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American Housing Crisis Might Be Our Next Big Political Issue

By Patrick following x   2018 May 17, 5:35pm 904 views   2 comments   watch   nsfw   quote     share    


https://www.citylab.com/equity/2018/05/is-housing-americas-next-big-political-issue/560378/

The nonprofit smart growth advocacy group Up For Growth has the data to at least partially explain why the nation has strayed so far from that goal. Founded by executives from the real-estate company Holland Partner Group, Up For Growth introduced itself in April with a report called “Housing Underproduction in the U.S.” Between 2000 and 2015, the report finds, the U.S. produced 7.3 million fewer homes than it needed to to keep up with demand and population growth. Out of the 23 states that under-produced, the worst culprit, unsurprisingly, was California, with a shortage of 3.4 million homes. But some low-cost states like Idaho and Michigan under-produced, too.


1   APOCALYPSEFUCKisShostikovitch   ignore (38)   2018 May 17, 6:34pm   ↑ like (3)   ↓ dislike (0)   quote   flag        

The problem is really artificially high interest rates and confiscatory taxes against patriotic noble flippers who deserve all of the 10x they should get for holding onto a shack for a month.
2   Strategist   ignore (2)   2018 May 17, 7:35pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Patrick says


We need 1.5 million new housing units every year. We are currently building 1.3 million housing units. Even if we could miraculously double the housing units built to 2.6 million, it would still take 7 years to catch up.
Folks, this is exactly why home prices will continue to increase in the next 5 to 10 years. The rate of increase may slow down once we build 1.5 million + units per year, but increase they will.
As California has half the shortage of the 7.3 million shortage nationally, price increases in this state will way outperform the rest of the country.
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History will show the greatest real estate buying opportunity in the 21st century was right after "Great Recession of 2008" Somewhere around 2010.

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