Housing starts plunged during the Great Recession, and recovered to only mediocre levels. However, over that time the population continued to grow.
We fundamentally have a housing shortage, particularly in places people want to live. One massive problem is that it’s currently quite difficult to build net-new housing in places people want to live, due to a combination of overly-restrictive zoning and NIMBYs who ate empowered to block new projects.
The problem is particularly bad in popular urban areas. Either you build outwards or you build upwards. But if someone wants to live “in Boston”, “in NYC”, etc, they probably don’t want to live in a new build an hour’s drive away from the city in traffic. And infill development is generally highly regulated.
Adding a price ceiling without fixing the underlying shortage is going to benefit the people currently living in an area, but it will make it harder to find a new unit. Adding units isn’t the only important thing, but it’s pretty important.
I live in the north area of the San Francisco Bay Area and there is a shocking number of new builds happening right now. Soooooo many apartment complexes and housing developments. It seems like every day another one has begun. Just on the street I work on there have been three very large apartment complexes put in where there used to be businesses within the last two years. On my 8 mile commute home I pass four more, where there used to be pasture land. This area is known for it’s NIMBYs but laws have been passed (by voters) requiring more housing and it’s happening.
There are 25 empty houses for every homeless person in the US. There are people like Bezos who own multiple $25 million dollar mansions, that sit empty 300+ days a year.
There are places with housing shortages, but that is not the case nationwide. The problem is that our government cares little to ensure adequate housing for its population. It sees absolutely no issue in allowing property to be hoarded by the rich and used to strangle the poor.
That’s one of those things that’s technically true, but quite misleading.
The number of houses you could reasonably move homeless people into tomorrow is much smaller than the number of vacant houses. Unless you suggest putting homeless people in buildings undergoing renovation, in new houses that are almost done being constructed, in houses that were sold but have the new owners moving in next week, in rental units that have been on the market for a month, or in your grandmother’s house after she dies while the estate is being settled. Or into chalets on a ski hill, into seasonally occupied employee housing, etc.
The vacancy rate includes basically everything that isn’t currently someone’s primary residence on whichever day the census uses for their snapshot. Low vacancy rates are actually a bad thing and are bad for affordability.
Fun fact: Every mansion or luxury condo built is 100+ affordable units not being built.
We’re building at record rates in many places, but just building housing does nothing but line the pockets of developers, because they will always choose to prioritize more profitable ventures, and current methods of requiring a small single digit percentage of their units to be “affordable” aren’t cutting it.
We need to be specific in what we’re building, and who we’re building it for. People moving in from out of state with high paying jobs are often prioritized by city and county governments because they increase the tax base, but this simultaneously raises rents for all of the current residents in crises as the market is dragged up. If we’re not specifically building affordable housing for local residents within each effected community to the best of our ability, then we’re only going to exacerbate the issue further. I’ve lived through “just build more” in my state for 20 years, I know how it goes.
Also don’t forget that people don’t like housing built near them because it “drives down housing prices.” Homeowners themselves are more a problem than corporations are.
Then we need master lists of who currently lives in an area and for how much, and who wants to live in an area based on housing bids, homeless populations, etc., like with an application or something.
Or, hear me out on this, we could build more housing.
We could do this by upzoning basically the whole city, and by disempowering NIMBYs. Make it so that every location can build just a bit more densely, by right (i.e. where the approval is automatic).
Make it so you can build triplexes by right in what was an exclusively single family zoned area. Take areas with apartments and let them build a few stories taller. Let neighborhoods evolve into density over a decade or two.
Prices are a matter of supply and demand.
Housing starts plunged during the Great Recession, and recovered to only mediocre levels. However, over that time the population continued to grow.
We fundamentally have a housing shortage, particularly in places people want to live. One massive problem is that it’s currently quite difficult to build net-new housing in places people want to live, due to a combination of overly-restrictive zoning and NIMBYs who ate empowered to block new projects.
