Here’s what the private housing market creates

Here’s what the private housing market creates

48 hills | posted: 2/26/2015

Turn 12 high-end units into two billionaire penthouses? Sure — that’s what the “market” wants.

While we continue to fight over whether there ought to be more “market-rate” (read: luxury) housing in the Mission, and whether there is any rational supply-and-demand element in the equation, Tishman-Speyer is giving us an excellent answer.

The developer building the Lumina towers at 201 Folsom Street now wants to turn the top floors into the kind of massive penthouse apartments that are being sold to international billionaires who never really spend much time living there.

Complete article here.