Simon Says wrote on Jun 26, 2022, 02:40:
There's no "shortage" in the US, not when there are 16 million vacant homes.
The shortage in the U.S. is a shortage of affordable homes, not a shortage of homes in general. There's also the issue that you could have 1,000 unsold open and ready to go homes in bumfuck Iowa and it wouldn't mean anything to a housing shortage that existed in places people actually want to move to (which is basically what that article says without outright saying it).
Around where I live, there's plenty of land to buy if you want to build...but the price of building materials skyrocketed and the wait to get someone to build for you is multiple years even in best-case scenarios right now. There are houses to buy that are sitting empty because they aren't selling; if you can afford houses that are going for 2-3x the average price of homes in the area or more. You can find a number of places here in the $400k-500k range, newly built homes in new neighborhoods all owned by the same company or companies, but I live in a dumpy rural town 30 miles from anywhere where the average price of a home is more like $120k. The people who would actually buy houses here can't afford to move here because of it, and existing homeowners here can't afford to move out because you can try and get the $20-30k more they say your house is worth right now than it was when you got it... but you can't find a house to move to
with that amount of money.
There's the added bonus that my property taxes are figured this year as if my house value jumped by $25k, even though I can't sell it and move anyway. On the bright side, I'm sure our wonderful inbred city leaders will waste that on a nice new football field instead of replacing school text books from the 80's like they do every other time they get an influx of cash.