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Do you think we will ever have affordable housing again in our lifetime? (lemmy.world)

submitted 1 year ago by filister@lemmy.world to c/asklemmy@lemmy.world

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Considering how crazy expensive accommodations have become the last couple of years, concentrated in the hands of greedy corporations, landlords and how little politicians seem to care about this problem, do you think we will ever experience a real estate market crash that would bring those exorbitant prices back to Earth?

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[-] eyy@lemm.ee 47 points 1 year ago

No. Expensive housing is a genie in a bottle.

Once sufficient people have purchased a house at the high price, it would be in their interest for prices to remain high. Corporate entities that buy up houses will actively lobby to make sure housing prices stay high, and the average Joe who paid that much for a house will be happy it stays that way.

[-] ZodiacSF1969@sh.itjust.works 9 points 1 year ago

I'm not so sure. Large lobbies have greater economic power than us average people, but they aren't strong enough to defy macroeconomic trends. There are many factors that could turn and cause prices to collapse, we just don't know when or if they will occur.

[-] DragonTypeWyvern@literature.cafe 6 points 1 year ago* (last edited 1 year ago)

The only factors that can cause the collapse of a captured market are regulation, total market collapse, or revolution.

[-] ZodiacSF1969@sh.itjust.works -1 points 1 year ago

Total market collapse is very broad.

this post was submitted on 21 Aug 2023

460 points (96.7% liked)

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