... "The reason housing costs are so high is straightforward, a lack of supply,"
Posted on 08/07/2024 9:47:50 PM PDT by where's_the_Outrage?
Four years after the pandemic-era housing boom, the real-estate market continues to face instability.
With ongoing affordability challenges exacerbated by high interest rates and inflated home values, housing is a major concern for Americans across the political spectrum.
In a Tuesday interview with Fox News, Republican vice presidential candidate JD Vance shared his perspective on the root causes of the nation's high home prices and rents.
"When I talk to Americans, one of the biggest concerns I hear is, 'Why are housing costs so high?' I'll give you two reasons: First, there are 20 million illegal aliens who shouldn't be here and who are competing with Americans for scarce homes," Vance told Fox News host Sean Hannity, adding, "Second, Kamala Harris has supported higher interest rates, which makes mortgages unaffordable for most people."
Daryl Fairweather, chief economist at real-estate listings and research site Redfin, disagrees.
"The reason housing costs are so high is straightforward, a lack of supply," Fairweather said in a post on X, formerly Twitter, replying to a user who shared a clip of Vance's interview. "I wish pundits would get to the point and ask candidates, 'How do you plan to increase the supply of housing?'"
(Excerpt) Read more at businessinsider.com ...
They’re certainly not the entire reason but don’t tell me stuffing an extra 20-25 million people into a country is not going to cause housing shortages. Of course it is.
Missed it by THAT much.
I used to deal with building codes. Look at the growth in those regulations over the last 30 years. Code growth drives built cost increases, plain and simple.
When it comes to “affordable housing”, we have met the enemy, and he is us!
Maybe it not the ONLY reason but its definitely a big reason as to why homes/apartments are expensive now. Plus investment firms buying up property for more than a lot of people can afford.
Too many big money speculators in the market. Houses are being bought site unseen and for over the asking price. It makes it hard for new buyers who just want their own home to live in. Everybody wants to be Warren Buffet these days.
The biggest impact on real estate taxes is school. You have millions of illegal kids in school, taxes go up to pay for them so he’s partially right.
The neighboring county to me drops the school portion of your real estate tax when you hit 65. In that county it’s a 70+% drop.
Single biggest factor are hedge fund and the like buying single family homes
Period
They have completely skewed the housing market and any sane nation would have banned the practice long long ago.
I think RENT is higher bc of illegals. If landlords can charge higher rents, their properties are obviously more valuable.
It’s the Deep State that imported the migrants.
The migrants are just more of Deep State’s useful idiots.
So genious where then are 11 million illegals housed ?
The reversal of Trump policies have caused inflation and scarcity of energy.
The out of control wasteful spending and especially the covid federal spending by woke Democrat governors like Tampon Tim Walz in providing tampons to male school children. Out of control federal debt.
Allowing Dem cities to be crime ridden without affordable housing while not keeping order with violent protests burn down properties without any hope.
ETC
On top of 20 million illegals, add millions of higher paid H1B immigrants. Then dump Trillions in deficit spending on top.
... "The reason housing costs are so high is straightforward, a lack of supply,"
This economist apparently believes that demand is a separate issue from supply. Economically illiterate.
Jeff Bezos owns 3%.
New Privately Owned Housing Units Authorized by Building Permits in Permit-Issuing Places
2014 1,052,100 2015 1,182,600 2016 1,206,600 2017 1,282,000 2018 1,328,800 2019 1,386,000 2020 1,471,100 2021 1,737,000 2022 1,665,100 2023 1,470,600
The MIC hacks at BI are so frightened Trump will shut down the Uke gravy train that they’ll continue telling lie after Uniparty lie.
(not quite so many, as multiple families can cramp into one home)
Yes, we call it multigenerational housing. The grand parents, the parents, the kids. So three to four families easy. Sometimes even more with other relatives.
of course JD Vance is right- again...
Here in the craphole known as NY the state is offering landlords who own multi-dwelling units and apartment buildings up to $300 a day to house illegals. That means landlords who would usually get $2000 a month for an apartment can now pull in over $9000 a month.
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