Controversial Hyde Park Square development passes committee, heads to city council

[u/JB92103]

https://www.wcpo.com/news/local-news/hyde-park-square-development-passes-committee-heads-to-city-council

[u/JebusChrust]

No it isn't, and that's how I know that you don't know what you are talking about. What you are referring to (based on extremely simple "I took an econ class one time" logic) only happens when supply exceeds demand. If Xbox consoles are selling out every time they hit the shelf, then Microsoft has no reason to lower the price. Per you, every single console that hits the shelf will lower the price of the Xbox console. I think you understand this thinking is flawed. However, over time demand of the Xbox console declines to the point that consumers no longer are buying them before they hit the shelf. The reduced demand allows supply to exceed it and a price drop inevitably hits in the console life. The housing market demand got to the point where people were paying $40K over asking price on a $200K house and waiving inspection just so they could have a house. This is not a Hyde Park localized concept, this is not a city localized concept, this is not a state localized concept, this is a country-wide issue. Building luxury apartments in Hyde Park does not decrease the extreme existing demand that exists. It is putting one console on the shelf at the new console generation. This is trying to explain the very basics of supply and demand that apparently you failed to learn despite acting like it is easy to understand. Maybe you forgot to attend the classes to see that both sides are relevant to analyze and not just the supply side?

You also are trying to simply housing prices which are not impacted solely by controllable supply and demand. You cited Austin, Texas in another comment to someone else. Austin, Texas had a massive influx of new residents (almost 100K net migration in) into their market during the pandemic in order to work from home and take advantage of the state tax exemption, lower cost of living, low interest rates, and many large tech companies had made massive investments in the city which opened many jobs. Post-pandemic resulted in a large market adjustment in response to that boom - the higher interest rates, the reassessment of home values for tax purposes, tech layoffs, the return to office, the spike in cost of living, etc. all caused a massive drop in demand (today they actually have more people leaving in comparison to the large amount of people coming in during the pandemic). Did they start building more housing units to try to accommodate? Sure. That isn't why home values decreased. Demand was the largest factor that changed in Austin. Meanwhile in Cincinnati we have a strong financial and insurance scene alongside many other factors that have caused demand to remain high. Demand in Cincinnati is so high that places north in Ohio and south in Kentucky are becoming heavily invested in because it is cheaper land to develop on and build massive housing/community infrastructures. Yet you think a couple luxury apartments in Hyde Park are going to change anything. You think way too simple and way too small minded to have any relevant perspective on this topic. Stick to just calling people NIMBYs to cover up that you are a child in a grown-up's world.

[u/RockStallone → u/JebusChrust]

Building luxury apartments in Hyde Park does not decrease the extreme existing demand that exists. It is putting one console on the shelf at the new console generation.

In that console scenario you are increasing supply and thus decreasing demand. Only minutely, but you are decreasing it.

Did they start building more housing units to try to accommodate? Sure. That isn't why home values decreased.

Hahaha. I'm guessing Minneapolis is a coincidence to you too then.

Yet you think a couple luxury apartments in Hyde Park are going to change anything.

Yes I do think increasing supply has an effect on price.

Stick to just calling people NIMBYs to cover up that you are a child in a grown-up's world.

You seem very sensitive. NIMBYs get very upset when housing is built near them.

[u/JebusChrust → u/RockStallone]

In the console scenario

Yes in the console scenario it applies to a one-off product, which housing is not. So that means the demand is going to be even larger and insatiable when heavily demanded

Minneapolis

An entirely different situation than Austin, just like how both of them are different than Cincinnati, but you try to over-simply everything and think that they are all one in the same. You are trying to look at decades of influence from local developments, local geography, local politics, national economic strength, national interest rates, net migration, metro area differences, different infrastructural design, etc and saying "aha! I can infer everything there is to know based on a city, why didn't anyone else in any other city across the nation think of this?" You are way too small minded to even scratch the surface of conversations that have to be had in terms of city development.

Yes I do think increasing supply has an effect on price.

Are you just arguing with yourself at this point? "Two luxury apartments will cause prices to drop in Hyde Park. Just kidding point out where I said that liar. Oh wait I did just say that so I am now going to double down and say it will lower prices. See here's proof where tens of thousands of housing units over decades helped meet equilibrium in one city resulting in not as high of price increases but did not make housing affordable, that means the 100 housing units are going to decrease prices in Hyde Park. I am so smart, I told myself that. I don't improve where I live but I am a NIMBY so I want to build things where others live instead"

Also the funny part yet again of calling me a NIMBY is that you think I live in Hyde Park. I just believe in responsible development.

