Sorry, but you're absolutely wrong on economics here. Even building nothing but luxury housing units will eventually relieve (some of) the pressure on moderately-priced housing stock, period.
The condo I own in Clarksville is one of those (currently appraised at 150K-ish; bought for 92K - both numbers are irrelevant; what matters is that the rent dropped from $1200 four years ago to $1050 the next year and hasn't made it back up to $1200 yet).
It doesn't matter that the NEW housing stock is 'unaffordable' - what matters is that it relieves (some of) the demand for other housing stock, which then gets lower in price. This is the only kind of trickle-down economics which actually works.
I keep saying (some of) because frankly the amount of downtown development so far has been pretty small. The new buildings being proposed (and especially the West Campus spurt) may finally be enough to make (some of) change to (most of), if demand for central housing doesn't further skyrocket due to other factors like oil prices.
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Sorry, but you're absolutely wrong on economics here. Even building nothing but luxury housing units will eventually relieve (some of) the pressure on moderately-priced housing stock, period.
The condo I own in Clarksville is one of those (currently appraised at 150K-ish; bought for 92K - both numbers are irrelevant; what matters is that the rent dropped from $1200 four years ago to $1050 the next year and hasn't made it back up to $1200 yet).
It doesn't matter that the NEW housing stock is 'unaffordable' - what matters is that it relieves (some of) the demand for other housing stock, which then gets lower in price. This is the only kind of trickle-down economics which actually works.
I keep saying (some of) because frankly the amount of downtown development so far has been pretty small. The new buildings being proposed (and especially the West Campus spurt) may finally be enough to make (some of) change to (most of), if demand for central housing doesn't further skyrocket due to other factors like oil prices.