5 reasons why there ISN’T a housing shortage

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Housing is a basic human need. But a lack of affordable housing to buy or rent is fueling a housing crisis here in the States. Research claims that the US needed 3.8 million homes in 2019, which grew to 5.2 million homes in 2021. In this video, we’re going to look at 5 reasons why there ISN'T a housing shortage in the States.
Link to my Patreon page: / belinda_carr
Chapters
0:00 Introduction
2:15 Population growth
4:48 Density
5:31 Rental Units
7:18 Interest Rates
8:28 Mismatch
9:18 Sponsorship
10:02 Conclusion
Declining population growth
According to the US Census Bureau, the country’s population grew by fewer than one million people in 2021, slower than during the Spanish flu pandemic of 1918 and World War 1. Permits for single-family homes declined from a peak of 1.7 million in 2005 all the way down to 400k in 2010, a massive 70% drop. Even in 2020, the number of permits issued was only 1 million, far lower than 2005. However, overlaying this graph with the population growth graph tells a very different story.
The ratio of population growth to new housing permits should be around 1.5, 1.5, meaning 1.5 people added for every 1 permit. In the mid-2000s, right before the last housing crash, the Population / Permitting Ratio dipped below 1.5. 15 years later, we’re back in the same danger zone. 0.8 people were added in 2020 for every 1 permit. For the first time in US history, more units were permitted than the population grew. This means that we’re heading towards oversupply, NOT a shortage.
The number of people per unit
When times get tough and there’s a true housing shortage, people turn to shared housing to help make ends meet. If we were truly facing a housing crisis, the number of people per unit in the States would be extremely high, between 5 and 8 people per house, not 2.49.
The number of rental units
According to Redfin, investors purchased a record $64 billion worth of homes in 2021, the most in at least two decades. That’s an average of 15% of homes sold in many metropolitan areas. The percentage is much higher in certain cities like Washington, Atlanta, Charlotte, Miami, Jacksonville and Phoenix where 25% of homes were bought by investors.
Low interest rates
Over the last 30 years, low interest rates have driven up home prices. From 2008, up until 2021, the 30 year fixed rate mortgage was below 6%, a historic low. No money down, ultra-low interest rates, and easy qualification gave individuals the ability to buy much more home for their money. It was also cheaper to buy as opposed to rent, which created additional demand.
Mismatch of housing types and locations
Trendy markets like Miami, Denver, Atlanta and Austin have an out of control demand for housing, while other places like Detroit still have plenty of vacant houses. The work from home revolution over the past 2 years has exacerbated the problem. Currently someone with a salary from New York can move to Denver with the NY salary, buy a house, and save substantial money.
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SOURCES:
• ADUs increasing San Di...
• San Diego Housing Comm...
• Some residents complai...
• Growing Cities Struggl...
• We're in a long-term h...
• Tampa Bay housing shor...
• The Housing Shortage M...
• ICON - 3D Printing 2,0...
• San Jose Opens Tiny-Ho...
• The Future of Building...
• This luxury tiny house...
• San Francisco Homeless...
• Video
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Disclaimer: This video was created for educational/informational purposes and qualifies as Fair Use. If you are the creator or own the footage featured in this video and have reservations please notify me via RU-vid comments or email and I will accommodate you
#housingcrisis #homeless #architecture #construction #robotics #automation

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31 май 2024

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Комментарии : 1,5 тыс.

@CameronFussner 2 месяца назад

The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of 2020, it had dropped from 68 to 65.

@hasede-lg9hj 2 месяца назад

You're not doing anything wrong; the problem is that you don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high salary in these challenging conditions.

@LucasBenjamin-hv7sk 2 месяца назад

@@hasede-lg9hj Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.

@hasede-lg9hj 2 месяца назад

I won't pretend to know everything, though. Her name is Melissa Rose Francks but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.

@leojack9090 2 месяца назад

Thanks a lot for this recommendation. I just looked her website up, and I have sent her an email. I hope she gets back to me soon.

