“These newer luxury student housing options come at a cost — not just to students or parents, but to the communities in which they’re built, said Chris Lautenschlager, executive director of the Marcy-Holmes Neighborhood Association.
“These newer buildings that are being proposed and popping up [all] over Marcy-Holmes are displacing some of the older housing that could have been affordable. Now, those affordable options are getting fewer and far between,” Lautenschager said.
“Supporters for luxury housing often argue that new builds decrease the cost of the older, more affordable properties because of the availability of housing choices, Goetz said. That rarely happens though, he said. While new luxury apartments may slightly depress the rent of other luxury apartments, the cost of all other area housing options typically go up.”