Jan 8, 2015
For Whom Does The Morning Call Work
This latest article claims that there is a shortage of market rate housing for the yuppies and empty nesters, but a surplus of low rent housing for the poor. Although Assad is correct about the proportion of low and high end units available, he's taking Reilly's promotion as a fact. In reality, just like the restaurants needed to be primed by giving out gift cards, the flats and lofts will also need to be pumped. Currently, Reilly is taking $100 returnable deposits for his yet completed apartments, certainly not an indicator of demand. Getting people to drive into center city for dinner is one thing, getting them to live there is another. The stated demand is bogus, the real urgency is taking advantage of building a real estate empire at taxpayer expense.