Another big issue is the word LUXURY has been redefined and dumb down over the past few decades. You have regular standard apartments and homes in my city that they call luxury now as an excuse to raise prices. How can your apartments be considered luxury with no security on site, no gate and no workout center smh.

I am over it. I don't need a dog spa and a saltwater pool, I need to be able to buy groceries and pay rent in the same week!

As so many others have already noted- “luxury “ often means things look nice but are actually pretty shabby. I should not be able to hear my neighbors talking with their inside voices.

Have known a couple of friends who ended up in some of these luxury apartments and they were not worth the money they were asking for. Things constantly broke in the apartment, the walls began to crack after about a year, elevators would constantly be out of service, walls and ceilings were super thin so you can hear people walking around and talking regularly and generally getting a parking pass for guests in some of these places was an absolute nightmare. It's all an illusion

just because it's a new building doesn't mean it's luxury. I've seen this in my city, new rentals are marketed as "luxury" but are just basic apartments it's just a huge scam.

And this is why a record number of people are still living with their parents despite even working full-time jobs. Many college graduates included.

It's wild to me that the first criterion they used to define luxury was access to public transportation.

I say this almost every day - I don't want a "luxury" apartment. Just a basic apartment to meet basic needs. But everything is labeled "luxury" and priced accordingly!

I live in Atlanta Georgia, and I see these 'Luxury' apartments popping up everywhere. Of course the builders make a giant structure out of plywood before slapping on 'luxury' hardwood and granite countertops to justify the premium pricing. These developers build em cheap, and sell em steep!

I live in Washington, D.C., and I can attest to how utterly ridiculous the housing market is out here. I make over six-figures, work for the federal government and as a single guy, I can barely find affordable housing. There's either luxury housing that is $3000 a month or subsidized apartments that you cannot qualify for unless you make less than something like 40k annually. Anyone who is "technically" middle class is pretty much priced out of the market. You want to buy a house? Houses start at one million dollars for an old crappy house, it's awful.

Another reason it's less likely to happen that way is that, despite how everyone is freaking out and declaring the crash, there is already an excessive amount of demand waiting to absorb it. Nobody, at least not the general public, predicted this in 2008, as I'll explain below. It was indicated in the previous reply that the ownership rate peaked in 2004. We previously peaked in the second quarter of 2020, and as of right now, we are at the median level. It dropped by 3% over a 4-year period, from 2008 to 2012, and will be 65 instead of 68 in the second quarter of 2020.

When you hear a neighborhood has gone through significant changes over the years. That just means they’ve pushed out the middle to lower income residence by pricing them out. In other words, they Gentefied the neighborhood.

the problem of these so called luxury apartments is they look cheap and probably won't last long before starting to degrade

This is just another excuse for them to charge more for rent. We don’t need luxury Apt. we just need proper affordable housing

I live in SW Michigan. I am a 72-year-old senior married to a 77-year-old disabled man. Five years ago when we downsized and left our single-family home on the country, I wanted to move to downtown Holland and live in a high rise for low maintenance and walkability (my husband no longer drives.). I found just three apartment buildings to choose from and only two of them had available condo's and both were the size appropriate for a single person - not a couple (one bedroom/one bathroom). The condo's monthly HOA fees averaged $400.00 a month and only one had basement parking. Now, five years later there are two more luxury condo's being built building. One of them runs $7,000 a month!!

There is no such thing as a "Luxury" apartment. Space away from people is the real luxury.

I too lived in a luxury apartment that that had thin walls. My roommate had a leak in her ceiling that ruined her bed, a year later the other side of the building sunk into the ground from water damage to the foundation ❤

"Affordable" doesn't mean what they think it means. It's still almost 30 - 40% of your take home pay. Doesn't account for food, transportation, health, utilities etc. Housing shouldn't be taking that much out of your pay and especially not for rent.

This is happening in London a lot too. Plenty of new build apartments being built, but they are ludicrously overpriced, given a 'luxury' tag, built for profit (an increasingly toxic mindset to view a basic human right like a home) while average Londoners are stuck with an increasing lack of affordable options.

I predict a housing crash due to people buying homes over asking price, lacking equity if prices decline further. Foreclosure becomes likely if they can't afford the house, and selling won't yield profits. With anticipated layoffs and rising living costs, many individuals may face this situation.

