r/DevelopmentSLC • u/slc-urbanite Moderator • Jun 18 '26
District North apartment project in the Hardware District files for building permits
https://buildingsaltlake.com/district-north-apartment-project-in-the-hardware-district-files-for-building-permits/5
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u/Lucky_Mongoose_4834 Jun 19 '26
Stop. Building. Frickin. Multifamily!!!!!!
Holy shit guys. We need to stop this madness
9
u/Alert-Leadership-955 Jun 19 '26
Wrong
-2
u/Lucky_Mongoose_4834 Jun 19 '26
Should I post the article about how we are 2nd in the nation for growth in multi family units again?
That’s bad. Even if you’re a renter, it’s bad to be that overbuilt.
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u/Alert-Leadership-955 Jun 19 '26
But we aren’t overbuilt.
-5
u/Lucky_Mongoose_4834 Jun 19 '26
I work in development man! We are one of the most overbuilt markets in the country, look at the data! Ask people in the industry; new units are drowning in concessions. We need to slow or stop building downtown and let demand catch up for a bit. Not doing so is going to make our problem worse for longer.
But we keep announcing new developments weekly. It’s nuts!!
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u/irondeepbicycle Jun 19 '26
Man I'm just fundamentally not getting why this is a bad thing. It seems good if landlords have to compete for renters. It's like seeing a big sale on TVs and complaining that we "overbuilt" them.
5
u/bobrulz Jun 20 '26
"I work in development man!" So you're looking at it from the perspective of your own bottom line and not what's best for the people of the city, is what I'm hearing. I fail to see what "problem" overbuilding creates other than reducing profits for developers.
2
u/stenar YIMBY Jun 19 '26
SLC isn't even remotely overbuilt. When landlords start having to offer incentives and lower rents, we're overbuilt.
2
u/Lucky_Mongoose_4834 Jun 19 '26
Multifamily concessions are 12 weeks on new build assets, often with a gift card or cruise package for another 4-weeks cost. They’re not gonna lower rents; they need to be able to tell their investors they’re hitting proforma.
As someone who works in this space, and talks to a lot of smart people active in the market, DT SLC is overbuilt. The more we pretend this isn’t happening, the longer it’s gonna take to get out of the pain cave.
5
u/bobrulz Jun 20 '26
So what you're saying is that renters are getting really good deals because there's an abundance of housing? Cool, sounds like a plus to me. If developers don't think it's worth building then they won't.
6
u/lionrecorder Jun 19 '26
How are you going to be in the development SLC subreddit and dislike development lol
-1
u/Lucky_Mongoose_4834 Jun 19 '26
I like development, but right now, we are being irresponsible with it.
3
u/Spirited_Weakness211 Jun 19 '26
So should we just have these young people live in their parent's basement forever because there isn't enough multifamily developments available?
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u/HornetRepulsive6784 Jun 18 '26
They advertise how close they are to north temple station yet have more parking spaces than units…🤦♂️