You live downtown in the heart of the city and rent costs seems to be growing by the week. Who's to blame? Is it the new housing megadevelopments, those cloud-piercing Amazon buildings, or is it just a boom in the economy? The answer to that question is pretty loaded. In fact, it's pretty complicated.
Jason M. Barr, NYC economist and author, said this, "Many people look around and see the supertall towers going up and blame them for the high cost of housing in their neighborhoods. The supertall buildings are not a cause of high housing prices but rather are a result of it. That is to say, as the demand to live and invest in the city has increased so dramatically over the last decade or so, it has caused land and housing prices to rise throughout the city."
Demand is what really drives the height or size of a development, which explains why so many real estate projects are so big in Seattle.
Seattle is bringing more and more people to Seattle because of the number of jobs becoming available, educational opportunities, and more. By 2040, some project the population to grow by over 30%!
So: Can you blame the megadevelopment down the street for your pricey living situation? No. Can you blame your neighbors who are fighting the next megadevelopment down the street? Possibly.