Should we be saying, “It’s housing, stoopid?”
- Thread starter billanole
- Start date
Some towns are starting to tax homes more heavily if they aren’t lived in for more than half the year.
Too many people owning multiple homes. Vrbo is a big part of the problem.
Too many people owning multiple homes. Vrbo is a big part of the problem.
Contrary to the Michael Douglas in Wall Street......greed is not good. Companies buying up all these properties may be capitalistic, but it causing more problems for more Americans than good it is causing their shareholders.
Marxists can’t afford to buy a house because they’re lazy and worthless. If the government gave them a home they wouldn’t know how to take care of it.
Thanks for reminding us you don’t know what the hell you are talking about. Jeebus.
Farmers in our area began giving old tenant houses to their workers when tougher standards for housing were put in place. Some of the houses are well kept, some not so.
Stop printing money and over time, housing prices will trend lower. (Of course, nobody seems to want that ... as we seem to be in a somewhat if not a wildly speculative housing market. Everyone seems to want more money so they can buy more rentals and no one is a seller.)
A second and key variable relates to raw materials. We need to free up timber land for harvest. At this point, we are importing much of our lumber or allowing it to be consumed by annual forest fires. We have millions of acres of timber available for conversion into lumber. This would bring down the price and in combination with solid monetary policy, it would bring it down a lot.
A second and key variable relates to raw materials. We need to free up timber land for harvest. At this point, we are importing much of our lumber or allowing it to be consumed by annual forest fires. We have millions of acres of timber available for conversion into lumber. This would bring down the price and in combination with solid monetary policy, it would bring it down a lot.
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Our wood products production continues to consolidate into fewer producers and like oil, is subject to wide swings in pricing and demand.
Prior to Covid, all projections were for an upcoming slump in the market. Production slowed, equipment upgrades were shelved, and producers prepared to ride out a slump.
Boom! Demand exploded as peeps wanted to upgrade their house, new construction rocketed, and the aisles of Home Depot and Lowe’s were packed.
Production in that field doesn’t just increase in a few months. Raw product procurement and on yard supplies have to ramp up, shuttered or slow productions facilities have got to gear up and find workers, and it is not just throwing a switch. I know of mills that waited over six months for new equipment trying to ramp up during the Covid explosion of building.
Another big factor is all of the non wood/fiber products. Metals, concrete, roofing, etc… Building is a dance of many flows of input seeking stability.
Demand for shelter is huge right now, but the next slump is always looming, so investment in production always casts a cautious eye to the future.
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That would be if I brought up the weather.
I didn’t.
I did.
You asked “what do you think is the result of wealthy investor groups owning a majority of available housing in a desirable market?”
I answered: They can afford to keep it desirable.
Is a poor landlord preferable? If so, why?
If they don’t, it isn’t worth as much, and has to rent at a lower price.
Is the fear that Wall Street homeownership will lead to glut of low priced housing?
I’ll take the invisible hand guided by consumer choice over the iron fist of the bureaucracy 10 times out of 10.
Foreign buyers who live overseas are just over 1% of the market. Combined with foreigners who reside in the US they are just over 2% of the market.
I don’t think that cohort is particularly responsible for driving prices up.
Agree with everything.
I'd add - Monetary policy (by the Fed) is chasing fiscal policy. High interest rates are a double whammy. People having low interest rate mortgages don't want to sell their houses because of higher housing prices AND replacing a low interest mortgage with a higher rate mortgage. New housing is being built at inflation affected prices. Housing is being consumed by corporations having cash and not needing to invest at high interest rates.
the federal government has no functional role related to zoning or land use
that's controlled at local or county level, depending on the state
hawaii is the one outlier with zoning done at the state government level
Mainly the carrot.
And the Feds still own a lot of the land west of the Mississippi, but I don’t think a new Homestead Act is on the horizon.
So their role is mainly holding land out of use for housing.
the apa's legislative wishlist provides some funding to pick around the edges of the housing issue
but it doesn't change the fact that the feds have essentially no role in zoning controls
I think it's more about who's backing the American corporate buyers than who's on record as the owner. But I don't disagree that it is only partially responsible.
I’d argue the Feds have ‘no role’ in most things, but it doesn’t stop them from creating incentives (grants) that state and local programs and policies get built around.
Looked like that wishlist went mostly toward reducing red tape to permit building.
Scapegoating certain buyer subsets doesn’t make sense to me when those buyers aren’t holding their share of supply off the market.
that wishlist is from planners (i know apa well)...and goes along with many of their priorites...i'd argue none of those things are really all that impactful (planners, and especially apa, like to overstate their influence on development patterns)
i wasn't personally trying to scapegoat anyone...there are lots of people "at fault" for the housing issue...the general publc, government of all levels, developers, corporate land owners
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