3 ms·
This report is kind of implying a fantasy where we can just start moving people into vacant houses, even though it's clearly aware it's not a good idea: > Vaca
by legitster 3y ago
This report is kind of implying a fantasy where we can just start moving people into vacant houses, even though it's clearly aware it's not a good idea:
> Vacant homes and buildings often succumb to the elements and deteriorate due to leaks, damage and general lack of maintenance before ever finding a buyer willing to pay their inflated prices. An abundance of vacant homes on the market are also attributed to rising rent and home prices.
Part of the issue is that nearly every federal or government program for low-income or first time home-ownership has stringent requirements on the livability of the home. An FHA loan cannot be used towards property repair. Which makes sense - the government doesn't want people moving into unsafe hovels.
So that means there is not really a legal mechanism to get low income families into vacant real estate. So the only people who can realistically take over the vacancies are cash-rich buyers.
While it's easy to shake your fist at the sky and yell "capitalism!" I am sure banks would love to write off their foreclosed properties in Detroit. But it's probably pretty clear that homeless people would rather not and the city would rather not.
- gremlinsinc 3y agoHow many less rentals are there now than there were before Airbnb? how many are foreign investor owned? Personally I think you should not be allowed to own a property without citizenship and without a primary residence within 1k mile radius. Also businesses should not be allowed to own residential unless they're a bank and it's a foreclosure. How many investors set up shell accounts just for real estate investments?
- miguelazo 3y agoThis is a HUGE factor and deliberately obscured by real estate interests and their YIMBY allies.
- legitster 3y agoIf Airbnbs were having a significant impact forcing people out of homes, we would see it as an increase in the vacancy rate - but overall vacancy rate is still dropping like a rock in the US: https://www.census.gov/housing/hvs/current/index.html https://www.census.gov/housing/hvs/current/index.html And FWIW, the Census has not found a significant increase in the number of vacation properties in the last few decades: https://www.census.gov/data/tables/time-series/dec/coh-vacation.html https://www.census.gov/data/tables/time-series/dec/coh-vacat... The foreign ownership thing seems like a bit of a distraction. They don't seem to have significant impact on vacancy rates - they are still insanely low even in places like NY and SF. And to the extent that they are buying up properties as speculation that seems like a symptom of supply constraints more than a cause of.