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Major apartment developer: 'There is an acute crisis headed our way'
in News

By agsragsr 850 Pts
  • The luxury market is largely overbuilt, while there is a shortage of affordable rental housing.
  • Lower- and middle-income households are spending proportionally more on their rent, says apartment developer Toby Bozzuto.
  • Nearly half of all renter households pay more than 30 percent of their income for housing.

Article -
  1. Live Poll

    Is there a crisis headed our way?

    3 votes
    1. Yes
    2. No
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  • Can't say I know enough about this to really solidly talk about, but I will stand as a witness to the ABSURD amount of luxury homes being built. I lived in Texas and the area may be "growing," but damn they seem to be going about it the wrong way. Why should they be building big luxurious homes when so few can ACTUALLY afford it? They should be just making decent amount of affordable homes available because THAT is what is needed. VAST majority of people can't even afford a REGULAR home, much less, a LUXURY home. To add to the damage, a luxury shopping center is being built to likely partially accompany the new luxury homes... HORRIBLY and BEYOND stupid idea! People are abandoning shopping malls BEYOND a fast rate! Why build an area with just luxury stores when the REGULAR malls around are already on the decline?? Malls really should become MORE then shops and need food areas, ENTERTAINMENT, etc if they are to be competitive! Because why go to an old fashioned luxury store when you can shop MORE luxurious items online, have WAY more variety, and get it WAY cheaper?? The hassle of traffic, other people there to wait in line behind, more time spent? It's BEYOND not worth it! I know I am a bit off topic, but I think LUXURY things in general are making people BEYOND greedy and luring them towards things they CANNOT afford and SHOULD NOT buy. I guess we learned NOTHING from the depressive eras we had??
  • While this might result in a crisis for some developers, overbuilding would not, by itself, seem to constitute a crisis for others.
    If there is a glut of unoccupied luxury housing, the cost will come down accordingly and may end up lessening the problems related to unaffordable housing.
  • @SlanderIsNotDebate1995, I think it supply and demand combined with profit margins. As long as certain areas can support the market for luxury homes and sell for higher margins then that’s what develops will build.  At some point it will crash and burn and developers with unsold inventory will lose money.  Until then the trend may continue.
    As far as your point regarding luxury goods, although off topic I agree with you.
    Live Long and Prosper
  • @JustIgnoreMe, Agreed regarding eventual crash. However, if developers can make more money building luxury items it will actually result in poor supply of other build outs as developers will opt for luxury builds 
    Live Long and Prosper
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