The only difference between a luxury apartment and a regular apartment is location and some nicer finishes like nicer flooring and countertops,shower, and faucets etc. It's really not worth the extra money as the basics are the same it's just a little bit nicer but they charge a premium price. It's just another way to get more money out of you.

Luxury apartments mean more in property taxes and this is the goal of local Politicians.

I literally moved into a DC area apartment when this video was first published. My income is just outside of that 40% who can afford these apartments, and it *still* a struggle for even me to find a place. I don't mind living like a college student, so it worked out in the end, but when my $2,200/mo apartment is the only affordable option for the area.... I really worry about those who don't earn as much as I do.

I lived in a “luxury” building in Salt Lake City. Rent was about 1350 a month for 570 square feet one bedroom. Added on fees and utilities made it more like 1700 a month. The elevator and hottub were probably broken down 50% of the time

Thin walls and "luxury apartment"? No way. I live in a "luxury" apartment in LA and it's basically the only place you can live now when SFH are unavailable and cost to own is always higher than renting. Welcome to the new "renter" economy where only people with capital can dictate how everyone else will live and what is available. But those people with capital are just parts of large face-less entities with no real stake in these "communities". They do the bare minimum to keep the property functional so they can continue to receive the rent short of any legal threats from tenants.

Here in Ohio, an apartment will throw in some cheap granite countertops and laminate flooring and suddenly market themselves as a “luxury” and yet I can still here my neighbors slam their door.

Nothing says luxury like paper thin walls and gun shots outside of your window.

I live in Springfield MO, not exactly a place people are running to move to, but even here housing is getting harder to find and becoming so expensive compared to average income. I can only afford my decent apartment I live in now due to working for the company and getting a small employee discount and my rent still goes up quite a lot every year! Just a couple of years ago prices were so much lower. The only thing anyone is building is luxury. There is no affordable housing outside of cheap crappy apartments from the 70's/80's and now they're all getting renovated and cost more than even where I live. Renting houses isn't any better. I really believe we are headed for a major crisis and it seems like nobody cares. It is so frustrating

As an economist once said, 'We cannot solve our housing crisis with luxury apartments alone. We need a balanced approach that includes affordable housing, revised zoning laws, and incentives for diverse development. Let's build a future where everyone has a place to call home.' 🏠🌇👨‍👩‍👧‍👦👍 #HousingForAll

A huge problem in America is the fact that we’re able to put any label on anything without any repercussions because there are no rules or the rules only apply to a few. There should be certain criteria you have to meet before you call something “luxury”, just as there should be before you put “organic” on an item, and this list goes on. At some point we have to admit that we’ve put the bandage of “that’s good marketing” over this problem for far too long.

I always forget that these videos don’t actually answer the question in the title

We have a condo in a 1972 building. It’s a tower, 11 stories so it’s concrete. One reason we purchased it was because the apartments are really quiet. Since it’s old the maintenance fees are high by comparison to other condos in the city but our HOA stays on top of maintenance. Most units have been renovated and they are huge, plus the grounds are beautiful with big trees and gardens. It’s in an urban/suburban neighborhood, not in the downtown area but within a few miles. It’s definitely not considered luxury but it sure feels luxurious to me and at about 50% of the cost of the new “luxury” apartments.

I heard some people in Brooklyn paying 3,4 grand to live on the 4th floor with no elevator. Unbelievable!

Never understood all the "luxury" apartments going up everywhere. Always wondered where are all the rich people that are supposed to be renting these, pretty sure many buildings are sitting there 1/2 empty while your everyday person has less and less options. Maybe if they can abandon the words "low income" and "affordable housing" for just your normal average apartments with realistic rent there would less stigma. And yes, we need zoning reform big time.

I am so fortunate that I made productive decisions about my finances that changed my life forever. I am a single mum living in Melbourne Australia who bought my second home in January and is hoping to retire next year at 50 if things continue to go smoothly for me

They’re called “Luxury apartment condos/ complexes” yet the materials to build them are cheap. Cheap insulation, paper thin walls, leaks every other week, etc

Affordable housing is $1,000. mo. Or less.

