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People are investing money in housing for the same reason they invest in gold: they aren't making more of it. There is a simple solution to this. NY could allo
by yummyfajitas 12y ago
People are investing money in housing for the same reason they invest in gold: they aren't making more of it.
There is a simple solution to this. NY could allow as much new housing to be built as the market would bear. They could allow existing stock to be properly utilized, rather than giving long term tenants quasi-property rights (which also hinders new construction of anything other than luxury condos).
The more money those evil foreign devils pour into the market, the more money local construction workers will happily take from them.
- imaginenore 12y agoGold is actually mined at around 2,500 tons per year,thus devaluing it by around 2% (depending on the estimates of the total gold hoarded, which is fuzzy). The amount of gold on our planet is quite staggering, including oceans and deep water sediments.
- pjc50 12y agoWhich unused corner of Manhattan do you propose building on?
- yummyfajitas 12y agoWhichever corner contains buildings owned by people willing to sell to developers.