The current housing market in a nutshellSubmitted by LopsidedWafer3269 t3_10cyrrv in massachusetts
CopiumAddiction t1_j4lxj8i wrote
Reply to comment by [deleted] in The current housing market in a nutshell by LopsidedWafer3269
The supply keeps going down because real estate companies are purchasing more and more of the available homes.
[deleted] t1_j4m3zll wrote
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CopiumAddiction t1_j4m4fdo wrote
They don't sit empty, they sit rented.
>These companies are doing nothing more than taking advantage of the supply shortage.
Which is exactly why we need more regulation to stop encouraging housing as a commodity.
[deleted] t1_j4m4voo wrote
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CopiumAddiction t1_j4m6xfk wrote
Since 2019 the population has increased by roughly a 1/10 of a percent, yet property values are more than double? There are more than enough homes/apartments in Massachusetts.
>Are you suggesting that I, as a homeowner, should be capped on how much I can sell my home for?
I am suggesting making it illegal to own more than a set number of properties that exist for profit in Massachusetts. If you don't explicitly live in the building it counts towards that number. Those people/companies that own more than that number would have a set amount of time to unload their properties before being fined. I also want a complete ban on any foreign company owning property that they do no reside in.
[deleted] t1_j4m7b47 wrote
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CopiumAddiction t1_j4m85j5 wrote
They just built 10 giant apartment complexes in downtown Beverly. Since then, rent has at least doubled. Most of those apartments sit empty but they are all owned by the same company so they can just charge whatever they want.
If 5 companies build a million apartments they still will control the cost of housing, regardless of supply and demand. Which, ironically is the problem with oil as well.
It's time for housing to no longer be a commodity.
[deleted] t1_j4m8yav wrote
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CopiumAddiction t1_j4mee4h wrote
On Rantoul st you have: the Flats at 131, link 480, Beverly crossing, station 101, Holmes Beverly, canvas apartments, enterprise apartments, and Sedna all built within 1000 yards of each other in the last 10 years, half of them within the last 3. In 2019 I lived in a 1 BR for $1300. They now rent that same unit out for $2000. Every single one of those buildings have vacancy, just check their websites.
In 2015 (before any of these went up) average rent for a 2br was $1250 a month. As of right now a 2 br is around $2800 a month.
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