Biotech Firm Banks On Downtown Crossing

$ARVN is down 15% past 3 months to $68/share.

This move to New Haven is forward-thinking and denotes a major catalyst: BULLISH sentiment.

I will liquidate my Dogecoin holdings and purchase 47 $85 calls that expire 5/21 @ $0.50 each. It worked for Alexion!

I do miss the predictability of ThreeFifth's "gentrification vulture" comments in response to developments such as this. In this particular case, the growth of biotech will affect nearby housing markets. Not so much that there will be a flood of tech workers moving into these neighborhoods. But land values will go up, eventually affecting rents.

Kevin, I agree, new jobs will put upward pressure on rents. Luckily, there is a large new supply of apartments in the immediate neighborhood, with more to come. This will greatly reduce the pressure for renovations that lead to high rents for existing properties in the general area. It will help us to increase population rather than face displacement that forces poorer residents out of town.

Kevin McCarthy- it's gentrification vampire, not vulture, and it applies to poorer neighborhoods like Dixwell, Newhallville, the Hill, Fair Haven, West Hills etc where the new market rate and luxury units and businesses that appeal to that demographic are being built in poorer neighborhoods, raising the rents and forcing out the long term residents as the surrounding landlords remodel to appeal to the new higher income tenants.
101 College is in the downtown to Hill corridor formerly known as the Oak St neighborhood which was destroyed by Mayor Lee during his reign, (for those of you who don't know,) and the damage was already done. While rebuilding the corridor to reknit the Downtown, Dwight, and West River neighborhoods with the Hill and Long Wharf neighborhoods will raise the property values of these surrounding neighborhoods, the true gentrification vampires will be the developers and landlords and real estate speculators that rebuild and remodel the current housing stock (currently the homes of the poor and working poor in the city,) and then raise the rents to the incoming medical, science, pharmaceutical, and technology workers who will be working in the new business that will soon fill this corridor. This is why the city needs to require a percentage of units all new builds and remodels be reserved at truly affordable rates. As Three Fifths explained there are municipalities that have passed this type of legislation to protect poorer residents from being priced out of their neighborhoods and to ensure lower income units be spread around the city. You may not like everything he says, or the way he says it, but he has good points about gentrification, displacement, and the history of communities that have faced this monster before and how some communities are combating it. The city needs to do more to shape the development of this city and to control the gentrification vampires in a way that benefits the city and ALL its residents.

Heather, you're right. Has ThreeFifths been gone from these pages that long that I have forgotten? More seriously, the empirical research I've read does not support the idea that such new developments are, as a rule, displacing existing residents. Rents are going up everywhere, faster than incomes, and this is a real problem that is forcing some people to move. But rents are increasing even faster away from new developments than they are in the immediate vicinity. As you suggest, many people favor inclusionary zoning requirements to address housing unaffordability. I'm agnostic on this point. But let's say the city requires 20% of large new developments to be affordable (other cities use this standard). In New Haven, this would result in about 100 affordable units per year. That's fine but there are about 50,000 housing units in the city. And while I often disagree with ThreeFifths, he genuinely cares about low- and-moderate income folks who have been squeezed by the housing market.

Esbey, one irony is that the new construction puts downward pressure on rents in middle class neighborhoods such as mine. Many of the folks moving into the new developments would have lived in neighborhoods such as East Rock had the developments not have been built. This decreases demand. You now see "for rent" signs in East Rock year-round. Not too many years ago, they were almost non-existent from September through May.