alt Hacker NewsWell, building luxury housing still helps, to some degree: the richest residents of the area would buy it, and they would sell their old house to someone slightly less rich, who in turn would sell their old house… At the end of this chain you get affordable housing.
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nemomarx • today at 2:08 AM
I think the steelman argument is that maybe you induce demand and it's a wash on housing costs as rich people move into the city or etc to use the new condos
But you do at least get more property taxes?
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throw-undefined • today at 2:37 AM
> and they would sell their old house
lol
in reality they just keep their "investment" and, in some cases, decide to convert their old house to an airbnb for extra passive income
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Affordable housing has always been old housing. Housing is essentially a pigeon hole problem, where some pigeon holes are nice and fancy and some are older. The pigeons simply bid their way in, and the more extra holes the cheaper they are.