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End of lawsuits means construction can begin on luxury housing on Lovejoy Wharf
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Comments
1% problems
That's one way of looking at it..
..as the tenants would likely be 1%ers, sure.
But certainly the electricians, carpenters, construction staff who will build this place will benefit, so it CAN be looked at as a good thing for the "99%", too.
Yeah,
I'm talking about the jackass NIMBY neighbors who found it ok for their property to go up, but turn around and try to stop others from moving in.
As for the development itself, there's already a glut of luxury apartments in Boston at the same time we're in need of dire non-luxury housing.
Build, build, build, and hopefully these "luxury" units will undercut the market even more and they'll no longer afford luxury prices. Then developers can just build apartments and condos at affordable levels for the huge demand there is, and stop the BS catering to a market that's thin at best.
Huh?
If its "BS catering" why are developers building luxury units? I find it amusing how you presume to know more than people whose professional careers consist of making a return off investing, i.e., building, real estate. If the market is so "thin" why are there thousands of luxury units in the pipeline? Typical UHub leftist commentor nonsense - you think your sense of right and wrong pre-empts the free market which, like it or not, determines how the chips fall. Agree with earlier comment regarding temporary and permanent jobs that will be created as a result.
blah blah blah
What dribble are you going on about?
Have you been keeping track of the city condo market? Of that right, just a suburban Herald Troll.
I'm just pointing out that there's a glut of luxury condos; sales are down and days on the market are up, yet prices are sticky and are not dropping. Rents are also extremely high because of lack of units and the high demand. Overall the market still isn't very healthy. Owners and Developers seem to be thinking they can ride the storm out, instead of pricing to sell.
And as I pointed out, more luxury condos is a good thing. It's only going to increase the glut, forcing prices down further. That's probably one reason for the litigation, as no one wants new condos going up next to their pricey purchase in a down market. If they have trouble selling, the condos already their drop in value.
My other point is there's a severe shortage of housing in this city, but developers seem to only be looking to provide to the luxury market. I'm wondering how much longer they can keep it up before that market crashes. There's only so much demand for units priced 3X what they could be competitively priced at. Looking at the data, I think they're running on outdated, wishful thinking from 05/06.
That's not even getting into the problems the city and state face with the long term exodus of educated young professionals leaving for lower cost of living states. No everyone wants to live in a hipster commune in Allston, so the city is bleeding out it's future for the rich and the retired.
Check on Florida for how well that long term plan is working.
New buildings are expensive
That's why luxury apartments typically go into new buildings -- they're most profitable and help pay off capital costs faster.
To find affordable housing development, you should look instead to people working on older buildings, either suitable as-is or in need of renovation. These can be profitably managed at lower rents. Yesterday's luxury apartments become the next stock of affordable housing.
It also helps to allow more development and density in the first place - as you say.