Do you think we will ever have affordable housing again in our lifetime?
Do you think we will ever have affordable housing again in our lifetime?
Considering how crazy expensive accommodations have become the last couple of years, concentrated in the hands of greedy corporations, landlords and how little politicians seem to care about this problem, do you think we will ever experience a real estate market crash that would bring those exorbitant prices back to Earth?
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In a democracy, it usually requires a majority of people to feel the same. Right now, in almost every Western country, most people live in owner-occupied housing. Most people are perfectly happy for prices to keep going up. So they’re fine with high migration and slow building. Slowly, the number of owner-occupied homes is decreasing, but we are decades away from the flip. When it happens, it’s going to be extremely destructive. Generations have and will have been locked out of home ownership. There will be all kinds of punitive taxes on property.
Check Germany, only 49.5% own their houses and the situation is getting steadily worse.
It is getting ridiculously expensive and the majority of the people cannot afford getting a mortgage. In Munich the average sq.m. is between 8 and 15K while the average salary is 3K and the rent for 70sq.m. flat is 1.500€.