Oogway said:
So you want the city council to tell the property owner he/she can't build apartments? While overbuilding may make for a surplus now, exactly what would you have the city tell the property owners in this case? (Again, I am not referring to AgShacks, which have raised the question of neighborhood overlays, etc) " Mr/Ms Developer, we have too many beds and not enough heads so yeah, stop."
For awhile, the demand exceeded the supply and now it has caught up and as Rellis comes online, it may even out once more. It may not. If you are worried about the loan bubble, I get that, but I am not certain that the city can really do much about that locally can they?
While I am not overjoyed about the # of apartments being built, there does seem to be an effort to have some designed more for the professionals and others who want to live and work w/o being around the student lifestyle or for young marrieds that are here temporarily for grad school, etc.
I have news for you, it wouldn't be the first time they would do something like that. I'm a developer myself and I loath the city planners, for a number of reasons.
The rental market crashed this past summer, the part that you are not getting is that if the rental market crashes in this town, the residential market could be affected negatebly! At this point the demand for rental units its way way lower than the amount of units available. We are going to need more then just 10,000 students to catch up with the number of apartments being built. Currently you have many new complexes struggling to even get past 50% capacity.
Sorry but I don't see anything in this town happening now or in the near future that will cause this town to explode and catch up with the number of current and future apartment complexes being built.
Just my .02