The "fuck you got mine" attitude so many homeowners have and deliberate supply restriction to increase property values makes it a smart investment on paper, at the cost of screwing everyone else coming after you.
The restrictions on supply are generally economical. Every day, building gets more expensive; labor and parts both cost more. That is going to cause the average home to cost more, even older ones, as you always have the option to get a new build at current rates or an older one for slightly cheaper.
The "fuck you got mine" attitude so many homeowners have and deliberate supply restriction to increase property values makes it a smart investment on paper, at the cost of screwing everyone else coming after you.
Due to the massive influx of wealth caused by the pandemic. Median adult wealth is made from real estate, not stocks or a golden job.
https://www.pewresearch.org/2023/12/04/the-assets-households...
In fact, I feel everyone should own and anyone with two properties should be taxed heavily.
I'm not sure why it has to be that way. Build more houses.
The problem is “where”.
Building them in random lots in Florida or upstate New York is exactly what builders were doing in the runup to the financial crisis.
Building them in already-dense places is always tricky because of NIMBYism
then it wouldn't be "smartest investment"
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The restrictions on supply are generally economical. Every day, building gets more expensive; labor and parts both cost more. That is going to cause the average home to cost more, even older ones, as you always have the option to get a new build at current rates or an older one for slightly cheaper.