Quote:
Originally Posted by Flames0910
Definitely clear that more needs to be done to address the missing middle. Many of those $400k single family homes need serious renovations, which puts the real price higher. Much of the inner city housing supply is in desperate need of a refresh, but it seems developers can only make a profit on a) 20+ story apartments, and b) expensive infills. Lack of affordability definitely helps push people (families especially) to the outskirts of the city.
The Sprawl had an interesting write-up about it the other day.
https://www.sprawlcalgary.com/calgar...rbs-affordable |
I'd even increase that number to $500k. Even at that price level, some things just can't be fixed like all those old houses with basement ceiling heights that aren't up to code.
Developers can make a profit without building terribly constructed infills, but why make $5 when you can make $50?
New York has a program through their Housing Development Fund Corporation that makes inner city apartments affordable by capping the incomes of prospective buyers to keep the prices lower. It would be interesting to see our City Council explore a similar type of program for single family homes... but there is no chance they'd do that and risk p1551ng off the inner city developers