Troy is experiencing a remarkable and encouraging boom in apartment construction, while Albany isn’t. What gives?
Well, let’s start this story with the happy side of the equation. As first reported by the Albany Business Review, Troy has seen more than 2,300 new or renovated residential units completed within the last year or in the pipeline — an impressive number in a city of 50,000 people.
Most of those units are apartments being built downtown or in its vicinity. About 1,500 are new, and roughly half will rent for the prevailing market rate, with the rest designated as affordable housing…