- Joined
- Dec 20, 2004
- Posts
- 44,973
Home prices are crazy expensive in several burgeoning metro areas because demand outstrips supply.
A lot of that has to do with economic growth, but also because the resident homeowners of those areas have used goverment to restrict the housing supply. That goes for so-called liberals and so-called conservatives.
Attempts to put together a housing solution that greatly increases supply (affordable, densely packed dwellings) are thwarted at every turn.
Property owners simply don't have the economic incentive to relieve supply issues. That is until they their own kids can't find housing and still live at home or move away. That's when they complain or, they give their kids a wad of down-payment money to go gentrify a neighborhood that they been avoiding for their entire life.
Dead on right here. Land is finite and Americans are averse to living in any apartments over three floors. I have heard a lot from what you just wrote from Californians where the residents housing committee or whatever basically vetos everything for development.
I've said it before and said it again, Americans are really crazy against development - 'vote against Prop whatever' and it usually follows through.
I fucking hate it when I sometimes think the Chinese get it right where they know the common people are stupid as fuck and just do whatever is good for the economy. So much demolition and construction going on the past year here in Beijing where personal rights are thrown away for the greater good.