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Can empty office space fix the housing shortage?
(creditnews.com)
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this post was submitted on 24 Jan 2024
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Oh….Ahahaha. I thought we were talking about Canada. The gov here is not paying to convert, but there are developers planning as these big towers need to find a new life and fast. In theory it should add more supply, but I think we are both agreeing that it likely will not go that way…at least not enough to bring down overall house prices. Real estate is really just about the investment with the homes and offices just tenants or purchasers a distant second. It is about maintaining real estate value above all else. At least in Canada and surely the same in the USA as we are so similar.
Yeah, this article is about US.
But I do think Canada has the same problem.
Per square foot (or however many beavers or whatever Canada uses) expensive housing earns more than an affordable one of the same size.
So developers keep building fancy housing no one can afford that sits empty, while the lack of affordable housing causes homelessness.
It's technically making more housing available, just not for the people who need more housing.
Like if there was a food shortage so the government started subsiding caviar and champagne. Sure, they're helping with food availability, it's just not helping anyone that actually has food insecurity