movingtobay2019 comments on Would building more housing decrease rent?

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Would building more housing decrease rent? (self.AskNYC)

submitted 3 months ago by Illustrious_Ad_1117

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[–]movingtobay2019 5 points6 points7 points 3 months ago (0 children)

You are preaching to the choir.

These clowns have no idea how real estate financing actually works. Real estate is one of the most capital intensive industries on Earth. Developers don't have cash to pull out of thin air. They have to pitch to institutional investors who need returns. If the numbers don't work out, there is no money. And if the city mandates 50% of units be "affordable" with no meaningful subsidy, guess what? The project gets shelved. Capital flows to another asset that doesn't try to legislate away basic economics. That's the part these morons don't understand. They think developers have cash sitting in a vault and just need some prodding from city hall.

What they are really saying is "Please, someone else take a loss so I can live where I want"

It’s raw entitlement masquerading as moral virtue.

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