Michael Greene

Retired politician. Undefeated tee ball coach.

[Michael Greene @GreeneMC]

We're excited to bring Harvey's Garden to the @NYSFair
https://t.co/0UUXNc6Tvo

[Barrett Linburg @DallasAptGP]

Here's something fascinating happening in the apartment market right now.

The cheapest, oldest apartments (Class C) are getting crushed right now.

But ONLY in cities that just delivered tons of new apartments.

Let me show you the numbers:

Denver: Class C rents down 13.9%
Naples: Class C rents down 13.5%
Austin: Class C rents down 13.3%
Phoenix: Class C rents down 10.5%
San Antonio: Class C rents down 7.2%
Dallas: Class C rents down 6.5%

What do all these cities have in common?

They just absorbed a massive wave of new apartments.
But here's the twist...

In cities that DIDN'T get a big supply wave?
Class C rents are actually RISING.

20 cities saw Class C rents go UP more than 3%.

19 of those 20 cities had supply BELOW the national average.

So what's going on?

It's basically musical chairs.

When a brand new luxury apartment opens up, where do those renters come from?

They don't appear out of thin air.

They move from slightly older apartments.

Those apartments now have vacancies. So they drop their rents to compete.

That pulls in renters from even older apartments.

And down the chain it goes.

Eventually it hits the oldest, cheapest apartments at the bottom.

And here's why they get hit the hardest:

People living in Class C apartments are already spending a huge chunk of their paycheck on rent.

To fill empty units, landlords have to cut prices A LOT.

Sometimes enough to attract people who couldn't afford market-rate apartments before.

It's like a waterfall effect.

The water (new supply) at the top pushes everything down.

But here's the important part:
This proves that building new apartments - even "luxury" ones - reduces rents all the way down the spectrum.

If it was just an affordability crisis, you'd see Class C rents falling everywhere.

In high-supply cities AND low-supply cities.

But we're not seeing that.

We're seeing a perfect split:

Lots of new apartments = falling Class C rents
Few new apartments = rising Class C rents

New supply at the top creates relief at the bottom.

Also: wages have been growing faster than rents for 3 straight years.

More people can afford apartments today than before.

The bottom line?
This is what happens when you actually build housing.

Supply works.

(Chart and analysis from Jay Parsons - one of the sharpest real estate economists out there)

[Michael Greene @GreeneMC]

This week I’m kicking off a new podcast called The Sidewalk, where I take a walk (literally) with people who are doing interesting, meaningful work to make our community stronger.
My first guest is City Auditor, Alex Marion https://t.co/AhHSbsk42D

[Michael Greene @GreeneMC]

Harvey's Garden brings fans and local businesses together on game day https://t.co/4hBsAGrnxw

[Michael Greene @GreeneMC]

Syracuse families celebrate Father's Day with baby race at Harvey's Garden https://t.co/Q4LvKkhobe

[Jason, @jasonc_nc]

Remember this is from a fire protection ~engineer~ where he rightly notes model code is set by self-nominated “experts” and special interests, and those writing the code are consistently pro suburban, anti-urban. (Ask your fire marshal where he lives).

[Michael Greene @GreeneMC]

Congrats Coach!

[WestGeneseeBaseball @wgcatsbaseball]

Thank you to all of the hard working players, devoted assistant coaches, supportive parents, my mom and Beth and most especially Coach P helping us get to the 300 milestone!! 🤘⚾️ThePACK⚾️🤘 @wgcatcher

[Michael Greene @GreeneMC]

https://t.co/oT3vQaRVBQ

[Michael Greene @GreeneMC]

Centro is about to redraw its Syracuse-area bus routes and is asking for your ideas https://t.co/QgE7uVJQvW

[Michael Greene @GreeneMC]

High energy from the Bills Mafia as the team takes the victory https://t.co/SxPPAsjyhJ

[Aaron Rupar @atrupar]

“You would be worried if your grandpa was acting like this” — Obama

[Michael Greene @GreeneMC]

@jenndemarchi Still get mad thinking about that one loss. It was BS.

[Michael Greene @GreeneMC]

@inthesaltcity @CaptainScally I once watched an east side housing presentation that offered the opinion that SU should cut enrollment to increase academic quality. I think “everyone in the neighborhood who is employed by SU keeps their jobs but half the students go away” would be their ideal solution.

[West Genny Athletics @WGAthletics]

Champions after 47 years!!! Been a long time coming!!

[Michael Greene @GreeneMC]

@nunzi46 @CapitalAlso lol sold.

[Alex @413xw]

For all my @CuseMLAX friends. If you aren’t traveling to Towson, come to the watch party at Harvey’s Garden on Sunday! https://t.co/BVoKd1zylT

[The Daily Orange @dailyorange]

Tomorrow is the day! Join The Daily Orange at Harvey's Garden on March 25 from 4-10 p.m. Enjoy food and drink while you take in the second round of the women's NCAA tournament. 30% of all proceeds will go to The Daily Orange! No RSVP required. DM us with any questions!

[Michael Greene @GreeneMC]

Just posting this article for no reason in particular… https://t.co/xbhAVT1V2Y

[Michael Greene @GreeneMC]

@WillBruey @VardaSpace So awesome!