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President Biden worries about high housing costs. So do Republicans in Congress. The consensus reflects a major problem: Tens of millions of families, across red and blue states, struggle with rent and home prices. The reason is a longstanding housing shortage whose problem goes back further.
But action in Washington won’t make a huge difference. America’s affordable housing crisis is likely to be solved in cities and states…but only after much time and struggle
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The housing market in America has long been a topic of discussion and debate, with many people struggling to find affordable and suitable housing. However, in recent years, the issue has escalated to the point where it seems that no one can buy a house in America. The housing crisis of 2024 has left many Americans feeling hopeless and frustrated as they struggle to find a place to call home.
One of the main reasons why no one can buy a house in America is the skyrocketing prices of homes. In recent years, housing prices have been on the rise, making it increasingly difficult for the average person to afford a home. This has been exacerbated by the lack of affordable housing options, as developers continue to focus on building high-end luxury properties rather than affordable housing for those in need.
Another factor contributing to the housing crisis is the lack of inventory on the market. With fewer homes available for sale, competition is fierce and prices are driven even higher. This has led to bidding wars and cash offers becoming more common, making it nearly impossible for the average person to compete.
Additionally, wages have not kept pace with the rising cost of housing. Many Americans simply cannot afford to buy a home with their current salaries, leading to a cycle of renting and struggling to make ends meet.
The pandemic has also played a role in the housing crisis, with many people finding themselves out of work or struggling financially due to the economic impact of COVID-19. This has made it even more difficult for people to save for a down payment or qualify for a mortgage, further complicating the process of buying a home.
In light of these challenges, many are calling for solutions to the housing crisis in America. This includes calls for affordable housing initiatives, increased government intervention in the housing market, and measures to increase wages and provide financial support for those struggling to afford a home.
Ultimately, the housing crisis of 2024 has left many Americans feeling trapped and unable to achieve the dream of homeownership. Without significant changes to the housing market and increased support for those in need, it seems that no one will be able to buy a house in America anytime soon.
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This could be solved at a federal level by disallowing any business or corporation from owning more than one single family home. I'm allowing for one because I know people use corporations to protect homes from being taken in lawsuits, apparently, and a limit of one still prevents corporations from mass purchasing homes. "Well, what about home builders?" A carved out definition could be made allowing them to have newly constructed homes which have never been owned by an individual available for sale.
Also, only citizens can buy them
At this point it wouldn't matter who the president is. Regardless of how you feel about CV-19 it was a major event that impacted the who world. The economy was going to have a temporary, or quite possibly long-term response. In one sense it helped our economy by making some industries trillions of dollars and keeping stock prices high. On the flip side prices and interest rates went way up, but wages did not keep up. By the fall we will not have a shortage of any kind, but the prices will not reflect that. In the US an individual politician can't really stop these companies and billionaires from ripping us off in most cases. We need to focus on getting people back on the right track and that starts with us forcing them to stop acting like toddlers and do their job.
Check Case-Shiller index, things are about to deflate.
If prices start falling, you will never hear about it on local stations.
The best explaination of this on youtube peehaps
To sum it up, no this is not 2008 the companies are fine and doing great we are just poorer, f'ed by this more then we would of been in 2008 and will continue to be for years if not decades if not this being the new standard
You did a good job breaking things down. One thing you didn’t touch on that I find relevant. Is the size/space in expectations of younger generations compared to previous generations (really through most of history if we want to look at that), the size and luxury features of the average home has ballooned in the last few decades and that obviously has to come at a increased price tag that can’t be got around. also the other spending habits of those struggling with housing costs (but that might be getting much too economic detailed).
Cities are too big as it is. We'd be better of living in towns with a couple 100 people at most
You can build as much as you want, Joe, but as long as that building is going to be sprawling the cities out, it's not going to solve anything. American cities need to start building up, not out, and allowing businesses on the ground floor, without minimum parking requirements or minimum setbacks, or maximum lot coverage restrictions.
Job crisis, housing crisis, is there anything not on fire in this bitch of a country…?