When said housing is being bought by VCs and companies, then to be rented back to people in the community for 50% more than purchase, yeah it's not going to do much at all.
I've watched my 2 local communities go through this right now. House 10y ago was under 100k. Now is bought by rental firm, and only rented at $2000/mo
And it's also more terrible, that things like the student loan crisis also hits credit, therefore also affecting home ownership. And regardless of paying rental stabily for 5y doesn't matter to a bank and mortgage.
The boomers and older never had to deal with "credit". They did have to prove income. Now, we suffer under 10x worse.
There's so many problems, and they're all tightly intertwined. The result is that simple supply isn't the only fix. Punishing companies for making homes into rentals with exponentiating taxes would help. Requiring banks to accept proof of rental as proof of payment burden would also help. So would reducing/eliminating zoning.
But none of these are palatable to 'The American People' (aka the rich).
Ready Player One talked about 'The Stacks'. And more and more, that seems like what our country is turning towards with our decline.
I've watched my 2 local communities go through this right now. House 10y ago was under 100k. Now is bought by rental firm, and only rented at $2000/mo
And it's also more terrible, that things like the student loan crisis also hits credit, therefore also affecting home ownership. And regardless of paying rental stabily for 5y doesn't matter to a bank and mortgage.
The boomers and older never had to deal with "credit". They did have to prove income. Now, we suffer under 10x worse.
There's so many problems, and they're all tightly intertwined. The result is that simple supply isn't the only fix. Punishing companies for making homes into rentals with exponentiating taxes would help. Requiring banks to accept proof of rental as proof of payment burden would also help. So would reducing/eliminating zoning.
But none of these are palatable to 'The American People' (aka the rich).
Ready Player One talked about 'The Stacks'. And more and more, that seems like what our country is turning towards with our decline.