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Yeah. If you actually take a step back and look at the trend from the HUD data, apartment vacancy rates have dropped down to about half of what they were during
by legitster 3y ago
Yeah. If you actually take a step back and look at the trend from the HUD data, apartment vacancy rates have dropped down to about half of what they were during 2009, and homeowner vacancy rates are a third.
https://www.census.gov/housing/hvs/current/index.html https://www.census.gov/housing/hvs/current/index.html
This is just a "gotcha" data trick to distract from the fact that we are dealing with real supply constraints.
- lusus_naturae 3y agoI am confused because a lowered vacancy rate does not necessarily imply lack of homes for housing as the rate is not 0% or even approaching that. Lower vacancy rate is also a by-product of historically lower interest rates. If you scroll to the homelessness trends plot, the incidence of homelessness has decreased since 2007. Overall, I note that CA and NY seem to have especially egregious issues with homelessness, https://endhomelessness.org/homelessness-in-america/homelessness-statistics/state-of-homelessness/ https://endhomelessness.org/homelessness-in-america/homeless...
- legitster 3y ago> the rate is not 0% or even approaching that 0% is an impossible number to hit. Even in a perfect world you need some fluidity in the market. For comparison, Japan is considered to have a fairly tight housing market and they still have a 13% vacancy rate. The US on average (which includes Detroit) is less than half of that. CA and NY have the worst problems with homelessness because they have the worst time adding new units. There are 4x as many college graduates in California every year than their are new homes or apartments being made.