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This is basic -- just because you want a cheaper apartment that does not mean the folks with ability to engage in the decision to either supply cheaper apartments or use their capital for other purposes are going to accede to your wishes. In the judgement of folks capable of creating more apartments they can decide if NYC is crowded enough, if they like money invested in other places / things, whatever...
If you want to move to China, join the communist party, convince the leaders there to pull more folks from the countryside, create more choking, polluted cities you're free to do that too...
So then in america, if you want you want highrise urban living you are forced to buy into the greed of those with already too much money because individuals are still yet incapable of pooling together to "buy a tower for themselves". And when the day comes that people can say crowdsource / crowdfund highrise construction we'll see america build straight into the sky?
While I really doubt that crowd sourcing is going to prove any more effective at raising the kinds if capital needed for real estate than the multiple sources that exist, it is undeniable that in this country their is no way around of paying land owners for their property...
Quote:
Originally Posted by MikeNigh
So then in america, if you want you want highrise urban living you are forced to buy into the greed of those with already too much money because individuals are still yet incapable of pooling together to "buy a tower for themselves". And when the day comes that people can say crowdsource / crowdfund highrise construction we'll see america build straight into the sky?
In the few places in the US where real urban exists the high rise condos always go for the highest price. However if you look at chicago etc you can see that most of these condos in say nyc or san fran are WAY more costly to rent than what their minimal would be to cover costs. What is wrong with our economic structure that makes it so the most desirable living structure doesn't get built like wild fire in areas where it's rent is way above the costs?
Does it make sense that so many people are priced out of these buildings even though they can actually afford the costs? Isn't this obviously a flaw in our economic system? We're priced out of our preferred living conditions even though we can afford it?
Odd post..........seems like sour grapes to me.
A few considerations:
1. "Minimal to cover costs" has nothing to do with market rents. Tenants will pay if they think it is a fair rate, regardless if the landlord breaks even/loses money or rakes in huge gains.
2. If you are so convinced that people can "afford these buildings" then let them sign on the dotted line and buy the unit instead of renting.
3. Want cheaper rent in San Francisco, move to Oakland, cheaper in NYC then move to the Bronx.
Also consider variables like construction/insurance costs (very high in earthquake prone San Francisco) or high labor costs in NYC (unions) so different areas do have significantly different costs from the raw land cost thru construction and continuous operation.
So you want more high rise buildings and you want the smaller building owners to tear down the buildings that they own and build a high rise in its place? What happens if the building owner doesn't have the financing to do that? What happens is the building owner just does not want to get into debt to fund the project? Maybe the current building provides the kind of income that they want. You can't force people to tear down a smaller older building to replace it with a high rise. The numbers just don't work out for every building owner.
So it's the land owners faults? It's more profitable for them to hold out then to have a towering highrise making a ton of rents? And there is no economic failure with that picture?
Paying what it costs is fine so long as you know it is contributing to the continuation of construction. But if what you are paying is really just going into a rigged system for suckers who will pay into an oligopoly or whatever failure is going on then I guess the US is going to have to watch other nations build towering cities because we can't figure out how to do it affordably?
Maybe the problem is that it is the interest of the people to live in towering urban areas but the people are unable to come together and fund it so they have succumb to those who can make it happen, who consequently, could careless if they are fully occupied or quite frankly built at all. So that is why single homes etc are so much cheaper, because the people have the power to fund it themselves.
There is a lot more at play than just having people come together. People living in neighborhoods have the right to weigh in on what happens to their neighborhood. I personally don't think high-rises do neighborhoods all that much good. Places like Greenwich Village and Bella Vista (Philly) have great streetscapes. High-rise towers can hurt streetscapes, especially when amenities are bundled on the lower floors of such buildings. So, there's the challenge of building high-rises, which isn't in everyone's best interest.
Aside from that, low rise housing (including SFHs) gets expensive as well. Housing on Long Island, Chestnut Hill, Society Hill, etc. all go for more money than what they cost to build. It's just supply and demand; and it applies to high-rise condos the same as it does for SFHs.
Think about why a designer brand T-shirt is 3 times as expensive than one at the discount store. It is "status" and marketing.
Are the high rises in Chicago cheaper because they are older perhaps?? Or just not as "desirable" for the worldwide jet set.
Have you considered moving to Chicago if that is the lifestyle you want?
While not always the case, more expensive t-shirts can be more expensive because of high-quality materials and craft.
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Basically.
