Quote:
Originally Posted by whatnext
Because overbuilding destroys affordable housing. Look what is happening in the West End. The prices or even rents on those new buildings will never be slashed to the levels that those rather dreary but functional walk-ups offered. If a developer sees an opening to create a new building and offer it offshore for more money they'll take it.
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You've said that before, and it wasn't true then, and it's not true now. Hundreds of new rental units have been created in the West End, and almost no dreary but functional walkups have been demolished. The two Safeway rental towers replaced a Safeway. The liquor store was replaced by a tower, and there were 10 units there. The London Drugs parking lot had no residential. Up the street, Jervis and Mirabel are developing 96 non-market rental units - more than the market units that were there before. There's a net gain in affordable units in the West End.
The few buildings where affordable units are being lost is when those dreary blocks are being given a 'back-to-the-studs' makeover, and the developer then charges much higher rents. As there's no redevelopment, the city can't get any affordable units out of those projects.