@AdamSPARTAN76 Год назад

The "missing middle" is what we are desperately short of. Affordable housing is literally illegal to build.

@ericlotze7724 Год назад

Yeah; Sprawling out more, and building more McMansions isn’t going to solve the problem of affordable housing! I’d love to see this channel cover this a bit too.

@func8211 Год назад

Yes, I cant believe that people are willing to go full conspiracy mode when the most obvious answer has been there the entire time.

@ericlotze7724 Год назад

@@func8211 This videos points were still valid and great, i just think we need to make sure this aspect is highlighted as well.

@func8211 Год назад

@@ericlotze7724 They are not valid in the sense that they give people the wrong priorities. People need to go after local governments blocking construction, not investors who rent out buildings.

@zhonguocha Год назад

There are a lot of good 3 bed 2 bath 1970s homes in my town, but at least half of them are investor owned. The reason young couples/families can’t buy a house is because they’re forced to rent the houses they should be buying. We NEED laws limiting the extent to which housing can be an investment. Something like higher taxes on second and third homes, no homes owned by corporations, ANYTHING to help families buy a home, stop renting, and start living the American dream.

@jimbowling8528 Год назад

Everyone wants affordable housing until they can afford one. Then they want housing to increase in price to 'protect their investment'. We have met the enemy, and they are us.

@theBear89451 Год назад

It's basically people stealing from their own children.

@chancehansen Год назад

Agreed. It's mostly the banks using the "Your house is an investment and your retirement" excuse to continue to trick people into paying them interest payments for 30 years. The cost of maintainance, emergencies, interst paid over the whole loan and other problems that happen to a house do not imply investment at all. For a $330K home, you pay exactly $330K in interest over 30 years with current 5.5% interest. So you have to hope that your home doubles in value just to break even. Homes are not investments, they are money pits that you almost never get your money back from.

@jimbowling8528 Год назад

@@chancehansen Try 12% in 1985, which we refinanced down to 9% 8 years later and thought that was a deal!

@victorialuxxe Год назад

Good ol capitalism

@hbarudi Год назад

That is why people should treat houses like cars financially ...

@pawshands9706 Год назад

I am living this crisis. Those of us that are clinging to the bottom rungs realize the problems are complete lack of affordable, and safe homes. The homes are there, but never affordable for the very poor.

@strayiggytv Год назад

Yup. This video totally missed the mark.

@BLASTIC0 Год назад

Thanks to FIAT currency, the money printer… and the lowest rungs being hurt the most by inflation. We need to go back to the gold standard.

@geraldbelman759 Год назад

eh, it's a standard clickbait strategy. Say something controversial or dumb, people click the video.

@thomaxtube Год назад

@@strayiggytv how exactly? The conclusion of the video is that the houses are there - they’re just out of reach - and building more is not going to change the rigged system ,which allows investors hoard the housing to themselves for profiteering. I think that a the mark, in my honest opinion. Namaste

@vaderladyl Год назад

@@geraldbelman759 She actually talked in this video what she wrote on the title.

@milanmedek3555 Год назад

I think we have the same problem in Europe. We've been told there is a shortage, but the new houses and apartments are built mostly by developers and sold for big money. Seems like it's just a business for rich companies, which can become richer.

@KRYMauL Год назад

I mean tbf Europe's problem is that no one wants to move back into the villages, so they're turning the different neighborhoods into micro villages. The America's problem is that the "affordable" units are mostly in places like Iowa where no one lives.

@Inspectorzinn2 Год назад

You do understand how supply and demand works? A high level of supply by definition means low housing prices. Low supply (housing shortage) means high prices. If you are seeing new housing sell for big money, the fact of economics means there is a housing shortage.

@KRYMauL Год назад

@@Inspectorzinn2 Or the company is keeping a percentage to rent off.

@realglutenfree Год назад

My town is not very big but has a university, so a lot of students need homes. We have small "mountains" surrounding the town, so you cant build everywhere. Yet, a certain amount of houses are empty because investors just buy and sell it over and over to make money. A large number of the population here is leftist, so they started spraying the houses that are empty for a long time with "vacant house" to show others how many homes are uninhabited. They even squatted some houses out of protest, some even succesfully in the long run.

