To see how well this works, we need to see how much each ‘new’ unit would cost to convert. Sometimes the cost per unit is insane … numbers like $30 million for 100 units mean $300,000 per unit. How long is the payback for $1000 per month? 300 months = 25 years. Before deducting for maintenance and supervision.
Unless they’re very small 1000/mo would be well below market rate
True, of course. But housing FOR ALL has to include housing that’s affordable TO ALL. Market rate has been manipulated so that not all can afford housing. New housing has to be created so that ALL have a shot at it to solve our biggest problems, right?
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3rd and Union?
Yeah, just outside of the angle of this shot are more than likely a significant number of homeless people.
And this is not going to be a homeless shelter, its gonna be extremely expensive apartments, with 10% of units aimed at people earning less than $84k, meaning a rent of about $2.3k for a studio.
What a bargain!!!
More housing is still more housing. Let’s not let perfect be the enemy of good.
People would move in vacating other apartments, so I agree this should still help
Prices reflect supply. The more apartments there are available, the less landlords can get away with charging very high rent.
