No, failing to build enough housing and apartments over the last 30 years made homes unaffordable. Software developers were just lucky enough to be making above average income, enough to afford a house even while prices rose.
Which is crazy. Where I live, even upper-middle class can't afford a house, so what is going on? Who is actually participating in the market to keep prices so high, and who ultimately benefits from all this imaginary value on non-productive asset speculation?
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No, failing to build enough housing and apartments over the last 30 years made homes unaffordable. Software developers were just lucky enough to be making above average income, enough to afford a house even while prices rose.
We have plenty of homes to go around. They're just not affordable.
Not anymore.
Which is crazy. Where I live, even upper-middle class can't afford a house, so what is going on? Who is actually participating in the market to keep prices so high, and who ultimately benefits from all this imaginary value on non-productive asset speculation?
No one mentions it but the problem is immigration. It pushed the demand curve too high.
No one mentions it because it's ridiculous.
While we are at this.. the real reason is that we have too many kids.
The U.S. is really big, if housing was built there wouldn't be a problem
Not all land is equally valuable. People need access to water and food. There's a reason why every big city is located next to a river.