Hypothesis: The problem with only building luxury housing is that it's better by accounting rules to leave it empty, than to rent it out at non-luxury prices. I have some anecdata but not enough to draw a conclusion. /cc @WatsonLadd @kimmaicutler
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Every scenario I can work up incentivizes construction of luxury housing, and the stubborn maintenance of it as such. But I don't know for sure that's what's happening.
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Wonder if it's possible to track individual bldgs well enough in ads to figure out the half-life of luxury
End of conversation
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Feel like this is what’s going on with commercial space in new buildings, e.g. around Mission Bay
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