Quote:
Originally Posted by isaidso
The US usually lets the market decide what happens with few checks and balances in place to guard against negative outcomes. I'm assuming this is no different. Is there no robust system to ensure affordable housing in cities where prices are high? Poorer people just move away? It bears mentioning that Canada hasn't been able to solve our affordable housing crisis either despite building a ton of residential..... alot of which is social housing.
Another thing that baffles me is why more housing isn't built. There's obviously demand so I guess developers feel they can't make money at lower price points?
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They just don't build enough affordable housing. It does get built... but the units are always underwhelming in the volume needed. When they say its a housing lottery, it literally is like winning the lottery in terms of odds. 80,000+ folks applying for only a 100-200 units (In NYC for example), its insane.
Even new home construction, sucks. I was speaking to an agent the other day, for Eastern PA, and the amount of new unit construction is paltry.
I think such housing has to be forced on certain cities. Rezone neighborhoods, increase the unit cap, and make developers willing to build such units (incentives, ability to make a profit, curtail community input).
I just question how long this will go on before cities start to really feel the impact to where it effects its growth indefinitely.
Some folks might be fine with it, but look 10...20 years down the line. I mean unless wages magically go up by 40%, places like NYC, SF, LA, Seattle... will start to see some bs. Would suck for those places to turn into Monaco's.