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the root cause is lack of supply, on an incredible scale. To put in perspective what a program to bring prices down would actually look like, Sweden launched a
by bobthepanda 3y ago
the root cause is lack of supply, on an incredible scale.
To put in perspective what a program to bring prices down would actually look like, Sweden launched a program in the '70s to build a million homes in ten years, when its population was 8 million. We have not seen homebuilding on that scale in the United States for decades, if ever.
- a_wild_dandan 3y agoThis is the correct answer, full stop. Every other factor is peanuts in comparison. The sheer magnitude of our housing shortage is astonishing: Pre-pandemic, there was something like a ~5 million home deficit. Post-pandemic it grew to ~7 million. This deficit is likely even bigger today. It's simple supply & demand. We can't reduce demand -- people need shelter. The solution is providing supply. No amount of fiddling with interest rates, corporate real estate investment, or whatever else, will alleviate the housing crisis. (# of houses available) / (# of needy families) << 1. Fix the ratio, or live with the crisis. Everything else is lipstick on a pig.
- nradov 3y agoWithin the USA we could reduce demand by reducing immigration. I don't think we should attempt to resolve the housing shortage that way, and I agree that we should build more housing, but let's at least be clear about the available options.
- fragmede 3y agoI think that enforcing internal borders, to prevent internal immigration, like people from Ohio trying to move to California or New York, or letting anyone in or out of Texas, is going to face a very strong uphill battle. But yes, let's be clear that is an option.
- bobthepanda 3y agoThe free movement of people is in the Constitution itself, not an amendment. That's how fundamental it is to the US.
- nradov 3y agoObviously I was referring to external immigration from foreign countries.