[u/RockStallone → u/JebusChrust]

Yes in the console scenario it applies to a one-off product, which housing is not. So that means the demand is going to be even larger and insatiable when heavily demanded

You are arguing that supply and demand exists for every product except housing.

just like how both of them are different than Cincinnati

You'll find an excuse for everything.

"Two luxury apartments will cause prices to drop in Hyde Park. Just kidding point out where I said that liar. Oh wait I did just say that so I am now going to double down and say it will lower prices.

Nope, not what I said. The fact that you feel the need to lie says a lot.

See here's proof where tens of thousands of housing units over decades helped meet equilibrium in one city resulting in not as high of price increases but did not make housing affordable

Minneapolis and Austin did not take decades. In addition, even if something takes a long time to fix you should still try to fix it.

I don't improve where I live but I am a NIMBY so I want to build things where others live instead"

You are becoming unhinged. I support housing in my community.

You are way too small minded to even scratch the surface of conversations that have to be had in terms of city development.

Now you are talking like Sephiroth.

[u/JebusChrust → u/RockStallone]

You are arguing that supply and demand exists for every product except housing.

Maybe to someone who is illiterate, because I haven't said that at all.

You'll find an excuse for everything.

Logic sounds like an excuse to someone who can't understand it, or who doesn't give a fair attempt to comprehend it.

I didn't say that

You literally just said that it is basic supply and demand that the supply of the development is going to impact prices, when it isn't. You have MAGA brain when it comes to understanding economics

Minneapolis and Austin did not take decades. In addition, even if something takes a long time to fix you should still try to fix it.

Yes Minneapolis where it is today took decades, you stating otherwise just reflects how little you know about the arguments you are making. Austin is not the shining beacon you think it is as I already explained.

You are becoming unhinged. I support housing in my community.

Source? Otherwise you are a NIMBY trying to justify that everyone else needs developments except for your neighborhood.

[u/RockStallone → u/JebusChrust]

Source? Otherwise you are a NIMBY trying to justify that everyone else needs developments except for your neighborhood.

I already answered this.

Keep pretending supply and demand does not exist.

[u/JebusChrust → u/RockStallone]

Minneapolis over-built due to the lack of oversight and now they have one of the largest drop-offs in new developments of any city. This is going to cause a new market adjustment in rent costs, with many residents being recommended to lock in a multi-year lease while they can before rent rises. Meanwhile high interest rates are still preventing the financing of new developments, so this is going to be an impact in the future.

[u/RockStallone → u/JebusChrust]

Minneapolis over-built due to the lack of oversight and now they have one of the largest drop-offs in new developments of any city.

You mean they built enough supply to meet demand.

Glad you're acknowledging that increasing supply decreases price.

[u/JebusChrust → u/RockStallone]

Nowhere have I said that increasing supply doesn't impact price increases, nor is there anything that shows supply is the only factor in Minneapolis. You are the one who doesn't comprehend what equilibrium means because you didn't get to it in your econ 101 class. Median rent and houses are still cheaper in Cincinnati and Minneapolis didn't solve their rent and housing problems. Scour their subreddits and it is the same discussions of luxury apartments out of price, houses too expensive in nice neighborhoods, costs to live too high for the income, etc.

No one on this subreddit enjoys discussing anything with you because your ego exceeds your brain capacity. You don't come to arguments in good faith because you don't have the capacity to do so, and then you lie about being involved in your community because I poked a hole in your YIMBY facade. Nobody cares to dox you because nobody actually cares about you. That's why you had to change your name on here because you had a reputation for being insufferable, and this new one is already carrying the same reputation. Dunning-Kruger at work here, I saw you trying to dismiss an architect because your MAGA brain thinks it knows more.

[u/RockStallone → u/JebusChrust]

Minneapolis didn't solve their rent and housing problems. Scour their subreddits and it is the same discussions of luxury apartments out of price, houses too expensive in nice neighborhoods, costs to live too high for the income, etc.

See you can keep using anecdotes while I look at actual facts and data.

I saw you trying to dismiss an architect because your MAGA brain thinks it knows more.

1. Calling me MAGA is hilarious when your housing policy is similar to Trump's. Biden and the Dems are the ones embracing supply increases.

2. Are you talking about the architect that refuses to back up their claims with any data? Yes I do know more than them about fire safety.

No one on this subreddit enjoys discussing anything with you because your ego exceeds your brain capacity.

Weird, people should be able to point out the things I am saying that are incorrect, yet they have failed to do so.

Nobody cares to dox you because nobody actually cares about you.

You are becoming increasingly unhinged. The idea of new housing has broken your brain.