@govinda102000 Год назад

@@Inspectorzinn2 Unusually not the case in NYC. Very low retail occupancy rate but prices still high. Also actual square footage is much less than advertised with an odd system including pillars, stairs within the calculations.

@private2809 Год назад

Very interesting video. One thing did stick out to me. The assumption that because people aren't getting room mates there is no housing crisis. Unfortunately many landlords simply put restrictions on room mates, because they make more money from many single occupancy units than single units being maximized. If I could have more room mates I would, but my landlord is always searching for a breaches contract to justify an eviction. Simply put many folks may need room mates but not be allowed, skewing the data.

@rockynrobynbrand Год назад

yep, I'm not allowed to have roommates. All of us with housing vouchers are not allowed. Close to half of us with vouchers are homeless because the voucher price is too low for the inflated housing market.

@heatherkuhn6559 Год назад

It's not always the landlord. When I was in grad school, the town I lived in had hard limits on how many unrelated people could live in a single housing unit where an apartment counts as one unit.

@AS-kf1ol Год назад

Yes, even for families some landlords will not accept a large family for a small space. I once looked at a 2 bedroom with my husband and the guy showing the property remarked that a couple with 3 kids was interested in the space but the landlord didn't think the space was appropriate for that many people. Completely insane. I have no idea where landlords like that think young families are supposed to go.

@Chotibunder77 Год назад

It could also be skewed by the number of houses which don’t have anyone living in them (vacation homes).

@mrs.manrique7411 Год назад

@@AS-kf1ol that’s crazy. I know a family with two kids in a one bedroom…they would’ve LOVED a two bedroom upgrade with a third child.

@nmbr6kid Год назад

If we could keep wealthier people from buying up the reasonably priced houses for Airbnb locations, that would help. You’re totally spot on here!

@anthony537 2 месяца назад

Sounds too socialist. Not sure if you are aware but the USA allows way toooo many foreigners to buy real estate. Non Americans are allowed to buy. There are many countries that don’t allow this. These countries make you become a citizen before you purchase. So if anyone to blame it’s the laws of the country. If you want to get into the rental market buy rental properties I guess.

@JoRiver11 Год назад

I read in a news article that in Canada, 30% of homes are owned by investors (individuals and companies). Companies have all sorts of sly ways to oust their tenants or jack up rents, and the small scale investors shrug their shoulders and crank up rent, saying that it’s “the going rate”. Using “renovictions” and other means to move out their tenants who are paying reasonable rents. Shelter is being used as a money making game. My unpopular opinion is there there should be a cap on how many properties an individual can have their name on. (For example: 3) And tough controls on investment companies.

@whiteknightcat Год назад

The situation is the same here in central Texas with anywhere from 1/4 to 1/3 of all home purchases in the last few years being snagged by investors.

@whiteknightcat Год назад

@@madstork91 You have something to support that claim?

@greenearthblueskies8556 Год назад

@@whiteknightcat Probably not

@isaiahheyward1488 Год назад

@@whiteknightcat seems to be declining but many of these investors aren’t even renting the homes out, purely for speculation 😒

@SuperMassman 11 месяцев назад

Canadian property is being bought from overseas, Russia, China, Mexican Drug Cartells etc,, they are putting there money into HARD assets for Long term security. These are not investors looking to make a killing by jacking prices, though that is the result. They are looking to hide there wealth. They can afford to let the hones sit vacant for 10 years or more.. this is long term weath planning

@mynotificationsareoff.400 Год назад

Very informative. My husband and I are holding off on having kids because of insecure housing. Our landlord told us they had “different plans for the unit” and not renewing our lease at the end of the year, and are letting us brake the lease if we find something because of how competitive renting is. (We live in a very small mountain town) we have been looking for four months and still nothing. Not a single new listing. We are going to have to move, its fucking heartbreaking.

@KRYMauL Год назад

There's always ski-towns.

