
Rental Glut Sends Chill Through the Hottest U.S. Housing Markets - jseliger
https://www.bloomberg.com/news/articles/2018-09-07/rental-glut-sends-chill-through-the-hottest-u-s-housing-markets
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prolikewh0a
If you look up at all of these new luxury apartment skyscrapers they put up in
downtown Seattle, they're mostly empty. They're lowering rents, offering free
rent for a few months, Amazon gift cards, Amazon Echos, etc. They're
noticeably having a hard time filling luxury apartments. If you want luxury
and peace & quiet, one would head over to Bellevue and not Seattle. More are
going up right now too.

I doubt many people want to rent a 2br downtown for $5000/mo that probably
isn't going to get proper maintenance because the corporate landlord companies
around here that own these truly do not give a s#%t except for money and don't
care if you move out after a year so they can raise rent on the new tenant,
tons of rules & regulations that make it feel like it's not really your place
to live, extraordinarily expensive parking, and living among thousands of
homeless people destroying the streets and doing hard drugs right outside
their door. They even built one or two new skyscrapers that are right near
Seattle's infamous '3rd & Pine' hellhole.

Housing that isn't luxury is unprofitable, so it's not built in or around
Seattle unless federal HUD steps in for tax breaks/rent control. There is no
interest in King County to build housing for lower income/lower middle class.

