The usual life cycle of high-rise luxury housing is that buildings move somewhat downmarket as they age. The bulk of your housing stock downtown is going to be 30-40 year old buildings that can't carry the premium rents of new luxury buildings. But you won't get to that point if you don't start building now.
This is a good point and one worth making. Unfortunately neither politicians nor renting residents look that far afield to the detriment of the area and future residents.
Comments
The usual life cycle of high-rise luxury housing is that buildings move somewhat downmarket as they age. The bulk of your housing stock downtown is going to be 30-40 year old buildings that can't carry the premium rents of new luxury buildings. But you won't get to that point if you don't start building now.
This is a good point and one worth making. Unfortunately neither politicians nor renting residents look that far afield to the detriment of the area and future residents.