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There's a billion dollar price tag being punted around and you think the resulting development is going to be aimed at and priced to reduce a housing supply shortage? Are you by chance on the market to buy a bridge?

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runako 16 hours ago | parent | next [-]

They're saying "thousands of new homes." If they can build that many homes for a billion dollars, that doesn't sound like its' all luxury housing.

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refulgentis 16 hours ago | parent | prev | next [-]

I know I'm supposed to say no, but...yes I do believe it.

I have a proof, too long to be contained within the margins of this page, that when supply goes up, price goes down

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forgetfreeman 13 hours ago | parent [-]

Go for it. Econ 100 textbook bs about supply and demand are trivially dismissed by a casual examination of housing and rental prices in the US in gentrified areas. What happens when the real world intrudes on academic platitudes is rather straightforward: pricing for everything goes up and the folks who were struggling get pushed out. Nobody who couldn't afford housing in the market before the shift is served.

	▲	refulgentis 13 hours ago \| parent [-]
		I'm more than open to reading anything about that! Literally anything! Most respectfully and deferentially, I don't think "more things available makes price goes down" is a platitude or textbook or academic thing! I must confess, the fact this Fat Tony logic and not some theory invented in an academic textbook ivory-tower divorced-from-reality impoverished-intellectual safe haven is why I cannot provide a proof: the note about the margin was an attempt to inject some levity, via a reference to Fermat!

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nothercastle 16 hours ago | parent | prev | next [-]

Trump tower 2.0 London Edition?

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Sabinus 16 hours ago | parent | prev [-]

Luxury apartments do reduce the housing shortage. Cashed up boomers can move out of the nice family home they've been living in since the kids left and upgrade/downsize.

Building the high end and having people move up helps with the high cost of construction also.

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mikeyouse 16 hours ago | parent [-]

The general phenomenon is well known to those who study this kind of thing, but yep, building housing of any price helps reduce costs overall:

https://en.m.wikipedia.org/wiki/Filtering_(housing)

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nothercastle 11 hours ago | parent [-]

Depends on if people live in it or buy as an investment and leave it vacant or air bb as often happens in London

	▲	mikeyouse 10 hours ago \| parent [-]
		Not really since those people would otherwise some different existing property to do the same thing with.