- Joined
- Nov 12, 2009
- Messages
- 76,911
- Reaction score
- 17,506
Because people don't want to carry a 23% loan for 30 years to pay off a Lambo.What incentive is there for anyone to make any product affordable? Why can you buy cars for under $50K or eat at a restaurant for less than $100/person?
There's no law stopping people from not building more affordable stuff. Here's the problem facing a place like SLC. Guess what is moving in here? Tech companies which bloats home prices even more and again, prices out the locals.Well, see, if that's true, and it's legal to buy anywhere, someone else can come in and make homes and list it at $480K. There isn't an unlimited supply of people who want to pay $750K to live in the area. You have to at least grant that there's a theoretical amount of housing units that can be built that would cause prices to drop, right? So the question becomes, what would stop that amount from being built? The most common answer to that question is just that it's illegal.
And the way the housing market is now, unless the fucking bubble bursts sometime soon... is you have to offer over asking. So there is NO incentive to lower prices and there won't be unless the bubble bursts. But when the bubble bursts, everyone's money loses value too and puts people like me in a rough situation... again.The incentive to lower prices is competition and willingness of consumers to pay.
I don't think you oppose it. I just think your solution is a joke and doesn't work in practice. It didn't work in Seattle and the town I lived in in Washington and it's not working here in SLC. You can build all you want but when people see the prices new stuff goes for, the older at one time affordable stuff will ALSO go up and price people out.You're acting like I oppose affordable housing, when my point is precisely that I support more construction so that housing costs go down.
