I have always wondered why the cities themselves don’t build highrises and sell the condos for the cost of construction. My city has even had times where there have been empty lots that have sat because no developer can figure out something to do with them. Just keep on plugging along until the rest of the market has to price for cost of construction.
which would work until enough were built that there was no profit in flipping and if people realized that was the intention the ability to flip would go away much faster.
Clearly they were hoping the developers would just build the affordable housing themselves. They have no idea what to do with this money
I have always wondered why the cities themselves don’t build highrises and sell the condos for the cost of construction. My city has even had times where there have been empty lots that have sat because no developer can figure out something to do with them. Just keep on plugging along until the rest of the market has to price for cost of construction.
People would buy them for below marks and then “flip” them and sell them for market rates.
Unless they sell enough for everyone even poorer people who buy them would want to realize that instant windfall.
which would work until enough were built that there was no profit in flipping and if people realized that was the intention the ability to flip would go away much faster.