Quote:
Originally Posted by Jdawgboy
Would the residential be affordable though? Problem is how NA's dictate how they want growth to be, makes it very difficult to have affordable housing. We also need office space as well especially along corridors like Lamar which brings a mixture of workers and residents, hopefully some of which will work right there in those offices making it easier for them to go to work without needing a car.
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The term "affordable" bugs me so much. I wish there was a term that we could use that more clearly articulates the need.
When I read "affordable", in most cases I hear...public housing, or subsided housing. Otherwise, if it wasn't affordable, no one would afford it, and they would sit empty, and the market would force them to lower the prices to fill them up.
The reality, is that most of the newer buildings are full/near full. And if they aren't, GREAT, they will have to lower the prices to fill them. The demand to live close in is HUGE, and won't go away. Rent control famously does not work...there is nothing the NA's or the COA can do to alleviate pricing...other than get out of the way...and let the market do it's thing.
When i leased my first apartment in Austin, in 1987....it was brand new....and they LOWERED my rent each year for the first couple years to keep me and my roommate. This was because the market overbuilt in the early-mid 80's. My rent didn't go up in a big way for almost 10 years.
Same thing happened in 2001, and again in 2008-2010....rents dropped like a stone in downtown. I saw 1 bedroom units at 360 go for as low as $1250/mo in 2009....sure that is anecdotal, but that is incredible.
Also, West Campus always has units in September that go for 25-50%(or more) less than the summer asking price. Your lease will terminate the following July, but I've seen many people take advantage of this quirk in student housing. The units that don't lease by the beginning of school in late Aug, lease for huge discount.
Not coming at you Dawg, just an excuse to rant over a word that has bugged me for years.