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Opinion: Downtown Needs More Residential Units — Apartments Are Right for the Times

December 13, 2017 Downtown, Featured No Comments

For my parent’s generation (The Silent Generation) the American dream was a good job, the same job, for life — paying off your mortgage. If you worked the same job for life moving was only necessary when you wanted a bigger place or smaller residence.  The days of people working for the same company for life is pretty much over. We change jobs…and careers frequently now. Along with a change of jobs comes a change of cities.

An apartment m the Arcade

This mobility means many don’t want to get tied to one address for too long. Apartments give people, especially young people, an opportunity to experience urban living with little commitment.

From 2015:

In 2013, the U.S. homeownership rate fell for the ninth straight year, clocking in at just 65.1 percent, the lowest level since 1995, according to the Joint Center for Housing Studies at Harvard. First-time homebuyers, young people, and minorities participate less and less in the housing market. The big philosophical debate is when, if ever, they’ll come back and what that will mean for their wealth over the long-run. (The Atlantic)

A mix is good — ownership & rentals, affordable to high-end. The important thing for downtown is warm bodies, getting long-vacant buildings occupied. More than a decade ago leaders promised us a 24/7 downtown — we’re a long way from that, but more residents is a good thing.

The results of the recent Sunday Poll:

Q: Agree or disagree: Downtown is building too many for-rent apartments, should stay focused on for-sale condos.

  • Strongly agree 0 [0%]
  • Agree 1 [3.45%]
  • Somewhat agree 9 [31.03%]
  • Neither agree or disagree 7 [24.14%]
  • Somewhat disagree 0 [0%]
  • Disagree 7 [24.14%]
  • Strongly disagree 5 [17.24%]
  • Unsure/No Answer 0 [0%]

Apartments will continue throughout the city, but condos will return when the time is right.

— Steve Patterson

 

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