NYC is so big that there are large portions of the city that have poor/long access to where the jobs are (Midtown and Lower Manhattan). Staten Island for instance doesn't have any transit into Manhattan except for the Ferry (which is free but that alone takes like a half hour I think).This proves my point. Boston real estate values should not even come close to NYC comparing since the city transit system is much more robust.
I really hope rent isn't $5-7k a month for a two-bedroom unit in the Alcott like it is in St. Regis and Stuart Street.They do have a point... Boston is slowly becoming a more transient soulless city every time one of these luxury skyscrapers gets built... Not to mention 80% of the Millennium Tower is occupied by people who don't live in it as their main residencies.
Now even $5,000 a month is outrageous for a 2 bedroom in a brand new luxury building in some of the most desirable locations in town? I am all for seeing rents and housing prices in general come down but we need to be realistic. We are never going to see $3,000/month for a 2 bedroom in a brand new building downtown especially in places like the seaport or back bay.I really hope rent isn't $5-7k a month for a two-bedroom unit in the Alcott like it is in St. Regis and Stuart Street.
How exactly is residential in downtown making the city more transient?They do have a point... Boston is slowly becoming a more transient soulless city every time one of these luxury skyscrapers gets built... Not to mention 80% of the Millennium Tower is occupied by people who don't live in it as their main residencies.
NatickxBostonThey do have a point... Boston is slowly becoming a more transient soulless city every time one of these luxury skyscrapers gets built... Not to mention 80% of the Millennium Tower is occupied by people who don't live in it as their main residencies.
A pied-à-terre (French pronunciation: [pjetaˈtɛʁ]; French for "foot on the ground") is a small living unit, e.g., apartment or condominium, usually located in a large city some distance away from an individual's primary residence.
*3One Dalton Update
Michael Dell scoops up second Boston penthouse at 61-story One Dalton tower
Dell Technologies Chairman & CEO Michael Dell has reportedly entered a contract to acquire one of three $40 million penthouse residences atop the 61-story One Dalton tower under construction in the Back Bay, which, following Dell’s acquisition of a Millennium Tower penthouse residence last year, would make Dell the owner of penthouses at both of Boston’s, and New England’s, tallest residential towers. Per a Wall Street Journal report, Dell’s penthouse will be approximately 7,300 square feet in size across two stories, with a 570-square-foot outdoor terrace.
You're right, housing is not homogenous. And there are many ways to build cheaper even within a profit-maximizing framework - smaller lot/unit size, direct subsidies to builders, reducing the risk of lawsuit via legislation, decreasing permitting times to aid financing, lowering construction costs through new building techniques, or taking a second look at fire/safety codes. Implementing those tools will help developers build across cheaper housing market segments. Smaller unit sizes are a great example - they are both cheaper for renters (at the price of space) and have a higher profit margin for builders.At one point, people will be leaving cities similar to the White Flight seen in the 1950s but instead of racism, it's because only the wealthy few can afford to live in them. Again all these problems lead back to a single misconception: you can't just build luxury housing and think that it will push housing prices down to affordable, you have to increase supply at all price levels. Housing is not a homogeneous market.
Youre right about the rentals I guess, I wasnt paying attention to that. Its definitely high end tho, for the life of me I dont understand who would pay 2700 for a studio. I'm suspcious of those. I'm sure some everyday Bostonians pay that but I'm guessing more go to short term rentals somehow even though there's rules against them
How do they do that? Even if we accept that every single one is occupied by a person who shifts from place to place throughout the year, what percentage of the 100,000 population gain during the '10s fit this category? It's a drop in the bucket, such buildings have no impact whatsoever on the percentage of stable residences.Natickx is right, more high end condos do make the city more transient. People with money to spare are way more mobile, have other properties in other towns and cities and countries. Just because you like shiny tall buildings doesnt mean there aren't negatives that come along with them
This post looks like it belongs on Page 6 of the NY Post. Relevance to the topic of the thread is????NatickxBoston
When you can afford $10M plus for a house or a condo -- you will have multiple residences
There are a lot of houses on the Vineyard, Nantucket and parts of the Cape and Berkshires that meet the same definition.
In Paris this has been true for several centuries -- the French even have a name for it: pied-à-terre *1
Consider Michael Dell -- founder and CEO / Chairman of Dell Technologies -- ranked as the 27th richest person in the world by Forbes, with a net worth of $31.0 billion as of October 2019. He was born in Houston, attended UT Austin where he started Dell. Relatively recently he merged Dell with Boston Area EMC [started by some now lesser Billionaires from Northeastern] -- with the creation of Dell Technologies -- Mr. Dell acquired a significant local footprint*2 [not just limited to offices, labs, and manufacturing] -- including a spot on the Uber-exclusive Massachusetts Competitive Partnership*3
I'm willing to bet that most if not all the members of the Massachusetts Competitive Partnership have multiple residences -- most likely including condos in Boston
*1 from the wiki article
from article in Buildup
To make Massachusetts one of the leading states for business investment and job creation and one of the leading regions in the world in terms of overall competitiveness.