3 ms·

Reading the article, it occurred to me that in Memphis TN, a) we have substantial govt housing facilities that are decent, b) We also still have a big big homel

Reading the article, it occurred to me that in Memphis TN, a) we have substantial govt housing facilities that are decent, b) We also still have a big big homeless problem, and c) we have abundant (like 10s of thousands) of cheap homes that nobody wants. I bet we aren't doing enough to "graduate" people out of our govt housing facilities, where doing enough is a combo of giving people houses and property that the government owns (via tax auction) and then enforcing stricter compliance with rules and limits in government housing. People live 30+ years in rent free high rises designed for a short term housing stabilization solution!

jeffbee 3y ago
The all-transactions housing price index in Memphis has more than doubled in the last decade, while the number of employed persons has expanded by 10% to an all-time high. It’s a simple housing problem. Memphis lacks the housing necessary to make its market function.
- ethagknight 3y ago
  Blunt analysis, the danger of data without on the ground insight. Significant portion of housing in Memphis is transacting in the 5-figure range, many houses in the 20-40k range. We could easily triple our "all transaction index" and still have wildly affordable housing. I have purchased a half dozen homes in a Neighborhood Housing Stabilization-focused non profit, fixed them up, and try to sell them at cost. Nobody wants them, the govt sponsored options are a much "better" deal, at least for the short sighted. We also lose "employed persons" because so many are on some form of non-working status.
  - jeffbee 3y ago
    The absolute value of the home is irrelevant. The price of homes doubled in the same period of time that the household income expanded by only 20%. You can see why that amounts to a housing crisis.
    - ethagknight 3y ago
      No, it’s a game of hot potato, subsidy gaming, and tax arbitrage played by out-of-state landlords. Many of these homes are vacant, unwanted. For reasons I do not understand, many people will prefer to rent than own, even if renting costs more out-of-pocket. Not a function of affordability, but an apparent lack of understanding across the community. What you are describing is not what’s happening in Memphis. The homes are available, almost freely available, maybe require some sweat equity, but nobody wants to bother. Again, I’m talking about thousands or tens of thousands of homes. The jobs are there too, we have a lot of trouble hiring in town. I don’t mean to invalidate the decisionmaking process of low income people in this context, but it doesn’t make sense to me, it’s not for lack of available housing, and it’s a problem I’ve personally spent a lot of time trying to solve over the last 15 years.
      - jeffbee 3y ago
        Your analysis is silly. When home prices increase relative to local earnings, people are forced into homelessness on the margins. It’s a very simple effect.
- liveoneggs 3y ago
  Memphis is one of the cheapest metros for its size. There are probably a lack of housing options in the exact right places + poor transit options.

jeffbee 3y ago

The all-transactions housing price index in Memphis has more than doubled in the last decade, while the number of employed persons has expanded by 10% to an all-time high. It’s a simple housing problem. Memphis lacks the housing necessary to make its market function.

ethagknight 3y ago
Blunt analysis, the danger of data without on the ground insight. Significant portion of housing in Memphis is transacting in the 5-figure range, many houses in the 20-40k range. We could easily triple our "all transaction index" and still have wildly affordable housing. I have purchased a half dozen homes in a Neighborhood Housing Stabilization-focused non profit, fixed them up, and try to sell them at cost. Nobody wants them, the govt sponsored options are a much "better" deal, at least for the short sighted. We also lose "employed persons" because so many are on some form of non-working status.
- jeffbee 3y ago
  The absolute value of the home is irrelevant. The price of homes doubled in the same period of time that the household income expanded by only 20%. You can see why that amounts to a housing crisis.
  - ethagknight 3y ago
    No, it’s a game of hot potato, subsidy gaming, and tax arbitrage played by out-of-state landlords. Many of these homes are vacant, unwanted. For reasons I do not understand, many people will prefer to rent than own, even if renting costs more out-of-pocket. Not a function of affordability, but an apparent lack of understanding across the community. What you are describing is not what’s happening in Memphis. The homes are available, almost freely available, maybe require some sweat equity, but nobody wants to bother. Again, I’m talking about thousands or tens of thousands of homes. The jobs are there too, we have a lot of trouble hiring in town. I don’t mean to invalidate the decisionmaking process of low income people in this context, but it doesn’t make sense to me, it’s not for lack of available housing, and it’s a problem I’ve personally spent a lot of time trying to solve over the last 15 years.
    - jeffbee 3y ago
      Your analysis is silly. When home prices increase relative to local earnings, people are forced into homelessness on the margins. It’s a very simple effect.
liveoneggs 3y ago
Memphis is one of the cheapest metros for its size. There are probably a lack of housing options in the exact right places + poor transit options.