Experts said that wealthy investors with second or third properties are pricing out first-time homebuyers and reducing the overall housing supply in the real estate market.
AirBnB’s a significant part of the issue. Short term rentals don’t provide a place for people to actually live, while often providing a higher return over the short term than a long term rental unit.
Real estate speculators, too, add extra pressure to the housing market. Speculators often don’t rent the property out at all, and attempt to treat housing as a raw commodity, buying up homes and just waiting for real estate prices to increase as the bubble continues to grow.
There may be real housing constraints in the country, but they’re severely exacerbated by the view of housing as capital, rather than as homes.
Look, capitalism works. There are no problems and everybody is happy. As long as we keep pumping out children and just build build build, and then skim some off the top and invest in lawyers and lobbyists to change democracy for the better, we will all be rich and also ok.
AirBnB’s a significant part of the issue. Short term rentals don’t provide a place for people to actually live, while often providing a higher return over the short term than a long term rental unit.
Real estate speculators, too, add extra pressure to the housing market. Speculators often don’t rent the property out at all, and attempt to treat housing as a raw commodity, buying up homes and just waiting for real estate prices to increase as the bubble continues to grow.
There may be real housing constraints in the country, but they’re severely exacerbated by the view of housing as capital, rather than as homes.
Look, capitalism works. There are no problems and everybody is happy. As long as we keep pumping out children and just build build build, and then skim some off the top and invest in lawyers and lobbyists to change democracy for the better, we will all be rich and also ok.