America’s Housing Crisis Is A Ticking Time Bomb

[Irish Exit]

Oh, I don't care about the place either. I was just offering an alternative to sending them down here and screwing up our state, as was suggested.

You just happen to have the lowest cost of living where the purchasing power of a dollar is highest in the US. People just do not appreciate what a difference it can make in the quality of life. I moved from the wealthiest area of my state, which was one of the wealthiest areas in the country, to one of the poorest areas, and my quality of life improved tenfold. Other than having no local airline service, it pretty much rocks to be able to pay all my bills, never have to worry about being able to afford food, and having lots of land to play around on with significantly less time dedicated to slaving for the man/sitting in traffic/dealing with massive crowds from doorway to doorway. Much more efficient lifestyle.

 

[cawacko]

Again that is a free market problem. The same politicians could have taken all the money they are spending on bloated salaries and pensions in California, for instance, and built public or quasi-public owned housing units, but there wasn't the political upside for them. Hate to tell you, but $15 minimum wage is going to make the housing problem worse, not better. It drives up rents. Rent control drives down the quality of housing so you end up with a stratified population of have a lots and people living in slums. The only solution is to stop people from coming/encouraging people to leave or government housing projects.

I'll offer a personal story which I believe is very relevant and one that has played out over and over in big coastal cities across the country. Just over a decade ago my firm funded a large residential tower at the base of the Bay Bridge. I spoke at the SF Planning Commission and Board of Supervisors meetings while trying to get approval. Mind you SF was in the mist of a housing crisis even back then so we were meeting what the market needed with our project. Long story short we barely got approval. It was mind numbing how many hoops we had to jump through and how many payoffs we had to make. That was not the free market at work. And our experience was not unique.

And this is happening in places like LA, Portland, Seattle, Boston etc. The demand for the housing is there but even those politicians who say we need more housing fight against new development.

 

[Irish Exit]

I'll offer a personal story which I believe is very relevant and one that has played out over and over in big coastal cities across the country. Just over a decade ago my firm funded a large residential tower at the base of the Bay Bridge. I spoke at the SF Planning Commission and Board of Supervisors meetings while trying to get approval. Mind you SF was in the mist of a housing crisis even back then so we were meeting what the market needed with our project. Long story short we barely got approval. It was mind numbing how many hoops we had to jump through and how many payoffs we had to make. That was not the free market at work. And our experience was not unique.

And this is happening in places like LA, Portland, Seattle, Boston etc. The demand for the housing is there but even those politicians who say we need more housing fight against new development.

And was this residential tower high end or low end housing? My guess is the former.

 

[Nomad]

You just happen to have the lowest cost of living where the purchasing power of a dollar is highest in the US. People just do not appreciate what a difference it can make in the quality of life. I moved from the wealthiest area of my state, which was one of the wealthiest areas in the country, to one of the poorest areas, and my quality of life improved tenfold. Other than having no local airline service, it pretty much rocks to be able to pay all my bills, never have to worry about being able to afford food, and having lots of land to play around on with significantly less time dedicated to slaving for the man/sitting in traffic/dealing with massive crowds from doorway to doorway. Much more efficient lifestyle.

Can't argue with any of that.

 

[Nomad]

I'll offer a personal story which I believe is very relevant and one that has played out over and over in big coastal cities across the country. Just over a decade ago my firm funded a large residential tower at the base of the Bay Bridge. I spoke at the SF Planning Commission and Board of Supervisors meetings while trying to get approval. Mind you SF was in the mist of a housing crisis even back then so we were meeting what the market needed with our project. Long story short we barely got approval. It was mind numbing how many hoops we had to jump through and how many payoffs we had to make. That was not the free market at work. And our experience was not unique.

And this is happening in places like LA, Portland, Seattle, Boston etc. The demand for the housing is there but even those politicians who say we need more housing fight against new development.

Well, you have to be careful about over development as well.

If you let them, developers will just go wild, make their money and run away with no concern whatsoever as to whether or not the development is successful. Then the local govt will be left with the headaches of maintaining the infrastructure, providing police and fire protection, etc, etc.

Two sides to every coin.

 

[Truth Detector]

The tweet I read before this article said this:

"The housing crisis is the ticking time bomb at the heart of the American economy, wiping out savings, increasing inequality and reducing the ability of workers to weather the next recession...now, finally, it is impossible to ignore."

Working in the industry makes me biased but I am surprised this issue doesn't get discussed more as it affects everyone as we all need a place to live. And for most people a home is the largest purchase they will make in their life.

When you read something that starts with this; By nearly every measure, the American housing sector is broken. For decades, city, state and federal policies have contributed to rising rents, falling subsidies and the systematic shift of homeownership to older, richer and whiter Americans; you know you are reading BULLSHIT.

The only "crisis" we have in this country is the crisis of leadership from the morons on the left and the Democratic Party of the Jackass. The idea that we need subsidies or rent control measures to make housing affordable has been proven a disaster on numerous occasions in the past and present.

But as is typical with a party bereft of any ideas other than how to expand their power and influence, they offer the same BS over and over again pretending that This time, the outcome will be different.

It is truly the definition of retarded.

 

[katzgar]

Mississippi has the lowest cost of living so maybe all the people living in mom's basement should be relocated to that fine state.

actually flyover in general is cheap.

 

[TTQ64]

Most of these houses on the market are over inflated on the price and when the crash comes, people who purchased them will themselves underwater! And the rents are to damn high too!

https://www.msn.com/en-us/money/mar...sts-could-unify-america/ar-AAyTSQb?li=BBnbfcN

We can thank decades of corrupt real estate mongrals like dump. It's people like him and his corporation that has driven the market crazy.

