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The people who already own in the community vote against lowering real estate prices. The prospective future residents don't get a vote, so they lose every time
by nikanj 3y ago
The people who already own in the community vote against lowering real estate prices. The prospective future residents don't get a vote, so they lose every time.
- jimbob45 3y agoWe've had countless discussions about this on HN. There are solutions that don't require outright lowering real estate prices. There's simply no motivation from local governments to acquire any momentum toward changing things. The "luxury high class" renters are seen as more desirable than anything else to boost local economies and everyone else is seen as disposable.
- chimeracoder 3y ago> There are solutions that don't require outright lowering real estate prices. There really aren't. The upward pressure caused by the need to keep property values increasing will always, in the long run, outweigh any other policy that you can use to attempt to reign in cost-of-living. You can play tricks to delay the effects or slow them down, but adding drag resistance doesn't stop a falling leaf from trending downwards. Mathematically, you cannot lower cost-of-living while also insisting that the price of the single largest living cost (housing) keep increasing. The only alternative is to lower the price of housing, but you can't do that without lowering real estate values for existing landed property owners, so they fight that tooth and nail, in nearly every locality across the board.
- nikanj 3y agoYou can't eat your cake and have it too. You can't have cheaper homes and simultaneously not lower real estate prices.