I think we can officially say we’re in the midst of an apartment boom.
|Daily Journal of Commerce|
Fortunately this time, instead of a sprawl and mortgage boom, we’re talking about a boom of infill rental apartments in dense, urban neighborhoods. While there’s still a risk of overbuilding, shoddy construction and rash bulldozing (old buildings instead of cornfields this time), we are at least experiencing a “smart growth” boom. It’s a boom that meets many urban and regional planning goals: infill development, efficient use of urban land, neighborhood revitalization, transit-oriented development, housing choice, and (hopefully) equity. And for the most part, the free market is providing this boom, without the help of public subsidies. How did we get to this unlikely stage?