this post was submitted on 01 Apr 2024
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This is the key problem of the housing market. For generations we've been told the only way to wealth is home ownership - so nobody will ever support more housing because you don't live in a house, or a neighborhood, you live in an investment and you've put all your retirement eggs into this single investment instead of diversifying. So, if new housing pushes value down you don't see "Hey new neighbors" you see "there goes my retirement."
Now, of course, institutional investors are involved and we're just all fucked.
Institutional investors should not be permitted to buy residencial properties.
(Well, I would say that they should not be permitted to exists, but we are not there yet.)