2 ms·

A 3% increase in vacancy rate caused a ~10% decrease in apartment pricing in NYC [1]. Housing is very much at the margin and a small increase/decrease of deman

• onlyrealcuzzo 5y ago
  > However, I'm not going to argue that everybody poorer than me shouldn't have access to a house just so I can get one at a cheaper price ... What's wrong with renting? Why are poor people entitled to home ownership when most of the young middle class isn't? Why can't they rent? There would be no problem with rent if home-ownership wasn't a massive handout from the government by guaranteeing that home prices appreciate more than interest rates. This is extremely unfair to poor people as it is currently - because they can't get in line to get massive amounts of free money. Best they can get is SNAP. Meanwhile, your local millionaire is getting >$20k per year in asset subsidization. I don't think that even more manipulation is the solution to the problem. If the government could get out of the business of pumping up house prices while keeping benefits like SNAP, that would go a long way toward fixing inequality.