The problem is particularly bad in popular urban areas. Either you build outwards or you build upwards. But if someone wants to live “in Boston”, “in NYC”, etc, they probably don’t want to live in a new build an hour’s drive away from the city in traffic. And infill development is generally highly regulated.
Adding a price ceiling without fixing the underlying shortage is going to benefit the people currently living in an area, but it will make it harder to find a new unit. Adding units isn’t the only important thing, but it’s pretty important.
I live in the north area of the San Francisco Bay Area and there is a shocking number of new builds happening right now. Soooooo many apartment complexes and housing developments. It seems like every day another one has begun. Just on the street I work on there have been three very large apartment complexes put in where there used to be businesses within the last two years. On my 8 mile commute home I pass four more, where there used to be pasture land. This area is known for it’s NIMBYs but laws have been passed (by voters) requiring more housing and it’s happening.
There are 25 empty houses for every homeless person in the US. There are people like Bezos who own multiple $25 million dollar mansions, that sit empty 300+ days a year. There are places with housing shortages, but that is not the case nationwide. The problem is that our government cares little to ensure adequate housing for its population. It sees absolutely no issue in allowing property to be hoarded by the rich and used to strangle the poor.
That’s one of those things that’s technically true, but quite misleading.
The number of houses you could reasonably move homeless people into tomorrow is much smaller than the number of vacant houses. Unless you suggest putting homeless people in buildings undergoing renovation, in new houses that are almost done being constructed, in houses that were sold but have the new owners moving in next week, in rental units that have been on the market for a month, or in your grandmother’s house after she dies while the estate is being settled. Or into chalets on a ski hill, into seasonally occupied employee housing, etc.
The vacancy rate includes basically everything that isn’t currently someone’s primary residence on whichever day the census uses for their snapshot. Low vacancy rates are actually a bad thing and are bad for affordability.
Do you have a source for all of this?
Fun fact: homeless people can’t afford mansions.
Build them places to rent.
Fun fact: Every mansion or luxury condo built is 100+ affordable units not being built.
We’re building at record rates in many places, but just building housing does nothing but line the pockets of developers, because they will always choose to prioritize more profitable ventures, and current methods of requiring a small single digit percentage of their units to be “affordable” aren’t cutting it.
We need to be specific in what we’re building, and who we’re building it for. People moving in from out of state with high paying jobs are often prioritized by city and county governments because they increase the tax base, but this simultaneously raises rents for all of the current residents in crises as the market is dragged up. If we’re not specifically building affordable housing for local residents within each effected community to the best of our ability, then we’re only going to exacerbate the issue further. I’ve lived through “just build more” in my state for 20 years, I know how it goes.
If you build any housing at all, you are opening up “affordable housing” at the bottom of the totem pole. That’s how buying houses works.
No one is going to build a dumpster apartment to rent on the cheap. There’s no incentive there.
Let people build and the less-desirable homes will be scooped up as prices fall. It’s basic supply and demand.
Your state, like mine, has probably been kneecapping development in favor of NIMBY policies for those 20 years
No, they haven’t. They’ve been working hand in hand with developers to entice new money for them to tax, and ignoring the poor who only get poorer.
What does that have to do with this discussion?
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Knocking down single-family or small unit homes to build more multi-family housing is a good thing actually.
Also don’t forget that people don’t like housing built near them because it “drives down housing prices.” Homeowners themselves are more a problem than corporations are.
Then we need master lists of who currently lives in an area and for how much, and who wants to live in an area based on housing bids, homeless populations, etc., like with an application or something.
Or, hear me out on this, we could build more housing.
We could do this by upzoning basically the whole city, and by disempowering NIMBYs. Make it so that every location can build just a bit more densely, by right (i.e. where the approval is automatic).
Make it so you can build triplexes by right in what was an exclusively single family zoned area. Take areas with apartments and let them build a few stories taller. Let neighborhoods evolve into density over a decade or two.