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There are housing shortages in localities due mostly to distribution issues. Nationally, the number of housing units exceeds the number of households (families)
by giantg2 3y ago
There are housing shortages in localities due mostly to distribution issues. Nationally, the number of housing units exceeds the number of households (families). In theory that market should correct this by causing places (San Francisco, in your example) to be less attractive and people will choose other places to work and live.
- zbrozek 3y agoYou may have noticed a broad swell in house prices across the nation as the pandemic freed folks to work remotely. 10% vacancy is generally considered ok. 5% is what New York state defines as an emergency. Even Buffalo is at 4.9%. The shortage is real.
- seanmcdirmid 3y agoThe work from home trend didn’t last and was largely unrealized. No, you can’t work from Butte, you need to be back in the office in Seattle. Buffalo has about half the population now than it did at its peak in 1950. They just tore down housing because they could not afford to maintain them, and before they would fall into disrepair and became dens for crime and rodents. Similar de-housification is also occurring in Detroit, the market adjusts one way or the other.
- giantg2 3y agoYep, the tear downs are happening all through the rust belt and Appalachia.
- giantg2 3y agoThere are about 140 million units and about 15 million vacancies. Seems that nationally there are vacancies around 10%. https://gigafact.org/fact-briefs/are-there-more-homes-people-united-states https://gigafact.org/fact-briefs/are-there-more-homes-people...