/me does the Imperfect Substitutes Dance
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Video or it didn't happen!!
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...acceptable.
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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 ...
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Keep building, luxury housing will be affordable.
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It is as though he laws of supply and demand works :) :)
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So perhaps total value of new homes produced is as important or more important than total number of new homes in reducing prices?
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Yup. Just need to keep building.
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huh.... interesting
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not sure this has managed to make a dent in the prices for housing that's not targeting the 500k/yr folks.
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@grnktchn I guess this answers your question about new, high-price neighborhoods near ours - 1 more reply
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Yeah, because luxury housing is saturated so the high-end goes down. Doesn’t help people below the median.
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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.
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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.
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