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Lack of new housing supply combined with rental moratoriums, higher section 8 occupancy, and all the nighttime flying and bussing of illegals taking up more rental stock.
The new norm will likely be housing prices more in line with Europe and China...6-8x ones annual income.
Plus there are more people into the buy and rent them out game...so less and and less real estate is owned occupied. Within 50 years the top 1% will own 80% of all property.
And a lot of the people here love that.
I see dark days coming.
On one side we have Kochotopia Gilded Age.
On the other side Woketopia SJW hell.
Then people wonder why they birthrate is dropping. Having a family is financial suicide for many and it is getting worse. There will be ever increasing levels of "laying flat" as the Chinese call it.
Lower income people are being forced to live their homes due to no jobs around. High unemployment. They are hoping to get a new start. The pandemic has wiped out them financially. That is a high amount to deal with on a national level. Unemployment taxes are then high among businesses both small and for the corporations paying those unemployment taxes.
I am 25 min from Tampa - Sarasota area. It’s a very hot market. My sis has been in real estate 30 yrs. The little inventory they have, has been taken by cash buyers. Now I understand they made a rule, that a buyer can no longer submit a letter to gain sympathy from the seller. I think that’s against free speech - because the others can write a book too. But, who doesn’t need that? investors. I can tell you almost all mobile homes regardless of age or condition have doubled or tripled in price from the last 4 yrs or so. It’s a like a piranha frenzy. It’s going to blow at some point. My friend, who works for the county, said they are losing workers left and right. No garbage pick up. Low wage jobs are plenty. Next thing is they will have to offer housing as a benefit.
I know Miami and Orlando are in the same pickle. Whose address has changed, per something I read, about 14% foreigners and 11% NY I don’t remember the rest. There was the realtor from Miami who bought a house in Tampa 3.5 mil and put it on the market for $9.5 mil in one day. Extreme- yes- but the same is happening with lower priced homes.
Personally, I love it. My Florida home continues to rise in value.
Just think, if Dems weren’t in such favor of shutting it down, wanting and implementing vaccine mandates, coming up with such ridiculous restrictions, all the while skyrocketing violent crime occurs in Dems cities, folks wouldn’t be leaving those Dem states in droves and coming here.
I'm not for socialist policies but something should be done about this. Extreme housing costs are not good for society. The federal government should do something about the supply, i.e. discourage municipalities from blocking new housing. There's no reason homes should be unaffordable because a bunch of old farts only want to see single families on huge lots during their drive to the grocery store.
I'm not for socialist policies but something should be done about this. Extreme housing costs are not good for society. The federal government should do something about the supply, i.e. discourage municipalities from blocking new housing. There's no reason homes should be unaffordable because a bunch of old farts only want to see single families on huge lots during their drive to the grocery store.
Folks can move to areas with lower housing costs/rents. Problem solved.
I'm not for socialist policies but something should be done about this. Extreme housing costs are not good for society. The federal government should do something about the supply, i.e. discourage municipalities from blocking new housing. There's no reason homes should be unaffordable because a bunch of old farts only want to see single families on huge lots during their drive to the grocery store.
There is no economic incentive to build low income housing. The materials, labor, zoning and site prep costs are simply too high. With regards to zoning the municipalities that have opened up multi-unit housing just leads to crap mid-century builds getting razed and replaced with 4 unit luxury condos at 500k a pop.
I'm not for socialist policies but something should be done about this. Extreme housing costs are not good for society. The federal government should do something about the supply, i.e. discourage municipalities from blocking new housing. There's no reason homes should be unaffordable because a bunch of old farts only want to see single families on huge lots during their drive to the grocery store.
The federal government has no business meddling in the housing market. I don't want them screwing up the housing market the same way they screwed up higher education.
Abolishing zoning along with nonsensical regulations is the best you're going to be able to do.
Lower income people are being forced to live their homes due to no jobs around. High unemployment. They are hoping to get a new start. The pandemic has wiped out them financially. That is a high amount to deal with on a national level. Unemployment taxes are then high among businesses both small and for the corporations paying those unemployment taxes.
High Unemployment? According to who's metric? The current unemployment rate is 4% which would be considered full employment. So you'll need to explain that claim.
Based on hiring issues with many restaurants and other minimum wage jobs, it actually appears the pandemic has done quite the opposite of what you claim. Amazon hired over 50,000 at $18/hr which might account where some of those employees went. There are actually hiring bonuses now for lower income wage earners to start with new businesses for a minimum number of months with higher pay than pre-pandemic.
And ultimately, there is some personal responsibility involved on improving one's skill level to move on from some of these low paying jobs (something that is probably lost on you).
Rents aren't up, the purchasing power of the currency is down.
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