this post was submitted on 21 Aug 2024
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A downtown Seattle office tower is set for housing conversion (www.seattletimes.com)
submitted 3 weeks ago* (last edited 3 weeks ago) by [email protected] to c/[email protected]
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Location: 3rd and Union. The Joseph Vance Building

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[–] [email protected] 3 points 3 weeks ago (2 children)

To see how well this works, we need to see how much each 'new' unit would cost to convert. Sometimes the cost per unit is insane ... numbers like $30 million for 100 units mean $300,000 per unit. How long is the payback for $1000 per month? 300 months = 25 years. Before deducting for maintenance and supervision.

[–] [email protected] 4 points 3 weeks ago (1 children)

Unless they're very small 1000/mo would be well below market rate

[–] [email protected] 1 points 2 weeks ago

True, of course. But housing FOR ALL has to include housing that's affordable TO ALL. Market rate has been manipulated so that not all can afford housing. New housing has to be created so that ALL have a shot at it to solve our biggest problems, right?