Comment on @jack_toohey on why the housing crisis is not caused by migration

• glimse@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  What do you think “property” is in this context?

  They are buying homes and not renting them out. Holding them as an investment and/or making money off them on Airbnb.

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  • null_dot@lemmy.dbzer0.com ⁨3⁩ ⁨weeks⁩ ago

    Why would you buy a home and not rent it out?

    AirBnB isn’t helping but it’s well established that it’s not a significant driver of the problem.

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    • Steve@startrek.website ⁨3⁩ ⁨weeks⁩ ago

      If its just a speculative asset to be traded back and forth you dont want the extra hassle of managing renters.

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      • null_dot@lemmy.dbzer0.com ⁨3⁩ ⁨weeks⁩ ago

        Houses aren’t a speculative asset like shares or gold. They take time and effort to sell, and it’s costly.

        Point is, you wouldn’t intend to sell in less than several years. Rent might be $50k a year. No investor is leaving that on the table.

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    • glimse@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      What generally happens to prices when there’s a high demand and a low supply

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      • null_dot@lemmy.dbzer0.com ⁨3⁩ ⁨weeks⁩ ago

        That would only work if you owned every house.

        Like if you buy a house, why would you forego the rent income just so everyone else’s rent increases?

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    • Nalivai@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      Why do they get all the money and not buy anything with it? Billionaires are horders, they don’t use what they hoard.

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      • null_dot@lemmy.dbzer0.com ⁨3⁩ ⁨weeks⁩ ago

        Billionaires dont leave their billions sitting in a bank. Of course they buy things with it.

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