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https://x.com/nickgerli1/status/2006872715316121750 https://x.com/nickgerli1/status/2006872715316121750 Permitting reform made Austin, Texas the second-most af
by noahbp 9mo ago
https://x.com/nickgerli1/status/2006872715316121750 https://x.com/nickgerli1/status/2006872715316121750
Permitting reform made Austin, Texas the second-most affordable city in America by rent to income ratio.
>There are neighborhoods full of affordable new construction houses not far from where I live. They sell slowly because people would rather live in the popular areas.
Mortgage rates rose and property prices have not yet fallen to match reality. I would bet that this is a much stronger factor in preventing those new homes from selling rather than buyers simply having a preference for different neighborhoods.
- bombcar 9mo agoThe mortgage rate change has an insanely huge effect (which means that keeping them artificially low for 20 years has a similar effect the other way) - and it’s worse right now because anyone who owns a house with a mortgage would significantly increase their payment if they sold and bought an identical house next door. So people just aren’t moving.