Quote:
Originally Posted by cardeza
I dont know that the article is attempting to sound the alarm- I know many of you push back on any remotely objective article that says anything other than there is unlimited demand for these apartments. I think the article is giving a balanced look at the situation- certain areas are seeing a potential glut of luxury apts and they are all going after the same renters in the same price points. It's not a catastrophe, but its likely going to take a while to sort out considering the close proximity of some of these projects. Overall, there is little to no population growth here so naturally there are only so many new apts that will comfortably be absorbed, especially when so much of the new supply is in one area of the city.
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I don't think anyone here thinks like the bold (that I have seen).
I didn't say the article, the
headline/title. Many Philadelphia publications push subjective or negative headlines, but the details of the actual articles are often non-news worthy, neutral, even positive, and often informative. I can share a dozen examples within the past month...
Yes, city population is down, but Greater Center City (and the Riverwards toward No Libs & Fishtown) is increasing, which is where most of the new construction is. It is not simple math, as in, population drops, why are we building? I think the market is fine/strong, and 2025 will be a good catchup year (less new units).
And I do not mean to be dismissive, I read the Inquirer and PBJ daily, and they jump at any fluctuation in business, real estate, crime, etc., and lead with questionable headlines. Though maybe this wasn't the best example, but the Inquirer had a similar article last week (more dramatic headline), which is why I called this one out.
On a separate tangent... It would be nice if Philly publications were occasional cheerleaders for new construction, job growth, crime drop, etc. I rarely see that OR the article is actually positive, but the headline has a negative spin, like the recent one about a tech firm "betting on Conshohocken, not Center City"...