Quote:
Originally Posted by lorenavedon
bottom line. Reselling units in this building down the road to anyone but investors looking to be slumlords will be difficult. The units will not be liquid (aka tough sell) and %95 of the building will be rentals and because of that the building will get run down fast and look old before it's time. Wanna put money on that? If you think it's a great idea, you buy into it and live there for 10 years. Put your money where your mouth is.
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People who can't afford a 400K condo need a place to live too. This is a great fit for many people, particularly how little other housing stock exists to support exactly this kind of car-free lifestyle. Regardless of if this becomes primarily rental or if being a rental building makes it a "slum" as you seem to be insinuiating, I have no problems with allow the market to decide whether a project like this is worth it, not an outdated policy that artificially raises the price of units by 30%.
If they don't sell or rent, that's the developers issue, not something the city should use as a decision to whether to allow it or not.
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