@jeffreycarman2185 Год назад

Based on your story, you are the exact person she’s talking about. I’m so sorry you’re going through this.

@bearcubdaycare Год назад

My mountain town in Colorado has been building apartments, one such building by a local church to increase affordable housing. But there's a lot of demand by students here, so prices stay high so far.

@Riggsnic_co Год назад

I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!

@kenanporubsky2122 Год назад

One strategy for protecting against a recession is to buy equities. Investors, especially during a recession, need to know where and how to put money in order to make money while avoiding inflation.

@lipglosskitten2610 Год назад

It has never been easier to understand how to build your money than it is right now, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investtments, in my opinion, are complex.

@bob.weaver72 Год назад

Working with a Financial Advisor to help guide you on your wealth-building journey if you're just starting out is a wonderful way to get started and thats how i was able to accrued good gains . They helps to manage investment overall risk profile , prevent permanent loss of capital consider maintaining a broad diversification of your investments that reflects your personal risk tolerance, time horizon, and the nature of your financial goal

@kenanporubsky2122 Год назад

@@bob.weaver72 please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?

@bob.weaver72 Год назад

@@kenanporubsky2122 My advisor is ‘’Catherine Morrison Evans’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market

@teresacoffman5529 Год назад

I think it’s also important to remember that many of the homes that come up for sale are bought by “investors” and turned into rentals. This could be a housing rental or it could be something like a VRBO. These ARE the affordable homes and they’re being snapped up by those who already have homes. It’s sad that first time home buyers are losing out on the opportunity to own a home because of this. And I think builders concentrate on higher priced homes instead affordable.

@FarOutJunk Год назад

This, absolutely. This is the #1 problem in my area.

@j.g.3293 Год назад

Im from Miami and the number of vacant units held by “investors” is ridiculous. They’d rather sit on empty units for months than lower the rent

@normanbayona4636 Год назад

@@j.g.3293 Yep. Because reducing the rent on any property reduces the value of their entire portfolio of properties. This is what happens when economic incentives are misaligned with societal objectives.

@func8211 Год назад

No homes in a supply constrained market can be affordable.

@jesusgarcia-cc9rs Год назад

I am a construction worker in the last 2 years I have noticed that many of the new houses that are under construction are being rented before their construction finishes, it is something new for me to see this kind of horrible thing, big conpanies buy them and they just want to rent leaving buyers without cash to buy that house.

@grassgeese3916 Год назад

Belinda, I LOVE THAT TIN FOIL HAT, i screamed a laugh --

@dwaynebankston115 Год назад

OMG, the foil hat was epic!!!

@shawniquamcadams Месяц назад

😂😂 classic 👌🏾

@AmaanAAAA Год назад

You're one of my favorite content creators. Your knowledge is incredible, what really stands out is your ability to distill complex subjects down to understandable concepts.

@drewe51 Год назад

We need to incentivize home buyers who are actually going to live in the homes. Where I live most home owners own 3+ homes, because if you can afford 100k+ down payment you can afford a few 30k+ down payments and essentially build equity for free.

@cetriyasArtnComicsChannel Год назад

there kinda is and investers just use them too. you get a lower interest rate, property tax and capital gains tax when you live in the house for the first 2-3 years.... but after that, its better to refi the equity out to buy a 2nd house, rent the 1st one and able to tax right off the whole of the 1st house. Add the exchange of equity with out being taxed and interest rates are so low, and investors just keep rolling with more and more houses.

@drewe51 Год назад

@@cetriyasArtnComicsChannel I know about that, and it's bad but I don't think it's the majority of these cases. Flippers are frustrating, especially when they do BS work just to inflate prices and not value, but I'm more worried about people buying dozens of homes which is really hard to do 2-3 years at a time.

@j.g.3293 Год назад

@that2guy I’ve been house hunting and can’t tell you how many places I’ve seen that have almost a 50% increase in price when all the flipper did was repaint

@zeldaharris6876 Год назад

@@j.g.3293 The only solution is to move on and keep looking. The problem is people pay the inflated price which just perpetuates the cycle. One house where I live has been resold at three times in five years, each time with only minor changes eg repainting. It's a case of musical chairs and one day some sucker will get caught when the music stops. It happened in 2008/9 and it will happen again.

