(I was mostly including biotech just to rib on you 
)
To be fair, some of the projects havenāt happened yet, like the houses (containing multiple apartments) and the apartments across the street at Boylan/Hargett. Others that come to mind are the condos at the corner of Clark and Bellwood (of which Iām sure quite a few were rentals), Country Club Apartments on Oberlin, Maiden Lane, Tiny Town. And thatās a lot more than a handful of people who had to find other housing. (Editing to add that I know these are not directly ādowntownā but my point stands, especially since there is a ton of infill opportunity downtown.)
Iām not opposed to adding housing at all. We desperately need it. Meanwhile, there are many vacant properties or properties that used to have active businesses that are owned by developers that are just sitting on them because āprofitabilityā isnāt ideal right now with higher interest rates. We all know Highwoods, but there are others like 301 W Cabarrus and the Enterprise lot that have been turned into parking lots and are literally starting to detract from the community because the owners are not maintaining them.
There is a ton of infill that should be prioritized for development before existing housing in my opinion.
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I agree in theory butā¦ how? The market is imperfect in terms of which lots end up getting built on, but itās the best way of getting more units up since the city and state seem to have little to no interest in getting things done at any rate of speed.
What do you think Apple coming here what effect will that bring.
Where did you pull $1300 from, anyway? The cheapest unit in The Platform is $1435, and thereās only one of those available. Most of the other units of the cheapest floor plan are renting for $15-1600, and if this is anything like all the other new apartment buildings, the actual rent once you add required fees like trash collection and parking runs another $1-200. So youāre looking at up to $1800 for a 534 sf studio.
Iām not an expert in municipal legislation, but it seems that the city could offer some kind of incentives/penalties accordingly. Maybe an increasing tax scale for properties that turn into pay parking lots without any improvement if an active business had been there immediately before the property was purchased. The longer they sit, the higher the tax rate goes. Maybe offer priority permitting/review on projects that are actively trying to develop vacant properties.
Again just spitballing. Iām sure there are creative ways to influence the āmarket.ā
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Land Value Tax is what youād be looking for.
Instead of taxing improvements, you tax the value of the land. Right now, parking lots are only valuable because theyāre taxed at a much much lower rate than land with businesses on them. That only incentivizes people holding land and doing nothing to add to the community.
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Per room in the 3 bedroom from earlier in the thread. Website actually says $3640 for a 3bd.
I think there is a disconnect in this conversation, and in general with regards to rent prices, where the only rent that exists is 1 bedroom for 1 person. The comment earlier that people should not have to live with other people is something that does not make a lot of sense. Roommates and spouses/partners are a perfectly acceptable and normal way to save money on rent. I donāt understand why that ādoesnāt countā or is beneath some people on here.
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Fascinating! Just what I was curious about.
Until MMH passed, most of the land zoned to build apartments in Raleighā¦ already had apartments on it. Thereās lots of demand for new units (HUD says Wake/Johnston needs 17,000 units a year!), so the only way to add apartments was to tear down older apartments. (Or maybe commercial buildings, but those are usually way too valuable.)
Now that we have MMH, that particular limiting factor has decreased ā but not entirely gone away. Big apartment complexes with on-site management still require pretty large sites, and those take time to assemble. Small apartment buildings turn out to be quite expensive to build, so steps to reduce those costs will help.
Land value tax would solve this! Podcast + links:
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Per room in the 3 bedroom from earlier in the thread
Ah, gotcha.
Roommates and spouses/partners are a perfectly acceptable and normal way to save money on rent.
Yes, I agree that they are acceptable, and even very attractive options for many people. But when they are a requirement for someone to be able to afford to live in a city, I think itās a bad sign. To be clear, weāre not even just talking about service workers here. As an architect with two professional degrees, I could not have afforded a 530sf studio apartment in The Platform without a roommate even five years into my career. Whether or not this is right or wrong is less important to me than the fact that I could afford to live in Richmond, Chicago, Philly, Pittsburgh, or a number of other cities with many more amenities than Raleigh. The value of life in the Triangle just doesnāt add up anymore for a lot of people ā especially those without families ā but I guess weāll see if demand (and housing costs) remain strong or if the bubble bursts.
