this post was submitted on 20 Sep 2023
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The obvious and immediate flaw with the 36 people moving into luxury apartments is, that's not usually how luxury apartments work. Particularly in certain markets, it's more and more common for luxury housing to be temporary homes, vacation homes that are turned into investments the rest of the year, e.g. air BNB. So a lot of the time, you get 36 regular homes destroyed, for 12 luxury apartments that get bought up by either people or companies that either then rent them out or keep them empty most of the year, with no increase in available housing.