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Based on my local market, this doesn’t work. Builders (more likely their financiers) hold on to houses until they sell at their target price. They don’t rent t
by falcolas 5y ago
Based on my local market, this doesn’t work. Builders (more likely their financiers) hold on to houses until they sell at their target price.
They don’t rent them, they don’t lower the target price.
They’ll wait for months or years for the sale to come in order to maximize their returns, and they have enough liquidity to be able to wait.
- anigbrowl 5y agoAccurate. I used to have about 20 neighbors on the adjoining two lots, until the previous owner pushed them all out and then sold to some investors who wanted to convert the properties into condos. They gathered dust for 2 years then there's been 18 months of half-assed construction. Why rush? They're accruing value by the day.They didn't even get proper permits, but the fine is nominal.
- api 5y agoThat can be fixed with idle real estate taxes. They would have to at least rent them.