3 ms·
Supply increased, rents declined.
by tptacek 7mo ago
Supply increased, rents declined.
- seanmcdirmid 7mo agoShort term. Long term the market will change to equilibrium. If you are buying, just lock in lower housing prices now. If you are renting without rent control, you get one or two years of reasonable rates and then it will go nuts again.
- nostrebored 7mo agoThis is an obviously farcical belief. If everywhere built more housing do you think the price of housing would go up? Where are these people bringing up housing prices coming from?
- bombcar 7mo agoHousing prices always go up (they seem to believe this) Houses can be built (this seems obvious) Ergo, we can remove the national debt by building between 59 million and 121 million houses (depending on if you count the value of the land there).
- seanmcdirmid 7mo agoBuffalo has 50% as much housing now as it did at its peak, since demand dropped and housing was just razed rather than maintained. There are lots and lots of cities in the USA that aren’t San Diego, LA, SF, Portland, Seattle, NYC, Boston, … and they have plenty of supply that there is no demand for. You can buy a house for cheap in Toledo. For some reason, people would rather pay $3000/month to live in San Diego than $700/month to live in Buffalo or Toledo. It shouldn’t be a mystery why. I lived in Beijing for 9 years so I get a different perspective. But ya, the market for people who want to live in Beijing rather than Chengde or Langfang is surprisingly vast, and Beijing has a resident system to prevent at will migrations.