Officials are offering tax breaks and regulatory relief as fewer office workers return to once-busy areas. In Seattle, nearly a third of downtown office space is empty or available for sublease.
Location: 3rd and Union. The Joseph Vance Building
To see how well this works, we need to see how much each ‘new’ unit would cost to convert. Sometimes the cost per unit is insane … numbers like $30 million for 100 units mean $300,000 per unit. How long is the payback for $1000 per month? 300 months = 25 years. Before deducting for maintenance and supervision.
True, of course. But housing FOR ALL has to include housing that’s affordable TO ALL. Market rate has been manipulated so that not all can afford housing. New housing has to be created so that ALL have a shot at it to solve our biggest problems, right?
To see how well this works, we need to see how much each ‘new’ unit would cost to convert. Sometimes the cost per unit is insane … numbers like $30 million for 100 units mean $300,000 per unit. How long is the payback for $1000 per month? 300 months = 25 years. Before deducting for maintenance and supervision.
Unless they’re very small 1000/mo would be well below market rate
True, of course. But housing FOR ALL has to include housing that’s affordable TO ALL. Market rate has been manipulated so that not all can afford housing. New housing has to be created so that ALL have a shot at it to solve our biggest problems, right?