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I guess our disagreement is mostly does everyone deserve the right to be able to afford a single bedroom apartment in one of the most desirable parts of town. Certainly there are plenty of 1 bedrooms affordable for nearly the entire income spectrum in the greater triangle area or even other parts of Raleigh.
While I would be all for it, I guess I donāt think the ability for everyone in a city to be able to live by themselves in one of the most desirable parts of town is a very realistic benchmark for the affordability of a city. I would also point out the 2-3 bedroom apartments increase density just like 2-3 houses on a subdivided lot if your goal is to increase the supply of housing and drive down rents. The primary reason rents have skyrocketed to the degree they have is because people quit living with roommates during Covid.
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I guess our disagreement is mostly does everyone deserve the right to be able to afford a single bedroom apartment in one of the most desirable parts of town
No, again ā Iām not saying that this is a ārightā or a moral issue. Itās more that it just kinda sucks that it is this way, and given what comparable cities offer, it just makes the Triangle seem like an unattractive place to live. I wouldnāt really see much of a problem here if in the time that rent doubled, what Raleigh offered as a city doubled as well, but our amenities, culture, and transit have remained fairly stagnant in the last decade imo.
The primary reason rents have skyrocketed to the degree they have is because people quit living with roommates during Covid.
Iām extremely skeptical of this (especially as it relates to the Triangle, where I donāt think we had a robust culture of living in roommates compared to somewhere like NYC). But would love to read about it.
Some of this doesnāt really make sense. If people arenāt moving here bc itās too expensive AND people arenāt de-roomating then how are rents going up? We are also adding record housing stock during this period.
While I of course am all for increasing all cultural amenities as much as possible I also wouldnāt call the last 10 years stagnant. Music scene is way better, specifically with dreamville. Dix Park taking shape and other parks have been renovated, food scene way more robust and better at the top.
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I had roommates for the first few years out of college. My first 3 post grad apartments were all roommate situations. My first one didnāt even have AC. Itās not an unreasonable expectation for very early in career.
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If people arenāt moving here bc itās too expensive
I didnāt say people arenāt moving here. I meanā¦ thatās obviously and demonstrably false; our population has exploded. I said I wonder when the bubble will burst if the cost of living continues to outpace the cityās attractions.
AND people arenāt de-roomating
Again, I donāt think de-roomating is much of a thing in Raleigh, but I could be wrong. I just havenāt read or heard anything about this phenomenon in the Triangle.
We are also adding record housing stock during this period.
Which will take several years to see observed effects ā rents have not yet moderated.
Music scene is way better, specifically with dreamville
Dreamville is a great addition for sure, but I donāt think the music scene is better overall ā a lot of the buzz around the local scene that existed a decade ago has died out. Iām glad Kings has returned, because its closure wouldāve added to the loss of The Brewery, Tir Na Nog, The Maywood, The Pour House, Deep South, and C. Grace in the last decade or so. Iām also grateful Hopscotch is still limping along after a few disappointing years.
I donāt think the food scene is all that different other than a couple of notable additions. If weād kept the energy and momentum of the early 2010s, weād be at a much different place, but I feel it plateaued several years before COVID. Again, Iām not saying nothing has changed; Iām just saying any improvement is outrageously disproportionate to the increase in the cost of living. (For the record, I think this applies to Durham as well ā there have been a lot of new openings, but only a couple of the same caliber as the first wave of downtown restaurants that became local institutions).
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I concur. Raleigh has definitely lost itās true stride it once had back in the 2000ās. The zoning laws and planning for this city are ment for that of a small town, not a metropolis of 500,000 peopleā¦ All of Raleighās peer cities have done a much better job with growth however.
The pour house is still alive and well (playing there next week)
The Maywood is reopening soon, according to their sign
Although itās not my scene, I know Wicked Witch/Night Rider host shows regularly.
Transfer Co is a new venue
I donāt think the music scene has gotten precipitously better, but Iād say itās made some recovery from the loss of Southland ballroom, etc.
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After the sad COVID lineups, Iād say Hopscotch is done limping - Mitski and Japanese Breakfast are big acts! Itās a solid regional event - everyone I know attended it (sadly not including me this time). Itās not
SXSW, but was it ever?
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ā¦ source? Anything at all to back up that insane claim? lmao