I’ve got half a dozen units on my block that are selling above the clearing price. They’ve been vacant for years. This is speculative real estate. The only people who can afford it are the developers and investors looking to accumulate housing stock on the gamble that someone will be able to pay the markup at some point in the future.
We just had a major rental catrelization scandal, by which landlords collaborated to keep vacant units prices above the clearing rate to deny their tenants anywhere cheaper to move.
I’ve got half a dozen units on my block that are selling above the clearing price. They’ve been vacant for years. This is speculative real estate. The only people who can afford it are the developers and investors looking to accumulate housing stock on the gamble that someone will be able to pay the markup at some point in the future.
We’re talking about rentals, dude. If the families could afford to buy, they wouldn’t need to pay rent.
We just had a major rental catrelization scandal, by which landlords collaborated to keep vacant units prices above the clearing rate to deny their tenants anywhere cheaper to move.