They did this in my college town. There used to be individual leasing for college roommates, then companies started buying out those apartments. The students have been basically priced out of those apartments, making it geared towards families… and the complex is located ON CAMPUS right next to Greek row. They remodeled them, went away from the individual leases, then started charging city prices. You can literally get the same thing in a downtown high rise luxury apartment for the same price as far as studio and 1 bedrooms go. Now the few apartments that still do individual leasing are sold out well before school starts. The other apartment complex that got bought out still have plenty of highly sought after floor plans available. Half of the complex’s apartments aren’t even available for leasing since they just started remodeling. They’ve already dropped their prices by 300.. looks like no person in their right mind wants their family to live on a college campus

I think they developers and investors had a time table in mind, how many years before demolition is necessary and how much profit can be had from leasing. The new “luxury” apartments are not built to last, just last Ling enough to get money’s worth.

And most of these luxury apartments have white /wooden baseboards in the bathrooms! Like seriously, couldn't afford to tile 6 inches off the floor (if they even are tiled at all). They are built as cheaply as possible.

I never understand why they make thin walls. I know thick walls costs more but you got to take care of your customers or your business will die.

With changes in the economy leading to instability in the stock market, some individuals may face a decrease in their investments in an effort to benefit from the current market conditions, I am considering liquidating my $725k portfolio consisting of bonds and stocks. Someone else in the same situation? Please tell me in the comments!..

Residential real estate depends on the willingness of people to borrow for what’s typically the costliest purchase of their lives. As the Fed continually jacked up interest rates last year, the average rate on a 30-year fixed mortgage topped 7% last fall - more than double where it began 2022 - before dropping back slightly.I'm still at a crossroads deciding if to liquidate my $338k stock portfolio, what’s the best way to take advantage of this bear market?

This would be ok if the US built more affordable apartments

Every apartment complex call it self luxury, even in the hood. We need regulation on the word luxury lol 😅

One big component missing in this analysis of luxury apartments is what percent are actually occupied full time. Often apartments like this will be rented or owned as a pied-à-terre sometimes by those with a couple others in other cities.

Transit-oriented development is made a lot easier for developers when they don't build massive underground parking lots. It's not always they're fault because local regulation usually requires new developments build a minimum amount of parking regardless of a project's proximity to public transit.

Everything is called a luxury apartment these days even when they aren’t actual luxury apartments.

"How can officials fix this?" You can start by limiting the number properties a company/landlord can purchase and own, especially if many of them are in the same area where prices can be monopolized or at least manipulated. There's no reason why these people should be holding dozens of rental properties, especially when people barely have a chance to even buy and own a home.

I've always been a renter here in Chicago. My ex and I used to lived in a luxury apartment. It was nice cause of the amenities it offered. But we moved out after a year. The elevator was constantly out of service, mind you we were in the 4th floor, garbage weren't collected timely so you could really smell it whenever you go to the garage, there were always problem with the hvac unit, and at one point we had no water cause the management didn't paid the water bill ☠️. The word luxury is just an appeal to renters but sometimes it really wasn't luxury. I'm still a renter. As long as it's got a hardwood floor, in unit washer/dryer, and of course dog friendly cause of my fur baby, it's all good. My current apartment has those with the addition of dishwasher, a lovely stone balcony, central heat and AC, my commute to work is a breeze since I'm only half a block to train station that takes me directly at my office, and a great rental management. I've been here since 2020 and the property manager hasn't raised my rent since then.

Most apartments and condos nowadays are not what I would consider "luxury". But since they're new, clean and on a quiet street "basic standards that any new home should meet", they're considered premium real-estate.

The apartment I live in now had a sprinkler water line leak on the 3rd floor and dripped through the hallways, walls, ceilings and floors all the way down to the 1st floor. It affected roughy 30 units. Large fans blowing inside the the apartments and in the hallways to dry as much of it as possible. Then they tore up the ceilings, walls, and floors to replace the insulation. This took almost 4 months to to complete. We asked for discounted rent and they said they will look into it. Our rent is $1700/month for 3 adults and all we got was 1 $20 gift card. 💀

Luxury = higher rents which equates to higher margins. Look at almost any, if not any new apartment and you will see cheap build quality hidden by fancy looking finishes. This is just another example of the corporate smoke and mirrors we have seen in other industries over the last 30-40yrs.

What CNBC did not mention is that zoning laws have required single family homes, minimum grass space, minimum street sizes for residential neighborhoods and for areas allowing other than single family, zoning has restricted the height of buldings. What this means is that developers have less and less space to build, can build fewer individual units meaning that they upscale their builds to take in more profit per unit. The solution is to remove Single Family zoned neighborhoods and height restrictions. Then we need to build more mass transit in sparcly populates areas to encourage more dense development there.

