I live in a cheap building and all the luxury condos going up has made it so my landlord cannot jack up rents anymore. They were doing it constantly before the building boom and now they can't even fill multiple units at the rents they want to charge.

[-] [email protected] 3 points 11 months ago* (last edited 11 months ago)

I would almost guarantee that the amount of people leaving affordable housing to luxury housing is a completely negligible percentage, like <1% of home buyers. Prove me wrong, I guess, but your argument that building more luxury housing somehow benefits the middle and poor classes just reeks of nonsensical bullshit, sorry.

[-] [email protected] -1 points 11 months ago

Directly? Obviously, that's pretty rare.

But housing is something like a game of musical chairs. If Alice moves into a luxury unit, that leaves their old unit open. Bob then moves into Alice's old unit, Charlotte moves into Bob's old unit, Dave moves into Charlotte's old unit, etc. until Zoey moves into Xanders old unit.

The question isn't 'how likely is Alice's old unit to be affordable?', it's 'how likely is it that Zoey's old unit is affordable?'

[-] [email protected] 13 points 11 months ago

Things are so in the shits even Bloomberg reports on these things.

this post was submitted on 09 Aug 2023

365 points (96.9% liked)

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