Quote:
Originally Posted by mrnyc
and an army of construction workers to turn it upside down and and renovate it three or four times over. people wonder why we have all these construction sheds around town in ny.  |
In NYC, the average new construction apartment building costs around $300 per square foot. So $100 million could get you 333,333 square feet of apartment space.
Let's say the average unit size is 700 square feet. That means 476 units of housing.
There is no way you can tell me that one condo unit for the ultra wealthy generates as much construction and maintenance work as 476 normal units of NYC housing, even considering the higher-end build and finishes that go into it.
Which is exactly what we're saying. Rich people's spending does stimulate the economy, but the same amount of money spent by average people would stimulate the economy more.