I saw a website once but can’t find it now, the author basically claimed if you could build walk up micro apartments in San Francisco, the total cost would be about $50,000 each for a ~300 sq ft studio. Considering that in SF I think a micro studio costs $1500 a month, that is a pretty good deal and a mortgage would only be $500/month or so at those costs.
Does the math work out? I recall he had a breakdown, and the cost of land was far and away the number 1 cost. But what would be the cost of building a walkup studio apartment complex?
Is part of the reason nobody does this because having bunches of low cost housing all packed together tends to attract undesirables (homeless, mentally ill, criminals, etc) and it ends up like a housing project, just decrepit and crime infested until it gets torn down?
According to this, land is $2100 a square foot in midtown manhattan. I have no idea how many square feet you need for an apartment building of micro apartments above and beyond the ~300 square feet per apartment, but if you only needed 400 square feet per tenant (300 per apartment, 100 feet for hallways and other non-living space anemities) and it was a 5 story building that works out to 168k per resident just for the land. However this is land right next to the empire state building, I’m sure it is cheaper elsewhere.