ShutUpOtis
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"Using the 1/3rd rule, $3,000 a month means you need an annual income of $108,000. The average household income in 2014 was $53,657. When you must make double the national average household income to afford to live on your own, you have an affordable housing problem."
From Strong Towns: https://www.strongtowns.org/journal/2016/4/20/affordable-housing#:~:text=Unaffordable%20housing%20is%20the%20result,increasing%20the%20supply%20of%20housing.
On vacancies: https://imgur.com/gallery/1Hfkmre & https://imgur.com/gallery/Gij6iE0
ChallengerDeep
Housing unaffordability is the result of low interest rates which boosts commodity prices. Low rates for a long time leads to this spiral up
VodkaReindeer
If only we could zone for residents that are saints and wouldn't immediately oppose new developments once they get theirs.
BEatingYou
Supply IS an issue, it’s hard to fill supply in a cost effective manner with all the hoops and fees the government imposes on new builds
wormfood
The artificial part of the scarcity is voters in rural and suburban areas insisting on veto power over all new housing development
TanithRosenbaum
Artificial housing scarcity has been holding our entire civilization back. https://www.youtube.com/watch?v=4ZxzBcxB7Zc
Mickp81
One of the big issues is no one wants dense housing in their neighborhood. They worry it will push down the value of their house.
HeraldOfTheBadger
I own a house and rent rooms out. I haven't raised rent more than $2 a year in 10 years but utilities doubled. I can't make it cheaper.
Hashtagdelta
One thing that gets forgotten is the single people. Households income normally means two types of incomes coming in, harder single earner
Kitastrophe
The idea that rising prices 'curb demand' for *having a place to sleep* feels sociopathic. Humans. Need. Homes.
MultiOfPersonality
I live on SSDI at slightly over 10k a yr. House me, at whatever 30% a month would be. I'll wait.
JinxRocks
Funny: The right-wing-whacko party: white deaths outnumber births and they stand to lose majority in a few years. All this is to force (1/3)
JinxRocks
the next baby boom (RvW, ban contraception, crossing state lines, etc. and pump up the population in white areas. Boneheads dont get (2/3)
JinxRocks
that people don't procreate as much when they can't afford to live to begin with. Its weird watching the trainwreck here. (3/3)
Greenwaxy
Smith warned us. Land is a natural monopoly. Any increase in worker productivity will be offset by increases to rent.
blaghart
friendly reminder that 100% of Senators and 96.5% of Representatives in Congress own property they rent out.
Greenwaxy
You can’t just build more houses either. It’s complicated. Really we need to regulate the monopolistic tendencies.
SirenBrick
Rent control would go a LONG way, as would punishing more than a couple homes owned by 1 person with inescapable taxes, unlike now.
Madchant
raising home prices doesn't curb demand, it just means more people are forced to live on the curb.
HushTheDragonSpeaks
Like, I thought I was having a stroke reading that. That logic should never fucking apply to houses, food, or necessities.
CynicalPrints
And THEN homeowners use zoning laws to block homeless shelters because they lower their home value. Neat huh!
nclu
Elasticity
DidItForScience
I can understand why you wouldn't want them near industrial areas. Or places where people would inevitably complain about the noise.
DidItForScience
I guess the downvoter never heard of superfund sites. https://www.epa.gov/superfund/search-superfund-sites-where-you-live
Diforto
Most people criticising zoning regulations are more against regulation stoping densification than regulation stoping building houses in
Diforto
industrial areas...
DidItForScience
Some places are fucked. https://www.theguardian.com/us-news/ng-interactive/2019/may/06/cancertown-louisana-reserve-special-report
HelikaformerNubisKnight9
It's not about not enough houses/appartements, "only" about affordable ones. Big companies should get sued if they not rent vacant houses.
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ShutUpOtis
https://www.vox.com/22524829/wall-street-housing-market-blackrock-bubble
Ark161
see, small problem is they can build affordable houses, but selling them as affordable..ah....then they cant make ALL THE MONEY /s
011100000110100101100101
Strongtowns wrote a book, it's good.
Kitakita
literally all you need to do is tax the shit out of people with multiple properties, and cut down on the loopholes
masteryoplait
Building a wood frame house costs $200-$250/sf & most people don’t just want a 1,000sf home.
Calicious
Land. Value. Tax. This one thing would change the game.
ShutUpOtis
F4ndango
$3000 a month after taxes. You need a lot more than $108,000
nclu
Land Value Tax solves this
ShutUpOtis
nclu
basicisaac
House flipping should be highly limited, taxed and regulated. Seen entire neighborhoods sell for $200k/unit $50k in upgrade. List for $800k
HamAdvocate
My current neighborhood is like this, minus the upgrades. I plowed sweat and money in to mine and neighbors selling for 750K or more /1
HamAdvocate
When they haven't even touched anything since the 70s.
Atomic2
Well, they do pay taxes on the gains. If you didnt live in the house as primary residence or lived there less than 2 years, you pay CG tax.
