JuiceCrewAllStar
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This Housing Price Spike Is Different: https://www.citylab.com/equity/2018/08/home-prices-index/566768/
There are plenty of empty middle and higher income homes sitting empty. Those are investments. There is not a lot of affordable housing empty, in fact there is a shortage of it, because it's not profitable to build. Specifically urban areas where the lower income housing is needed, the land itself is worth more sitting empty than with low income housing on it. This is why there is absolutely no market solution for this problem. I agree that income inequality is a major part of the problem, but whether the government tries to subsidize the supply or demand, there will be an equal market response to cancel out the subsidy - it's inflation. Control and regulation over the market, and public housing is the solution. Housing has to be decomodified.There are plenty of empty homes that are already built.
Juice is correct. Address income and wealth inequality and housing takes care of itself.
the increasing influence of real estate investors buying up houses, especially at the lower end of the market, and turning them into rental properties.
In cities like Charlotte, that trend is exacerbating the shortage of houses for sale, driving up prices and putting homeownership out of reach for many first-time buyers, the biggest losers in today’s market.
Can you post the map? It’s behind a paywall.
Those companies pay above the market rate, exacerbating the affordability problem even more.