- At the regional level, both market-rate and subsidized housing reduce displacement pressures, but subsidized housing has over double the impact of market-rate units.
- Market-rate production is associated with higher housing cost burden for low-income households, but lower median rents in subsequent decades.
Isn't it obvious that you have immediately housed an extra thousand families and dropped the lowest rents?
Onto the numbers: census data from 2012 shows that "from East 56th Street to East 59th Street, between Fifth Avenue and Park Avenue, 57 percent, or 285 of 496 apartments, including co-ops and condos, are vacant at least 10 months a year." A swath that's a bit north of that, from East 59th to East 63rd, shows that "628 of 1,261 homes, or almost 50 percent" are pied-a-terres. All those dark windows? Not your imagination.
Apartments in Seattle’s Ballard neighborhood saw the biggest increase in rents. The average asking rent was 12.3 percent higher over the quarter, rising to $1,628.
But Ballard also had a vacancy rate of 8.6 percent, the highest in Seattle. And when new apartments that just opened are included, the vacancy rate shoots up to 18 percent.
The apartment boom in Ballard has led to a doubling of the inventory over the past six years, said Tom Cain, head of Apartment Insights Washington. When the units now being built are complete, Ballard’s inventory will have quadrupled.
New units rent for a premium, and they’re part of what’s driving up market rents, Cain said
Across King and Snohomish counties, the average apartment rent in a property built since 2010 was $1,754, while the average rent in a property built in the 1970s was $1,019.
As some tenants trade up for newer apartments, landlords of older properties may be able to raise rents, too.
Nikkita Oliver is representative of a toxic, anti-American, racist element to much of the Black Lives Matter movement, and it's time that we progressives who want to live in a place that isn't dominated by zero-sum ethnic politics stood up to it, even at the risk of being called racist ourselves
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