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this post was submitted on 13 Feb 2024
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askchapo
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A relevant amount of housing in big urban markets is held empty as assets. The revenue possible from rent is low enough relative to asset appreciation that it makes sense to the owners to reduce maintenance costs by not renting. I think that's largely only true for high-end real estate in places like New York, San Francisco, and London, though.
There's another big block not on the regular rental housing market because it's used for short-term rentals. There are also services to help big landlords maximize rent by coordinating collusion to keep rental units off the market and raise market rates.
You might be able to get everyone living on the streets off the streets by redistributing these properties, but the most extreme forms of homelessness aren't the entirety of the housing crisis. You also have to deal with working class people living in overcrowded apartments, people forced to live far away from their work, young people unable to find suitable places to start families, etc.
These problems don't just disappear because you have a socialist government that redistributes all the rich people's property- housing was a constant problem in the Soviet Union all the way until its collapse, because despite building a massive amount of it, it simply wasn't enough.
It’s interesting watching people argue with you because I think this is the part they aren’t getting;