Sitka’s getting its largest apartment complex in over two decades. But the developer says it doesn’t pencil out.
When land is scarce, one way to make housing more affordable is to increase density by building apartment complexes and multi-family homes. At least that’s the way it’s supposed to work. In Sitka, the largest apartment building in over two decades is going up, but the ten units will be more costly than the market average. A developer behind the project says the economics just don’t pencil out.
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