Quote:
Originally Posted by jkbrwn
^On that note, an ugly 1980s office building in Pasadena on Los Robles and Cordova has just been converted to apartments… except they’re ginormous ultra luxury apartments with Italian marble floors and all of them are upwards of $1,000,000. Seems like a real missed opportunity. Hoping that with the slew of empty office buildings in Pasadena, some affordable apartments will be built…
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"affordable" apartments are a red herring. The fundamental issue is the mismatch between the number of buyers and the number of housing units. Anything that increases the total number of housing units makes housing more affordable for everyone. Many insanely expensive housing units in California are equivalent to what would be considered "affordable housing" in most of the country. Rich people need places to live to, and if you don't build it for them, they'll just drive up the price of everything else.
08-28-2021, 09:01 PM
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