Ca you imagine people's reactions if gas prices dropped 10%? Or if food prices fell 10%? Or car/university prices fell 10%? Society functions best when it actively tries to minimize cost of living. Unfortunately we have created an political-economic system where half the population is incentivized to push housing costs as high as possible, or at least prevent it from falling, because it will enhance their personal wealth.
I hope for my childrens' sakes that there will be a massive boom in medium/high density housing construction over the next few decades, that brings house prices and rents to all-time lows. But this will never happen because homeowner-voters will never allow their personal nest egg to be threatened.
I hope for my childrens' sakes that there will be a massive boom in medium/high density housing construction over the next few decades, that brings house prices and rents to all-time lows. But this will never happen because homeowner-voters will never allow their personal nest egg to be threatened.