4 ms·
I still think that if you build a ton of housing, prices go down. But I've been told by commenters on here that you could build and build and build until your c
by civilized 4y ago
I still think that if you build a ton of housing, prices go down. But I've been told by commenters on here that you could build and build and build until your city is stuffed to the gills with empty housing - empty housing that does nothing but drain the owners' bank accounts with property taxes - and still, somehow, prices would relentlessly go up.
Supposedly, the owners of empty properties would rather "charge" a zillion dollars for their "luxury condos" and never actually profit from their property in any way, than ever allow the "value" to go down.
It's a baffling mentality. Housing alone is thought to fly free of supply and demand.
- anigbrowl 4y agoCounties don't want the price of housing to go down because they collect taxes at (typically) 1% of the listed market value, basically collecting rent from residents but in a quite inequitable way.