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Noahpinion's profile
Noah Smith
Noah Smith
Noah Smith
Verified account
@Noahpinion

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Noah SmithVerified account

@Noahpinion

Bloomberg Opinion writer. Elected "top neoliberal shill" of 2018. Occasionally posts anime gifs.

San Francisco, CA
bloomberg.com/view/contribut…
Joined April 2011

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    Noah Smith‏Verified account @Noahpinion Oct 14

    Noah Smith Retweeted Sam

    Interestingly, it looks as if building more luxury housing makes overall housing prices go down.https://twitter.com/TheSamKhater/status/1051642656567246849 …

    Noah Smith added,

    Sam @TheSamKhater
    Manhattan's sales are down 39% and prices are down 9%, yet 22 new skyscrapers totalling 1,400+ floors or a total height of 3.6 miles will be delivered by 2020. Via @FT https://www.google.com/amp/s/amp.ft.com/content/db675edc-c7f2-11e8-86e6-19f5b7134d1c …
    7:54 PM - 14 Oct 2018
    • 78 Retweets
    • 327 Likes
    • Theo Patrick Traughber Paul Wellman William Gillis 🏴 バージル Michael Chesnut Jimmy Jordan 🤖 Branden Abundant Housing London
    32 replies 78 retweets 327 likes
      1. New conversation
      2. Alan Cole‏Verified account @AlanMCole Oct 14
        Replying to @Noahpinion

        /me does the Imperfect Substitutes Dance

        1 reply 0 retweets 12 likes
      3. Noah Smith‏Verified account @Noahpinion Oct 14
        Replying to @AlanMCole

        Video or it didn't happen!!

        1 reply 0 retweets 1 like
      4. Alan Cole‏Verified account @AlanMCole Oct 14
        Replying to @Noahpinion

        pic.twitter.com/OgSy0PmIQq

        1 reply 1 retweet 20 likes
      5. Noah Smith‏Verified account @Noahpinion Oct 14
        Replying to @AlanMCole

        ...acceptable.

        1 reply 0 retweets 4 likes
      6. 1 more reply
      1. Richard Florida‏Verified account @Richard_Florida Oct 15
        Replying to @Noahpinion

        Hmmm ... In Manhattan there are a ton of units over $2-3 million, which is what was built for. Lots for $6k plus to rent. Not so many "affordable" 2- 3bdr units ...

        0 replies 1 retweet 3 likes
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      1. Huaisi Cen | 岑怀斯‏ @HuaisiCen Oct 14
        Replying to @Noahpinion

        Keep building, luxury housing will be affordable.

        0 replies 0 retweets 4 likes
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      1. New conversation
      2. Gower Ramesh‏ @Ramrulez Oct 15
        Replying to @Noahpinion

        It is as though he laws of supply and demand works :) :)

        1 reply 0 retweets 4 likes
      3. 1 more reply
      1. Cavy‏ @honestcavy Oct 14
        Replying to @Noahpinion

        So perhaps total value of new homes produced is as important or more important than total number of new homes in reducing prices?

        0 replies 0 retweets 2 likes
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      1. Jeffrey Savage‏ @AfflictedMed Oct 14
        Replying to @Noahpinion

        Yup. Just need to keep building.

        0 replies 0 retweets 2 likes
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      1. Chris Alexander‏ @pazzo83 Oct 14
        Replying to @Noahpinion

        huh.... interesting

        0 replies 0 retweets 2 likes
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      1. Gedalia ((Please Vote))‏ @gedaliap Oct 14
        Replying to @Noahpinion

        not sure this has managed to make a dent in the prices for housing that's not targeting the 500k/yr folks.

        0 replies 0 retweets 1 like
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      1. New conversation
      2. Luke Santillo‏ @lukesantillo Oct 15
        Replying to @Noahpinion

        @grnktchn I guess this answers your question about new, high-price neighborhoods near ours

        1 reply 0 retweets 1 like
      3. 1 more reply
      1. New conversation
      2. ScaredSasquatch‏ @mtblah Oct 14
        Replying to @Noahpinion

        Yeah, because luxury housing is saturated so the high-end goes down. Doesn’t help people below the median.

        1 reply 0 retweets 1 like
      3. 1 more reply
      1. ZaxxonGalaxian‏ @ZaxxonGalaxian Oct 15
        Replying to @Noahpinion

        It’s called “filtering”. People move into new luxury units and the units they vacate go on the market, and people buying new luxury units instead of existing mid-range units means with less demand the mid-range units become cheaper.

        0 replies 0 retweets 0 likes
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      1. kar nels‏ @kar_nels Oct 15
        Replying to @Noahpinion

        While induced demand can be a thing, generally more housing options for higher incomes means they aren't bidding up lower value properties. More supply is more supply.

        0 replies 0 retweets 0 likes
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