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> In the hearing, Democrats as well as Republicans on the committee, led by Sen. Patrick J. Toomey (Pa.), raised concerns about an underlying problem: the strin
by victor106 5y ago
> In the hearing, Democrats as well as Republicans on the committee, led by Sen. Patrick J. Toomey (Pa.), raised concerns about an underlying problem: the stringent zoning rules in many cities that prevent more homes from being built.
This is key. Home prices in the US are kept artificially high by zoning laws. I can maybe imagine NYC to have high prices, but I can't imagine a city like Austin,Tx to have home prices triple every year.
Its insanity triggered by the Fed.
The Fed should be reigned in by having them not participate in the mortgage market
- aeyes 5y agoEven NYC makes no sense at all. A lot of properties have been sitting empty for many years asking for ridiculous rent/leases which nobody is willing to pay. But instead of lowering the asking price, the owners just leave them sitting empty. It's like they aren't even trying to rent them out anymore because they make more money waiting for the value to go up. The market is not working.
- ngngngng 5y agoI was recently looking at apartments in NYC since I've always wanted to live there for a year or two at least. One of the things that shocked me was how many had $5000+ monthly fees on top of the rent. Basic apartments would have reasonable rent and become completely impossible to afford with the extra fees.