this post was submitted on 28 Aug 2023
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Housing will never be affordable as long as it's treated like an investment.
The government could solve the housing crisis, and then they'd have to deal with the crisis of elderly citizens who were counting on selling their homes for 2 million dollars to fund their lifestyle in retirement.
They're going to pay a lot of lip service towards building housing these next 20 years without actually doing anything, because doing something would negatively impact property values.
Owning a home IS an investment. Renting is not.
Nobody would want to own a home if they didn't get some kind of return on investment when it came time to scale down/retire/put it in your will, etc.
"Affordable housing" should really be "affordable renting".
EDIT: if you're going to downvote, at least explain why. This is the reality of the housing/rental market we all live in. Don't shoot the messenger.
Do you get a return on investment directly in merely owning a car? No, of course not. People still buy cars. (To avoid confusion: cars open other economic opportunities, but just sitting on a car by itself is not an investment.)
On the other hand, if cars did become an investment, people would hoard cars and they would be less affordable for people who actually use cars productively. High real estate prices are similarly hurting the economy.
Great analogy with cars, I'm definitely going to steal that one.