this post was submitted on 18 Aug 2025
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How could this happen? (media.piefed.world)
submitted 2 days ago by The_Picard_Maneuver@piefed.world to c/whitepeopletwitter@sh.itjust.works
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[–] Test_Tickles@lemmy.world 2 points 1 day ago (1 children)

Its not an issue of luxury home construction vs peasant home construction I doubt this even makes a dent. Investors are not buying up empty houses and sitting on them because they are to lazy to rent them out, thats absurd.

https://ohiocapitaljournal.com/2024/10/22/report-billionaire-investors-driving-homelessness-housing-costs/#%3A%7E%3Atext=%E2%80%9CWealthy+investors+are+buying+up%2Cestate+as+a+luxury+asset.

The issue is simply that housing development is to slow. The demand to build houses in higher density is there but local zoning laws and nimby residents block the developments. In cities where zoning laws were changed to allow development we see prices decrease.

https://archive.is/20250110182457/https://www.wsj.com/real-estate/commercial/the-u-s-has-more-fancy-apartments-than-it-is-able-to-fill-f7bca968

[–] Auth@lemmy.world 0 points 1 day ago (1 children)

I think what you're highlighting is a symptom not the cause.

US homeowner vacancy rate is relatively stable over the past 10 years bouncing between 1-2%. You've highlighted a specific subset of homes where the rate is 8% and im expected to believe that this is causing house prices to inflate? I'm sorry but thats a weak argument. The article you linked says that luxery apartments were built because it was the only way to get acceptable returns from the high valued land and even then the vacancy rate is only 11% for 4-5 star apartments.

Once developers noticed that the demand wasn't there they stopped building luxury apartments but the land value is still to high for them to build the affordable apartments that are in demand. This is a problem only city planning can address. The ways cities can address this is to invest in their own affordable housing units in these areas to drive down the prices by forcing competition. Zone extra land for housing. Basically just build more houses or reduce demand.

[–] Test_Tickles@lemmy.world 1 points 1 day ago

Wow, I guess I was wrong. You have convinced me. My facts obviously don't hold a candle to against your strongly held opinion.