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MahBoy t1_jbrcuvi wrote

Reply to comment by realbadaccountant in Fane Tower project in Providence is dead by Ph886

The median income in Providence is less than 30K/yr.

Yes, they do stay empty.

Things like this are not built because units get filled. They get built so they are hard assets on somebody's books. They get built because they're expensive tax write-offs that can be used as a 30-year asset class. They get built due to real estate speculation. None of those reasons provide any real benefit to anybody except the developers and the construction unions.

Considering that public land is being used here, there should be measurable public benefit for any development that occurs on it.

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meme-scraperr t1_jbtijg3 wrote

The public benefit is that the rich kids who are buying up all the housing downtown and in fox Point can live there and open up housing for poor people it’s not hard to understand

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relbatnrut t1_jbuipei wrote

And then more rich people from Boston and New York are attracted to a perfect little gentrified city and more luxury housing is built and rents are still sky high but it's okay because the filtering effect will probably kick in sometime around 2045 and housing will finally be affordable.

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MahBoy t1_jbubhak wrote

Right, because the rents they were paying elsewhere are magically going to go down because they found somewhere else to live /s

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meme-scraperr t1_jbubu9s wrote

Your understanding of basic economic principles is laughably bad, but actually not so funny because I share the same city with you

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lightningbolt1987 t1_jbsl5pc wrote

This just isn’t true. Developers do not want empty buildings and risk default if they are empty. You’re talking about luxury condos bought by rich investors. What you’re talking about doesn’t apply to apartment buildings.

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realbadaccountant t1_jbsp3mn wrote

This person doesn’t understand basic economics, nevermind accounting tricks. My god. So ignorant.

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