Submitted by McFatty7 t3_11u47qp in technology
Ok-Run5317 t1_jcndq38 wrote
real estate is due to crash next.
Uncertn_Laaife t1_jcnft6t wrote
As it should be. When a common man can’t buy a home where they work, then the market is wrong.
cadium t1_jcnlhz2 wrote
If only congress would outlaw big banks/hedge funds/investors from buying all those properties with cash.
DevAway22314 t1_jcoiz7l wrote
Bigger problem is the overall lack of housing due to rampant overzealous zoning laws. Let people build dense housing, the cost will fall when supply increases
cadium t1_jcphtyt wrote
That's a way to do it. Changing zoning still has issues with NIMBYs fighting against it.
DRUKSTOP t1_jcoz5s8 wrote
No that is the problem. Private companies own a minuscule amount homes in compared to the public. We simply need more supply, and there’s little incentive to build to match the demand.
jeffyoulose t1_jcp3deb wrote
If only someone could crash these big banks / hedge funds to force them to fire sale properties and govt buys them and rent/sells them to people who can't afford homes.
cadium t1_jcphnix wrote
A better idea would be to introduce regulation for big-banks to price property rentals at or slightly below market rents with high fees for keeping properties vacant to drive up the cost of rentals.
They'll quickly realize they're not making as much money as they want and will sell the properties themselves.
Feisty_Perspective63 t1_jcseogs wrote
None of this is going to happen. Things are going to continue as they are like regular
zorg1578 t1_jcr8v66 wrote
I would add. Lower tax for living in, high taxes for holding
yearz t1_jco1kix wrote
This is a narrative you see alot, the fact is the portion of single family homes bought by hedge funds/institutional investors is small. The REAL problem is rampant NIMBYism that chokes supply of new housing
dopefish2112 t1_jco4rj9 wrote
in my area 40%+ of the single family homes are owned by corporations. so no, it is a big fucking problem.
DevAway22314 t1_jcoj230 wrote
The fact the majority of the area is zoned to only allow single family housing is the problem. It artificially constrains supply, thus increasing price
dopefish2112 t1_jcrtuvq wrote
This is true.
[deleted] t1_jcocv14 wrote
[removed]
bluePostItNote t1_jco61b7 wrote
Source?
SevereRunOfFate t1_jco7nof wrote
Found the realtor
cadium t1_jcphym8 wrote
"How much do you tip your landlord?" vibes.
favpetgoat t1_jcp5iho wrote
Por que no los dos??
Low supply of housing = high prices
High prices = people can't buy houses but corporations can
Houses still being bought at high prices = even higher prices
Even higher prices = people still can't buy houses
jeffyoulose t1_jcp3hkn wrote
Let's outlaw zoning laws. Then the problem will be solved.
yearz t1_jcr983v wrote
Houston did and houses are cheap in Houston
up_down_underwater t1_jcocsyh wrote
💯
-20+ real estate pro
yomerol t1_jcowsrj wrote
But that's the problem, someone else is buying those houses, and the market keeps going and will keep going.
As of now in March 2023, the market has slowed down and a bit less expensive, which was why the interest rates were raised. However, is not like houses sit on the market for long. As some other mentioned, there are a bunch of real estate managers buying houses/apartments and renting them, probably to that common man you mentioned.
They would need: to make credits easier for people who can't afford it, idk mark them as high-risk and give them a higher but variable interest rate, and then everyone can buy a house!!! /S (<- just in case people don't know, this is exactly the idea and what caused 2007 crash)
ramobara t1_jco1e0j wrote
The writing was on the wall before the pandemic, which only accelerated the inevitable.
jeffyoulose t1_jcp2wpp wrote
Yes but it's harder to see. Since the real estate crash won't be over night and covered on Twitter
fightin_blue_hens t1_jcpaawp wrote
Commercial real estate. People still need places to live
johnson_alleycat t1_jcp5j8y wrote
Condo prices in San Fran are already down 20%, which is beating the national average drop explained by mortgage rates
wizardstrikes2 t1_jcomhjl wrote
Hasn’t crashed yet. Bought my Arizona house 6 years ago and sold it for a $350,000.00 profit after realtor fees last week. California is a shithole run by shitbags, everyone should move out.
We don’t even vacation there anymore because plastic straws are illegal, been going to Florida instead.
Heartable t1_jcortb5 wrote
Not having plastic straws really kills the vacation huh?
wizardstrikes2 t1_jcos3q7 wrote
Vacation is suppose to be fun and relaxing.
It is very hard to relax when every time you eat you are reminded you are a slave to government greed and corruption.
The ban of plastic straws is the perfect example of government tyranny.
UnsuspectingS1ut t1_jcov93y wrote
Bruh if not having a plastic straw in a restaurant is what you think tyranny is, you must live a pretty soft life
wizardstrikes2 t1_jcowip5 wrote
Tyranny comes in many forms. First it is plastic straws, then it is soda, next it is taking away your right to bear arms, then freedom of speech. Before ya know it you are living in a shit hole country like China
Terrible_Airport_723 t1_jcoxukr wrote
At this rate Florida is closer to outlawing bare arms than CA (at least for women)
wizardstrikes2 t1_jcoy4wg wrote
Florida Weapons and Firearms statute, recognizes that all adult citizens of the state retain their constitutional right to keep and bear firearms for hunting and sporting activities and for defense of self, family, home, and business and as collectibles.
Women are not excluded in the constitution.
Terrible_Airport_723 t1_jcoz37m wrote
Bruh we’re talking about bare arms, not guns. Stay on topic.
wizardstrikes2 t1_jcp05uk wrote
I am on topic it is everyone’s right to bear arms or have bare arms.
Men and women can identify as a man, woman, or even a rock, so everyone has the right to bare arms. Arm Hair is nasty anyways.
CunningCapy t1_jcouhk5 wrote
You okay dude?
You know you can buy your own straws, right?
wizardstrikes2 t1_jcov61r wrote
Why would I buy my own plastic straws? They are free everywhere but California
gurenkagurenda t1_jcyd628 wrote
Sounds like socialism.
gurenkagurenda t1_jcu1717 wrote
Listen, plastic straw bans are silly and performative, but try to get some semblance of a grip.
wizardstrikes2 t1_jcu8s3w wrote
We have a grip. Our entire family (140 of us) go to siesta key Florida instead of San Diego now for vacation every year. We use to rent out the Pacific Terrace hotel. (Amazing people there). Sadly the elected officials have ruined the entire state.
We refuse to support the California socialist agenda where the state only cares about the rich and elites, while shitting on the poors and small business.
gurenkagurenda t1_jcwrf4z wrote
Yeah, that screed has “grip” written all over it.
wizardstrikes2 t1_jcy796u wrote
Most people call it common sense. Hence the mass exodus of both business and residential from the state of California. Sorry man it is a shithole. We moved 4 years ago and have never been more happy:
gurenkagurenda t1_jcyd0ec wrote
Weird how your link doesn’t mention the plastic straws.
wizardstrikes2 t1_jcydbx9 wrote
Not really. The plastic straw ban is the least of Californias problems. However It was the straw that broke the camels back for us.
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