| My take on it as a small landlord (have two houses on my farm, one has two rental units) is: I don’t think a lot about the pricing of my rental units and I’m not quick to raise them but when some new development comes into town and puts up billboards with their eye-popping prices and runs ads in the paper and on web sites and on the radio I think “Gee…. I must be leaving money on the table because I could raise my rates 50% and it would still undercut what they’re advertising a lot” Of course the money they are spending on advertising indicates that their pricing is aspirational and they may very well next year be telling the city that they can’t afford their property taxes because they can’t fill the units and might be telling their lenders the same in a few years. In Ithaca we got “luxury housing for seniors” that was nuclear reactor late and they can’t fill https://ithacavoice.org/2025/03/library-place-to-sell-at-a-l... (Don’t seniors with money go to Florida?) A few market rate projects had an affordable component which has been part of a surge which has taken a bite out of our homeless colony but it is now like that talking heads song where they’re “burning down the house” https://ithacavoice.org/2025/08/inside-asteri/ My understanding is many “luxury” developments are shoddily built and not a good place to live https://www.nytimes.com/2022/04/15/realestate/condo-defects-... |