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NIMBYs actively target this misconception. "New housing is luxury housing." > eventually the price drops happen on the older, smaller homes at the bottom end
by dkarl 1y ago
NIMBYs actively target this misconception. "New housing is luxury housing."
> eventually the price drops happen on the older, smaller homes at the bottom end of the market
I'd be interested in how long "eventually" takes for single-family homes. I think for rental units it happens very quickly.
- bluGill 1y agodepends, it takes decades and often people remodle their old houst thus bringing up the value.
- majormajor 1y agoThe land value gives a strong floor. And nearby development increases the land value even if it makes the state of the house itself look worse and worse.
- Ekaros 1y agoIn such market fixation on inefficient single-family homes is very weird. In desirable and growing markets those might not ever go down. Population in such market should just accept more dense configurations.