It's jarring to see "record high housing starts" and "dropping home prices" presented as bad news.
Fascinating piece, thanks for sharing.
Fascinating piece, thanks for sharing.
Even with the downturn in prices, prices are high enough that building new homes is very profitable, and we want lots of people to do it. But even if it is theoretically profitable, if stuff takes too long to sell builders can become bankrupt anyways. And if builders go bankrupt, the number of starts will go down very quickly. And then just like 2008 caused the 2022 crisis, the 2022 crisis may cause the same problem to repeat in a decade or two.
They need to drop. They need to be decoupled from wealth and investment.
Multi-family units need to be built, not more mcmansions.
Aside from price per square foot, a single family dwelling has room for a single family. That same space could be built upwards for multiple families, but NIMBYS stop it every single time.
Just like the post about Marc the other day they cry about quality of life and property values.
We have people far more worried about the value of their housing 'investment' than people having homes, then they cry about the homeless people and the problems they bring.
Poor people have been priced out of every single place (you mention cheap houses but hardly the case- many millenials have given up on ever owning a house), so what's the only option left, renting until you cant work anymore?
Something has got to give.
For the rest of the rant - price/income ratio didn't grow THAT much - before COVID spike that is evidently not caused primarily by NIMBYs, NIMBYism existed far longer than that: https://www.longtermtrends.net/home-price-median-annual-inco.... Those who gave up on buying a house should move out of mismanaged coastal cities (I can afford them and yet I certainly wish I did!)
Also those prices are only for existing condos and houses
For your second link here's a fact- house prices have skyrocketed for decades now while minimum wage has remained the same 7.25/hr for the same time if not longer.
The very link you used shows a huge spike from 5.1 up to 8+ and those are all historic highs.
Your data doesn't match your argument.
2) No, housing prices have not skyrocketed for decades. It' simply not true, much less a fact. Aside from housing bubble and COVID mismanagement, they were flat-ish for decades in relation to income, only growing slowly.
3) Are you saying the recent "huge spike" over the last few years is caused by single family housing being preferred to multi-family construction? To me it clearly isn't.