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Why would you need to wait a generation? More like a couple of months. People who are moving to luxury housing live somewhere now, which is less new. When they
by cactus2093 5y ago
Why would you need to wait a generation? More like a couple of months. People who are moving to luxury housing live somewhere now, which is less new. When they move out of there, someone else can move in, etc. and on down the line freeing up multiple housing units one by one at ultimately different prices. It adds to the total housing stock in the city immediately.
And no, “all” the luxury housing is not being bought by investors. Even in places where this is a problem it is nowhere near “all”. Investors can also just buy existing housing. Once again, what you anti-housing folks are claiming as a problem of building new housing, is a problem that is going to happen anyway and will be even worse if we don’t build new housing.
- bcrosby95 5y ago> People who are moving to luxury housing live somewhere now, which is less new. People living a $1mil shithole aren't going to be moving into a $2mil luxury home. You need to find the buyer that can afford a $2mil luxury house. This is why the problem takes so long to work out. Prices are inflated, and luxury homes will be inflated even more - the people that would normally buy them aren't going to be able to move and afford them. Combine this with how people can just sit on homes rather than sell them, it's gonna take a real long time for prices to make their way down.
- etxm 5y agoIt’s very sad that the phrase “$1mil shithole” can actually be a thing.
- etxm 5y agoI’m not sure it would be a whole generation, but I could see a decent percent taking a generation. Anecdote time I’m nowhere near rich, but we recently upgraded from a condo to a house and kept our condo. Our intention is to rent it out until our kid is old enough to move out and give it to them.