3 ms·
I have been thinking about this for a while...I cannot think of a way for it to be possible to profit from housing without causing poverty. People say a lot of
by Ccecil 4y ago
I have been thinking about this for a while...I cannot think of a way for it to be possible to profit from housing without causing poverty.
People say a lot of things as fixes:
1) Build more: this only works if they are affordable to the people who "need" them...not just the same investors who are already controlling the market.
2) Higher density: We had a highrise completed last year in my town. There are only 6 full time residents. The rest is investment/vacation rentals. Now another is being built. Meanwhile, affordable houses are being razed in order to leave the lots vacant or develop them into unaffordable housing.
3) Move to where nobody is: I live in Idaho. We used to be that state. Now we just have a market where you are required to make 2-3x what the average renter makes in order to purchase (assuming you can compete with the cash investment buyers). There are very few high paying jobs...and rents are increasing due to people buying investment properties in the middle of a bubble.
I would love to have a solution. The issue is greed. How many warning stories do we have about greed through history? Largely ignored...too much FOMO being exploited.
Currently, our town has companies shutting down (tons of unaffordable commercial/industrial rentals), restaurants closing multiple nights a week due to lack of staff, increasing homeless population in the region, but most importantly...the gap between "classes" is widening and the hatred is growing. Maybe that was the point the whole time.