 

[Airstrip One]

Fuck that.

We've got more than enough stinking, obnoxious northern assholes down here as it is.

Worse yet, building new housing for them requires destroying more and more of our fragile environment and paving over land that absorbs water and recharges the aquifer. It also results in loss of habitat for wildlife. Even worse, is the already dwindling groundwater supply that most of these idiots waste watering their lawns in an effort to keep them looking like putting greens.

Please keep your nasty fellow northerners in your own northern shithole states, thank you.

Fuck you, prole. We go wherever we want, because we own your dumb asses. You are our serfs!

 

[Nomad]

Fuck you, prole. We go wherever we want, because we own your dumb asses. You are our serfs!

Oh, is that why you cottage cheesy looking twerps flock down here in droves, begging us to accept you and paying our hotels and theme parks thousands of dollars for a few days stay?

If anyone owns anyone, it's we who own you. Because of the billions in tourist taxes you idiots fork over and leave behind when you go back home to your shit holes, we don't have to pay state income taxes!!!



So suck on that, BITCH.

 

[cawacko]

And was this residential tower high end or low end housing? My guess is the former.

High end. You can't build "affordable" housing without massive subsidies because it doesn't pencil out. But a lot of older product today was considered high end during its time. The issue is the amount of supply, or lack thereof in this case.

 

[cawacko]

Well, you have to be careful about over development as well.

If you let them, developers will just go wild, make their money and run away with no concern whatsoever as to whether or not the development is successful. Then the local govt will be left with the headaches of maintaining the infrastructure, providing police and fire protection, etc, etc.

Two sides to every coin.

Major coastal cities are so far from overdevelopment it's not even a possibility. When you have to earn $333K/yr, which is higher than the average home costs in America, just to afford the medium home price something is out of whack. During the housing bubbles of the aughts there was overbuilding in poor markets. That's a problem. The issue is lack of housing supply in major urban areas. It's having an effect on our economy as well as all that the article in the OP lays out. It would be almost impossible, even if all rules were set aside, to overbuild in places like SF, LA, Portland, Seattle, Boston and NY.

 

[Airstrip One]

Oh, is that why you cottage cheesy looking twerps flock down here in droves, begging us to accept you and paying our hotels and theme parks thousands of dollars for a few days stay?

If anyone owns anyone, it's we who own you. Because of the billions in tourist taxes you idiots fork over and leave behind when you go back home to your shit holes, we don't have to pay state income taxes!!!



So suck on that, BITCH.

I prefer California theme parks, myself. But Florida's are among the few reasons to ever venture south. You are proud of being a tourist attraction, like paid monkeys? Good.

 

[Nomad]

Major coastal cities are so far from overdevelopment it's not even a possibility. When you have to earn $333K/yr, which is higher than the average home costs in America, just to afford the medium home price something is out of whack. During the housing bubbles of the aughts there was overbuilding in poor markets. That's a problem. The issue is lack of housing supply in major urban areas. It's having an effect on our economy as well as all that the article in the OP lays out. It would be almost impossible, even if all rules were set aside, to overbuild in places like SF, LA, Portland, Seattle, Boston and NY.

Well, since housing prices are mostly a function of market forces and will be what they will be, the only answer is upgrading mass transit between large urban centers and outlying areas to give commuters an alternative to driving their cars, clogging the highways and creating traffic nightmares, not to mention spending all their money on gas.

If people who can't afford to live in the cities can't can't afford to live there, they'll just have to make adjustments like living farther out in the burbs. Life ain't perfect.

 

[cawacko]

Well, since housing prices are mostly a function of market forces and will be what they will be, the only answer is upgrading mass transit between large urban centers and outlying areas to give commuters an alternative to driving their cars, clogging the highways and creating traffic nightmares, not to mention spending all their money on gas.

If people who can't afford to live in the cities can't can't afford to live there, they'll just have to make adjustments like living farther out in the burbs. Life ain't perfect.

That's the whole point, it's not a function of market prices when current homeowners conspire with elected officials to prevent/stall new development.

 

[Guno צְבִי]

When you read something that starts with this; By nearly every measure, the American housing sector is broken. For decades, city, state and federal policies have contributed to rising rents, falling subsidies and the systematic shift of homeownership to older, richer and whiter Americans; you know you are reading BULLSHIT.

The only "crisis" we have in this country is the crisis of leadership from the morons on the left and the Democratic Party of the Jackass. The idea that we need subsidies or rent control measures to make housing affordable has been proven a disaster on numerous occasions in the past and present.

But as is typical with a party bereft of any ideas other than how to expand their power and influence, they offer the same BS over and over again pretending that This time, the outcome will be different.

It is truly the definition of retarded.

There will be more housing available from the old crackas dying off

 

[Nomad]

I prefer California theme parks, myself. But Florida's are among the few reasons to ever venture south. You are proud of being a tourist attraction, like paid monkeys? Good.

Doesn't affect me one way or the other, because I don't work in or visit them.

I enjoy knowing that I and my fellow residents of our state benefit so richly from your money, though.

Thanks.

And speaking of California and a land of "paid monkeys"....

 

[Billy the Great Khan]

Mississippi has the lowest cost of living so maybe all the people living in mom's basement should be relocated to that fine state.

Only through death may the sins of your generation be cleansed.

 

[Nomad]

That's the whole point, it's not a function of market prices when current homeowners conspire with elected officials to prevent/stall new development.

In the places you're talking about, even without all the hoops and hurdles, and an increase in supply, I doubt the purchase prices would be significantly lower.

Land prices, labor and material costs, etc, etc all play the biggest role.

 

[Billy the Great Khan]

Matlockistan will be your final resting place Boomer.