Like someone in the video said, a lot of these are luxury because they're new. The best thing we can do to ensure housing affordability is to simply build more and build up (rather than out). Inclusionary zoning is good and often necessary to reduce displacement, but it's only a solution in so far as it doesn't discourage new development. Ultimately, new buildings are going to be pricey and you can only do so much to mitigate that. cultivating a truly affordable and abundant housing is like planting a forest. It'll take a long time to develop, but if you never start, it'll never happen.

These corporations are only worried about profit and not the quality of the product and service, they don’t stand behind what they do.

The "most zoning only allows single families homes to be built" part goes over everyone's head and always gets ignored. And then people start coming up with random ass ideas about why housing is expensive.

I lived in a luxury apt recently that was built in 2013. It looked good on the inside and outside. But the walls were thin. I did not have this issue in apartment that was built in the early 80s that had been maintained throughout the years in a nice area. Than I moved into an apartment that was built in 1970s and it was horrible. Walls were paper thin, water was always been turned off, hot water issues. Squeaky floor blood it was horrible. There needs to be more regulation when it comes to apartments especially because a majority of the population live in them. Fast forward living in another “luxury” apt built in 2009 that is beautiful and nice on the inside. I enjoy not hearing my neighbors on side of me or above me. I can hear the occasional footsteps above but nowhere near as bad as the previous apt. Apartments especially the new ones should have some type of standard when it comes to acoustics. The same can be said for houses

‘Luxury’ just means EXPENSIVE nowadays, it doesn’t mean the quality is higher.

My ex lived at Allegro, mentioned at 3:03. She said the same thing, the building was older but had been shoddily refurbished to make it “luxury”.

Some people especially elderly people have become Nomads & live in vans become of this despicable affordable housing crisis.

Apartments are getting ridiculously expensive, i was looking at a 2 bed 1 bath in Philadelphia a month ago and it was $1500, i just checked and its $1600 and their 1 bedrooms went from $1300 to $1400 with the tag newly renovated. I thought every Apartment was newly renovated when someone moves out. So luxury is a tag to raise prices

Yeah, the zoning exists because nobody wants to stare at horrendous, faux-luxury apartments. It is restrictive, for a reason. Single family homes promote ownership which leads to interest in the community. Growing up in a major metro area and now owning my home in a rural community, it shows. People care about their neighbors. There's little to no crime at all. We get to look at trees, fields, streams rather than hideous concrete structures filled with renters who are bitter about the cost of rent.

For those who never been to DC, especially pre-2010 have no idea the navy yard/waterfront was all parking lots and random small stores with little traffic. Now its a mini a New York with non-stop traffic especially during baseball games. Everything in this area costs much more than the average person can afford. Its a great place to go but if your funds aren't legit I suggest you seek refuge elsewhere.

All housing should be affordable. Prices in this country are insane.

I have been buying some stocks since the beginning of the year, but nothing substantial. Why am I treating this poorly? However, people in the same profession are earning six figures on articles, which inspires me to aim toward becoming the first person in my polygamous family to hit the million dollar mark. I am perfectly aware that working harder to gain more money is expensive.

I live in a “luxury” building in NYC and it’s far from luxury. It has the potential to be but it’s just not well kept. Come to find out, about 50% of my neighbors are SECTION 8 😒

I’m in South Florida. They’ve basically given away everything to developers that mostly build luxury buildings. That’s really emphasized in Miami Dade. In my particular city, I can see the shift where luxury developments are starting to encroach on what was usually affordable working class housing, whether you’re buying or renting. A few years back, they have rezoned the large part of the area where my grandmother owned her house. I spent a good chunk of my life there when my grandmother was alive. It is still a very modest area and very working class community where you can rent affordably and buy an affordable house but that’s starting to change. The city has already approved several luxury apartment developments in the area, and some have started construction. These large developers have bought huge swaths of property and in a few years, that historically affordable area will no longer be affordable soon.

When billionaires and wallstreet Investment firms get bored, they play real life monopoly ! - and they have been bored for about 10 years now. Doing this they are able to control local economies and communities. Which in thus controls other systems ... it's really a big problem that we face as a country. But seems like it's all over the world now ?

