It’s old news now that there just isn’t enough housing inventory in the core regional housing markets. Our booming tech sector has definitely added to the housing crunch. But, the city’s expensive and some may say overly burdensome development laws and procedures (especially for condos) has meant that developers would prefer to build luxury apartments than condos. We think that some of these apartments will no doubt get converted to condos at a later time, but luxury apartments won’t solve our low housing inventory, nor will they directly provide more affordable housing solutions as the mayor and city council have repeatedly stressed that we need.
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