06-02-2021, 11:12 AM
(06-02-2021, 09:46 AM)IronDev Wrote: Midrise is very hard for developers to pull off too.
Even if a developer wants to come in and do some cool 4 storey building, landowners don't care. If a landowner if remotely able to get highrise land prices, then that is all they will accept. So developers are forced to pay so much for land, that the only feasible project is a highrise.
Don’t forget zoning. Remember, it is illegal to build midrise in most of the city. Ironically, if it was legal to build 4-story apartment buildings everywhere, probably most places wouldn’t actually get such large buildings — instead there would be a ton of townhouses, duplexes, triplexes, etc. After all, if every property owner built a 4-story apartment building, we would be incredibly oversupplied with housing.