Quote:
Originally Posted by Cecil Terwilliger
This is the correct answer. Immigration has had zero effect on home prices. It’s conservative fear mongering. You could reduce immigration to zero and home prices wouldn’t move one iota.
Home prices skyrocketing is due to interest rates, foreign buyers, domestic investors (both individuals and corporate), rampant fraud, and a crooked real estate industry/commission/bidding system. Even the entire system of how people apply for and are approved for mortgages is stacked against first time buyers and is set up to give huge advantages to existing owners/landlords buying rental properties.
The system is broken and it’s not gonna get any better anytime soon. I laugh when I hear people complain about homelessness and tent cities. Those numbers are gonna increase exponentially as rent and home prices rise. We’re also going to see low income housing explode.
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I disagree.
If you work in the housing market you realize quickly that there is a big actual shortage of homes being build. NIMBYism, labor shortages, material shortages, zoning stupidity, etc, etc contribute to this because we can't build efficiently enough, but there is absolutely an actual housing shortage.
At this point there needs to be a comprehensive plan to find a way to build houses quicker and more efficiently. For starters we need hundreds of thousands of more skilled workers to fill the gap up and down the line.