Comment on So many expensive homes

<- View Parent
NielsBohron@lemmy.world ⁨1⁩ ⁨year⁩ ago

I have a very specific viewpoint on this issue, as I live in a vacation destination. Various investors are buying up every property that comes up for sale in my community (large corporations, small companies, wealthy individuals looking for vacation homes, etc.)

Every single property that gets bought, gets registered or otherwise improved to the point that there’s no chance in hell anyone living and working in the community full-time can afford to buy, unless they bought their first property before 2016. Since then, home ownership among my colleagues has become a pipe dream (and without giving away too many personal details, let me just say my colleagues and I are well-educated professionals making way above the median income for jobs in the area).

As I type this out, I’m listening to a million-dollar house being built in the lot behind me (which will almost certainly sit vacant >80% of the time), a shit rental being turned over next door (which charges $3k/mo for a 3/1.5), and two short-term vacation rentals partying across the street (which usually charge $300-$400/night).

Regardless of who it is, investors buying up housing is a huge problem for people that are trying to own their own home, especially first-time buyers.

source
Sort:hotnewtop