SirenBrick
Most flippers on a big enough budget can basically nullify CG tax through borrowing against their profits, or claiming profits on next house
SirenBrick
Or apply self Roth IRA's, or have their REIT registered in the Caimans and pay a "licensing" fee to themselves for the CG tax value
jamesx
Artificial Scarcity is one of the defining characteristics of modern capitalism
drinkthederpentine
Literally every economic system is controlled by scarcity. It's a fundamental physical reality
jamesx
"Artificial" is the keyword: https://en.wikipedia.org/wiki/Artificial_scarcity
ShutUpOtis
quietwalker
Unfortunately, there's also artificial demand: people want to pick where they live. Unless you want to turn everything into HDH apartments.
Diforto
I live in a medium density mix use neighbourhood and it is awesome. Those are banned in most place in the US. You have less choices
Diforto
than me 'cause of law stoping densification.The problem isn't people choosing where they want to live, it's zooning laws limiting the choice
quietwalker
and yes, I know there are people who are advocating that everyone live in high density urban areas, like prisoners in cells. Not for me.
ShutUpOtis
TastyLexicon
I recently read that Wall Street owns 1 in 7 homes.
ShutUpOtis
https://www.vox.com/22524829/wall-street-housing-market-blackrock-bubble
Applewhite5
Landlords are parasites.
nclu
Especially land speculation
Mohaynow
My parasites sent me this letter last week.
Applewhite5
"Kind slaveowners prove that owning slaves isn't an inherently evil practice!"
SadToSay
The idea that all landlords are parasites is ridiculous. Some people literally don't want to buy every home they live in.
Applewhite5
So naturally giving free money to someone who has more than one house is the best solution. Genius!
SadToSay
Blanket statements are silly. A landlord has responsibility and costs on the living unit they don't occupy. For many it's nothing like free$
Applewhite5
Who pays for those costs?
SadToSay
By that logic everyone gets free money. You go to a restaurant, the waiter, the cook, all get free money because you pay the costs.
The701
Housing scalpers.
Elrohn
So...this is pretty fucking simple. Primary residence. Reduced taxes. Secondary....welcome to the ass fucking.
JohnMike64
Additionally will you live in a high demand area 2/3 yr or more? No can't buy it then. If you own it you gotta sell it.
Kitastrophe
You know, I don't care if you have a 2nd house. I care if you own a building. Or a block of buildings. Or half the downtown of a small city.
drinkthederpentine
You can already sell primary residence and exclude hundreds of thousands from taxes on that. Not so for 2ndary+
SirenBrick
Depending on where you are, your corp can claim vacant secondary houses as company asset losses and get massive tax breaks for them too.
SomeDetroitGuy
That's already how it works.
Tassyr
Nah, not nearly ass-fuckingly enough.
Elrohn
Corporation in something besides a multi dwelling unit? Tax equal to the property value. Make it unprofitable to lease a necessity.
ArcaneConjecture
People talk that trash *now*, but in 2008-2012 they were begging for landlords to buy and fix up all the decrepit properties.
Elrohn
I wasn't. I was wanting to see the market roll and scale back and scale back some more. Than houses either collapse or Freddy fannie
ArcaneConjecture
I bought decrepit houses 10 years ago and busted my ass fixing them up. Now they say I'm evil for wanting to collect rent.
Elrohn
I see what you are saying. I myself don't think you are evil for having the vision for doing it and the risk you took on.
Elrohn
Where I have a challenge is with corporation that have swaddled and nestled up right next to the corner stone of the economy pushing ownersh
JohnMike64
Because even then houses where unaffordable to thoes who actually wanted to live in them.
JohnMike64
Liverpool UK sold houses for £1 because repair costs where more than the house was worth. Sensibly it came with a mandatory 2yr primary res
TheLazyLibrarian
S.Korea tried that last year, and it's incredible how much conservative newspapers drummed it up as "hurting the poor & new homebuyers".
Newfehotep
New home buyers as in "those building new homes off the equity in their rental properties." A sympathetic group to be sure.
ThisGuyPostingThings
The problem with that is that residences are primarily taxed through property taxes, which are local. This means that some communities>
ThisGuyPostingThings
would be screwed out of tax $ they need to function because people claim them as "primary residence" & choose different place for secondary.
Newfehotep
So if both places were owned by the people living in them both communities would be screwed? No, the mill rate and grants account for this.
Newfehotep
Your secondary or rental residence simply over contributes to the communities civic budget. The primary residence doesn't undercobtribute.
LaughingMan2Gig
There is plenty of supply. Big issue is corporations and such sitting on these properties
drinkthederpentine
Citation needed. Prove it.
ShutUpOtis
https://www.vox.com/22524829/wall-street-housing-market-blackrock-bubble
pleaseconsiderthatImightbejoking
there's really not. It's been illegal to build affordable homes for almost 30 years now.
thevortexmaster
In my province in Canada it's rich Asians buying it all. Check this out. Goes to 2020. My house up 39% 2020
whyaminotstudying
Crazy rich Asians.
sfrinlan
This was a big problem in Vancouver last time I visited (2018). I assume nothing much has changed.
thevortexmaster
Browsing random?
sfrinlan
Ah, no, was linked from another post and I didn't notice the comment dates until you asked
thevortexmaster
Haha yes that happens
LaughingMan2Gig
It's not only black Rock https://thehill.com/policy/3585336-how-landlords-are-evading-taxes-and-fueling-the-housing-crisis/
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ShutUpOtis