IANAE but if housing prices are too high, and no one can afford to live in them, at what point or timescale does the price lower to meet demand ability? Clearly there are places to live in, but the prices have become so high that on one can afford them, so that means they sit empty. I would hate for a rental property to sit empty month after month. Is it greed that keeps landlords and companies hanging on to the higher prices, or is there some other dynamic I'm missing?
I guess the better question now that I've written all that is this: When does competition kick in?
I guess the better question now that I've written all that is this: When does competition kick in?