people don't buy "housing." They buy views, they buy location, they buy neighborhood character. There are perfectly good houses in Nebraska---yet people aren't swarming to Nebraska. It's not because there's anything wrong with the housing.
This is the point the "just build more supply" folks never mention. Close to markets, water, aesthetically pleading single family houses on land. Like there's a reason housing crisis only happens in popular cities, because well, they're popular for a reason. Also people shit on zoning laws (yes they could be better), but I'm sure they dont want to live in hong kong style back to back concrete mega apartments with no parks
It's mostly due to absurdly difficult to get permits.
A benefactor decided to solve the housing crisis, created a development company. Gave up 2 years later. Stating the legal burden to get permits was the biggest financial obstacle. We are ready to build from the start, 2 years later we still couldn't build and spend most of our capital in lawyers in hope to get any approval.
people don't buy "housing." They buy views, they buy location, they buy neighborhood character. There are perfectly good houses in Nebraska---yet people aren't swarming to Nebraska. It's not because there's anything wrong with the housing.
This is the point the "just build more supply" folks never mention. Close to markets, water, aesthetically pleading single family houses on land. Like there's a reason housing crisis only happens in popular cities, because well, they're popular for a reason. Also people shit on zoning laws (yes they could be better), but I'm sure they dont want to live in hong kong style back to back concrete mega apartments with no parks
Yes but it also has a pretty long lead time so continued mass immigration always drives up the price. It's true of most hard infrastructure.
It's mostly due to absurdly difficult to get permits.
A benefactor decided to solve the housing crisis, created a development company. Gave up 2 years later. Stating the legal burden to get permits was the biggest financial obstacle. We are ready to build from the start, 2 years later we still couldn't build and spend most of our capital in lawyers in hope to get any approval.
Which makes cutting back on immigration a short term solution.
Population growth is driven largely by immigration though.
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I mean, if the goal is fewer people, then there are many many nefarious ways to achieve that.
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Housing (in a given area) is a finite resource and not building more housing (in a given area) is a choice.