Too bad no one points out that the need for "Affordable Housing" is a red flag that the system will never adjust so that everyone can work a job and afford a living. One of the key duties of a government is to set an environment where everyone has the opportunity to work aka positively contribute to the community and be rewarded enough for a comfortable living. In the US is it a rat race and a dog fight for the crumbs the top decides to down so the gladiator games can continue for their entertainment. The world should observe what the happiest countries are doing so that the large majority of the population are happy, and willing to live by the laws bc they trust that it is best for the community as a whole. The world is seeing the fall of the America but the smart countries already saw this and avoid following its footsteps for the sake of the country.

Rentals are a problem because people can never pay off any debt for living. They always owe to the landlord all of their life. And when they get old, their life quality and budget will suffer tremendously. We need to move away from rentals to more home ownership to guarantee a sustainable future for all citizens.

The homes are a perfect representation of America right now. Homes look great from the outside, dazzling lights, fresh paint etc, but on the inside it's all falling apart! It's a facade, it's all a deceptive facade.

yeah when people say we need more apartments to solve the housing crisis I call BS since these new apartments are literally all luxury and still start a renting rate that is too high for the average person. Doesn't help landlords are meanwhile tearing down older affordable buildings in favor of these.

Property taxes in the US are also much too high. In some areas poor families owned a house for decades, but one day the property taxes became so high that they could no longer afford to live in the building they own. That is especially true in New York City.

This is what happens when there is a growing wealth gap. There are a handful of people with plenty of money who can afford "luxury" while the majority of people struggle to afford anything. The money is in luxury, not serving the average American, so that's where the market goes and the rest of us get priced out. We've got to create policies that do not allow housing to be bought as an investment by these big companies that don't care about actually providing housing. Invest in housing that the average person can afford! Invest in lower income housing to alleviate the strain on housing for everyone.

Yeah, I can totally relate to this. I live in downtown Fort Lauderdale, and I have many friends that live in apartments like this and from Miami as well. It’s not really worth it. There are many maintenance request, loud, noises, fires, and other stuff that should not be worth the high price tags developers are charging their tenants

The problem is that companies like Blackrock have been allowed to own so many of the housing units that they now set the prices. The prices they set are not based on the market, but on what it takes to return a profit to shareholders. I can't imagine spending $50 to 70K a year just in rent! There is no return on investment , that money is just lost. At least with a single family home that you pay a mortgage on you will see a return over time. Also, how much money do you need to make to be able to pay these rents? it looks like no one making less than $100k a year can even afford an apartment anymore. More and more people are being forced to share small spaces with roommates. We are rapidly going back 100 years to the time of tenament housing and unsafe conditions like what low wage factory workers used to put up with. Only now, it is people with higher education and skilled labor that are being forced to live this way while low skilled workers are being forced into modern tent cities called homeless camps. If you want to fix this, limit the total number of housing units one entity can own NATIONALLY. Limit them to 100 units maximum and force the liquidation of all others. This will force a rebalancing of the housing market and put more housing in private hands. It won't hurt the small business landlords, but it will crush the REITs. This in turn will introduce competition back into the market and drive down rents.

I'm watching a luxury apartment building going up in my city. I wouldn't live there, the walls look so thin and it's getting put together quickly..right through the coldest part of winter.

i am so so glad I bought my home I'm 2005! NO way I could afford to buy something half this now. I am trapped here , cannot afford to move , don't like it here but am blessed compared to most . my light bill sometimes approaches the amount of my payment. people have gone crazy. I'd live in a camper before I paid 500k for some crap house .

4 million too few homes! Holy crap that’s quite a deficit. Why is the government sooo damned inept?

Luxury without green spaces...lol😂

My down-to-earth friend has a wife that isn't. She wanted a new kitchen that cost $25k and got it. I asked him if his baloney sandwich tasted better. The answer was no.

Comes down to the back-end side of these deals. Cap rates (%of the value of the property earned each year in income) were low when these developments were started. Now that cap rates are going up, investors need to raise rents to make sure the value of the property doesn’t go down too much. Rent hikes aren’t going away anytime soon.

The thing is these are barely luxury, theyre just new buildings. The walls are thin, constant electrical and plumbing issues, and theyre expensive and small. Its nuts that people have no choices when trying to buy newer units

Mom & pop landlords were decimated during the pandemic and in many ways they were responsible for a lot of the more affordable rentals. Local zoning officials don’t want the traditional multi family housing in their towns either and prefer these luxury buildings

Luxury apartments are the exact reason so many people are being priced out and rents have skyrocketed. These developers are greedy, they know that people will HAVE to buy into the luxury apartments because there's no other choice. They are not building affordable housing any more. The government needs to step in or multi generational housing will start to rise, and that would be a pain in the ass for every one.

