Meanwhile, when looking at incomes and housing supply from 2000 to 2020, there was no relationship. The reason may be that when U.S. households become wealthier, they prefer renovating homes, relocating to nicer locations, or finding some other way to improve their housing quality—rather than buying additional homes.

Honestly took me reading the article 3 times to discover just how silly this paragraph is.

It completely ignores the number 1 reason why a rich person might buy additional homes. Not to live in, but to rent out. As a consequence, rich people buying multiple houses barely effects "demand" since every house additional house bought just moves it to the rental market.

This is so obvious that it feels silly to write down.

[–] sewer_rat_420@hexbear.net 11 points 1 month ago

They are writing for people that have 2 or 3 vacation homes that do actually sit empty.

They are baffled that the "upper middle class" would rather do a sensible addition to their home or maybe add some nice landscaping rather then save for a beachfront home in maui.