of course land price contributes to housing cost but "land price" isn't the full picture. i wish it were that simple.
> That's how prices work. If UVM sold all of their land, prices would go down, but they aren't selling all of their land, so the prices are higher.
yes exactly how prices work in a textbook but a textbook is not a local market with all sort of dynamics. imagine the political process of UVM choosing to sell all their land, that is just absurd to be like "they can do that and the price problem is solved!" they probably got the land for very cheap and clearly want to develop but they can't because they can't afford construction costs, for a number of reasons (price of land being only one).
UVM’s internal politics are, in fact, accounted for in the price of land.
Yes, for that particular plot of land, which they already owned, the land price is not what prevented construction. That particular project’s failure is not a major driving force of the price of living in Burlington.
The fact that 2 acres costs $3MM is a major driving force.
Meh, I just shared the fact that for the same scale of project outside of Burlington, anyone can literally 10x their budget for construction costs based solely on land price differences.
Of course the counterpoint is: a single stalled project with extremely unique economics (built for students and on land that was already owned)
you continually show your lack of information about burlington's real estate situation with each comment. very entertaining to me. thank you for the entertainment as well.
> That's how prices work. If UVM sold all of their land, prices would go down, but they aren't selling all of their land, so the prices are higher.
yes exactly how prices work in a textbook but a textbook is not a local market with all sort of dynamics. imagine the political process of UVM choosing to sell all their land, that is just absurd to be like "they can do that and the price problem is solved!" they probably got the land for very cheap and clearly want to develop but they can't because they can't afford construction costs, for a number of reasons (price of land being only one).