Traditionally, in cities like Boston, where I lived from 1981-2004 from the time I was a student and lived and worked afterward, apartments were just called apartments. That it was a short walk to a trolley or subway station was just called city life. There was nothing particularly luxurious about any of it. This whole concept of "luxury" apartments is just a giant scam of epic proportions. It is ALL, monumentally cheap, poor construction with corners cut at every possible opportunity, then marketed mostly to the younger generations as something that these places are NOT

Here's the thing, the Duesenberg was the most expensive, luxury vehicle of it's time. We still use the term, "that's a Duesy," but the company didn't survive The Great Depression. High end luxury products made in large numbers are a hangover of cheap money. Reality is coming.

I always wonder whose paying for these luxury apartments willingly. That's crazy. Alot of these apartments remind me of the quality of dorm room material apts and storage unit structure material for apts.

How many of the people being interviewed have their investment money tied up in housing 🤔🤔🤔 that has to be discussed in detail before the interview or they are biased af

Oh what a life, going from a cubicle that pays you to another cubicle that you pay for to sleep in 🎉

Rich people build luxury housing so they can buy the units themselves as an investment. Pretty much all big cities are in a so-called "doom cycle" that I would describe as "Brazilification." Pretty soon large cities in America will be like those in Brazil, small, expensive, relatively safe zones in the center that only the rich can afford to live in (if anyone lives there at all), surrounded by slums or favelas. No, there is nothing the government can do about it, because the government is managed to serve the interests of rich people. If you're middle class and you want to pursue things formerly associated with the "American Dream" like home ownership, I would suggest moving to Europe or Asia. Lots of cheap property in places like Italy and Japan. Just get over the fact that there are other languages besides English spoken in the world. You might also miss mass shootings and for-profit healthcare, so don't get too sad about that.

I was renting a 2 BR apt for $5500 in NYC. I was able to buy a 3BR house across the East River in Queens. My total monthly payment is the same. Now I think people are nuts to pay that much in rent.

To be fair I live in California one of the worst states for housing. Almost every project that goes up is luxury housing that starts with studios going at 2500-3000 a month. My unit itself is 3837 a month so I feel this. But the issue is if you buy anything here in California at least 'middle class' and 'entry level' apartments were built at this point 20+ years ago stuff is falling apart worse than in newer places so if you can afford it you generally want to or have to. So you avoid issues. My first apartment in California was an investment owned community by some big landlord in LA the apartment complex was built in the 1960s this was 2018. They had sewage leaking in the ceilings, backing up into the tub, a wall ac unit that would trip when I ran my microwave or vice versa and roaches and paper thin walls. That was a 700 sq ft 1 bd for 1500 a month in 2018.

I have done rehabs and the permitting and building codes are madness. I rehabbed a 2 family where the bathtub blocked the doorway by 10". Since i moved the batjtub and disturbed existing plumbing the entire building had to be brought up to current plumbing code. Cost: $2000 for every toilet, shower, and sink. Just the pipes set me back $20,000.

It is insane in San Diego. Luxury apartment/condominiums are popping up everywhere, and some complexes have over 1,000 units, with a few looking to expand to over 2,000 units. Casa Mira View Apartments in the Mira Mesa area is an example. Providing more housing seems good, right? But not only are they 'luxury', but they are also only rentals. You can't buy them. That is the case for like 90% of these new complexes. Another thing is that by law they are required to provide section 8 units to provide affordable housing, but the complexes don't do it. The punishment is just a fine. So the management company happily pay it to keep out the 'bad element' and create these absurd communities. It is outright criminal.

Singapore has a great model that any country can follow. HDB homes in Singapore has provides home for nearly everyone, while there are still luxury homes for those that can afford it.

we need more housing and need to get rid of the zoning laws to allow more multifamily and mixed zoned areas so that we can add more housing supply

"Luxury apartments mean exorbitant rents. Pets peeing in the hallways, loud music at all hours, marijuana wafting through the air ducts, appliances not working, cars being side-swiped in the parking garages, packages being swiped. Doesn't sound like luxury to me.

"Luxury" my left cheek. These are completely average apartments with a premium price tag because of how unaffordable housing is in America in general.