Housing is an inelastic good - supply doesn’t mean shit, because demand isn’t going to drop. You can’t just say “Well, rent went up beyond what I’m comfortable paying, I’m not going to live under a roof.” No, you’ll keep paying until rent is greater than your income.
You forgot to mention factors cited in the article like home construction and home inventory rising, mortgage rates dropping etc.
So no, it does not “exactly support” the OP’s Savage Lust diatribe.
*a search indeed shows there are individual real estate agents named Savage and Lust, but no Savage Lust Realty unless they decide to join forces.
As I stated, and you quoted - it’s been getting worse, but it’s showing signs it might be getting better. Doesn’t exactly refute the point of the rant (working-class families are struggling to get by, let alone buy a house), does it?
Housing isn’t a matter or either / or. When prices rise, consumers will adjust by moving into smaller houses, or lower quality houses, or taking on roommates…
And if the supply of housing increases, then the suppliers of housing will compete with one another, and the price will fall. The issue is that we don’t allow the supply to increase, because NIMBY.
And when that’s not affordable anymore?
Such selective cherry-picking from the article is rather dishonest, don’t you think?
What about that article doesn’t say it’s been terrible, but there are indicators it won’t be? Can you provide them?
For whom? They’ll always be affordable for somebody if they’re occupied. If they are truly affordable for nobody then the prices drop until somebody buys. It’s econ 101.
The point of the article is that there are signs the housing market is easing, as already mentioned.
It’s deceitful to claim that it reinforces the apocalyptic tone of the OP.
Enough already.
The housing market is easing? From what? Do I have to quote it again?
The OP is an exaggerated “things are fucking shitty”. Your article states “things are fucking shitty, but it looks like they’re getting better.” Again, where’s the cherrypicking or disagreement?
For a small number of unfortunate people at the bottom of the scale, they may end up homeless. Homelessness is a complex topic, and touches on issues like mental illness and substance abuse as well as economics. But, yes, some people are priced out of housing.
Supply and demand ultimately sets the price. So I don’t see how “corruption” enters into it.
I agree that young people are having problems finding affordable housing nowadays. Our home doubled in value in 8 years.
When we were talking about moving, my husband looked into the Buy Your Home Now market and they were only willing to pay less than 75% of market value.
We thought that was a bad deal so put it for sale at market value and it sold for full price 5 days later. I really don’t think that the BYHN people are the issue.
I think that the main issue is that we have run out of land close to the things people need. And people keep making more people.
Our last home was at least a 30 minute drive to the closest grocery store, twenty miles to the nearest elementary school and didn’t even have a bar or booze store. It was also in a small community mostly populated by retired seniors and snowbirds living in metal single wide trailers.
The seniors started dying out and their kids moved in and started making more people. Now their little homes are too small and they can’t afford anything better because children are expensive so the next generation will be sleeping on the floor.
Mostly they can’t afford anything better because the drive to town for work is an issue and buying food at a grocery store instead of the C-store involves driving to town.
If sellers were colluding somehow to ensure prices stayed high then I could see it then. You hardly need that though.