Old Luxury Apartments Become Affordable Housing

August 2, 2017

The high-end apartments of the 1960s are now reasonably-priced housing options today.

Joe Cortright of CityCommentary writes that as housing ages, prices depreciate and move down the market. He points to several apartment complexes in Portland that were introduced as luxury housing when they opened, but now rents are affordable for middle- and lower-income households.

Cortright also argues that new housing is always built for and sold to more affluent buyers and renters, and that this has been the case for decades.

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