That is part of the reason…
Housing is going up because we havent been building shit in the last 10-15 years.
Since 1970, we built 10-15M houses per decade but that dipped for the first time in 2015 and halved by 2019 and by 2030 we are on track to build less than 10M houses in this current decade if we continue the same trajectory. Wait let me rephrase that, may be less than 5M which if nothing gets adjusted. This is the major reason.
True: Corporations have been buying up the supply establishing a monopoly in the market but we haven’t been building shit far below the rate against the previous decades. There ain’t enough supply for sale, that’s what’s really driving the prices.
I disagree.
NEW builds are going up EVERY fucking where... even in DETROIT.
They are starting to build multifamily units using containers now.
I have been kicking around in the real estate market fo a while, bought two houses, paid cash, one in the D, the other in the Pointes.
My 2 fam cost $75k about 8 years ago. I sold it for more than double less than 4 years later. 4 years after that...well just go to realtor.com and look for multifamily houses in 48230.
My first house, in Detroit, I bought for less the 15k. That was 2008-9...during the housing collapse.
I personally SAW a chartered bus, full of Japanese entreprenuers, stop on my street on the east side, and go roaming around the neighborhood looking for deals.
I sold my house to a guy from Europe. He literally flew in and bought 6 houses in Detroit, one of them mine. Houses, buildings ...all that shit was going LITERALLY for pennies on a dollar.
The agent for the buyer of my Detroit house told me "you are about to witness the biggest land grab in American history, since the genocide of the native population" (I am paraphrasing.)
I had NO IDEA WTF he was talking about.
Now I know.