Oh, come on. Even if every single apartment being built downtown costs $5000/month, increasing the supply of ANY kind of housing in this area reduces the growth in cost of other housing units.
New housing units, especially downtown, are never going to be cheap and hardly ever even affordable. That's the way the multi-family market works - properties generally get cheaper with age as newer, fancier, stuff gets built. (My condo in Clarksville, for instance, saw its rent drop a couple years ago and still hasn't recovered - partially due to the dramatic increase in supply of downtown housing taking pressure off the nearby midrange stock).
Forgot your password?
City of Austin and OpenOffice/Open Source Trials
Oh, come on. Even if every single apartment being built downtown costs $5000/month, increasing the supply of ANY kind of housing in this area reduces the growth in cost of other housing units.
New housing units, especially downtown, are never going to be cheap and hardly ever even affordable. That's the way the multi-family market works - properties generally get cheaper with age as newer, fancier, stuff gets built. (My condo in Clarksville, for instance, saw its rent drop a couple years ago and still hasn't recovered - partially due to the dramatic increase in supply of downtown housing taking pressure off the nearby midrange stock).