The prices are secondary. Why is there a shortage of housing?
this post was submitted on 08 Oct 2023
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United States | News & Politics
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I think it depends on the place but one observation is to notice what builders are choosing to build. In my area at least the majority of new construction is either cramped subdivisions with $600K+ homes, luxury apartments, or 55+ maintenance provided housing. All of these categories are not what the general populace is looking for, especially first time buyers or new entrants to the market. But I'm guessing the margins on these properties and rentals are much higher.
I think developers don't want to waste their efforts on affordable rentals or starter homes. They have block of land X, so they figure they can get Y% more return by building properties with rents in the top quartile for the area.
Yes. Now offer more land and the right to use prefabricated elements. Then somebody will figure out a way to create housing with low margins.
Nimbys
Affordable housing can be built in new areas connected by public transport. Nimbys cannot have a majority everywhere.
They are the ones who vote. They don't need a majority. They need a majority of voters. They seem to have it. I think we're learning that we have the country that we want more and more everyday. We don't want better, we want this.
Or renters could organize and motivate the nonvoters to vote after they have clarified which party is willing to implement the necessary changes.
Hard to do when everyone views renters as parasitic children.
35% renters is not a guaranteed win for a new party. But in a two party election, they decide the winner. That's a foundation for starting a negotiation.
eh... wait long enough and the real estate bubble will pop - driving down prices.
Maybe for a few years, it took about 7 years for almost all the country to get back above 2008 prices.
yep. a few years is all most folks need - those that could afford to own real estate (not just purchasing, but the upkeep of and ability to pay taxes on).