@emailsharedbyafewpeople4105 Год назад

Where do you live?

@2ndChanceAtLife Год назад

480 Sq. Ft. (studio) apartment in Phoenix has increased 60% since Feb 2020. Mold exposure / Sick Building Syndrome has bankrupted me and I can't live in HUD apartments because most places older than 5 years have a history of leaks inside walls --> mold. I live in daily terror of being homeless at 62. Too sick to live in my car. Houses being built these days are extremely poor quality. Poor craftsmanship, cheap materials. It's pathetic.

@dylankmorgan Год назад

Have an air quality test performed before occupying a place. Some home inspection companies offer this service, and there are also businesses that specialize just in air quality testing. An air quality test will measure the levels of different molds inside the home vs outside the home. It will also tell you the types of mold found, which is helpful if you know which kinds are a problem for you. If mold levels are significantly elevated inside by comparison to the outside, there is likely a mold problem. The test will either justify further action to remediate, or give you reasonable confidence that you are safe to live there.

@2ndChanceAtLife Год назад

@@dylankmorgan thank you but I've been at this for 8 years and learned a lot. Air tests prove nothing. Inspection needs to include visual inspection for water damage, swab testing inside walls, under floor (it often rains on new construction then they apply a moisture barrier that traps the fungus under the flooring. Even 5% humidity in AZ will continue to feed the fungus). Building materials are left out in the rain. Improper ventilation, toxic glues and paints, plumbing that's inaccessible making it impossible to monitor for leaks, condensation on pipes that lie right next to fiberglass insulation, moisture accumulation near dryer vent, drains that cannot be seen. Leaks under toilets and windowsills, near chimneys and skylights where flashing wasn't installed properly. Rising damp due to improper moisture barriers under foundation and slab, poor (if any) exterior drainage, builds at the bottom of hills. I could write for days.

@MetalRat518 Год назад

Same here but thankfully I am not as sick as you are, and i am staying in my home even though I am allergic to the mold inside. I hope my health hods out in other ways, we can hardly make ends meet, and I need to hold down a decent job. Those are definitely in short supply. Lousy ones abound. Harassment low pay, random firing when there are too many workers etc. .

@wmski Год назад

"Houses being built these days are extremely poor quality. Poor craftsmanship, cheap materials. It's pathetic." ---- I would like to see what Belinda has to say about the quality of new home construction, or maybe she already addressed it?

@musicjewell9329 Год назад

@@2ndChanceAtLife wait so your saying phx can still feed the mold when it has been 109 out. I think you have been living with this for too long and can't get a real grasp of what is going in in your body. Wish ya luck

@deeznuts-lj2lv Год назад

It’s important to remember that housing is an asset class that has had a very good track record, and as more people start to buy their 2nd or 3rd homes, this will continue to make affordability more difficult to reach. The second thing to remember is that we have had wage stagnation for the last few decades while the housing market continues to gain value. The buyers of homes today are often taking money out of other asset classes to fund their purchases-fundamentally most of these buyers could not afford their purchase otherwise if the purchase was funded by wages. Finally, think about why the government wants this asset class to perform. Property taxes. Even after you paid off your home, you are going to be paying the property taxes forever.

@theBear89451 Год назад

Not government, voters. If renters voted at the same rate as homeowners, we would have different laws.

@pcofranc Год назад

Property tax (the most stable form of tax to base budgets on) for state and local governments and the economy - which "never recovers until housing recovers" and real estate investment and bank mortgages all form a giant Ponzi or pyramid scheme.

@nntflow7058 11 месяцев назад

Low tax on first home, and high tax on the next home sounds like a good idea.

@utfanx2 10 месяцев назад

@@nntflow7058 No tax on 1st(home is your castle), vacation home in spouses name(incentive to marry), high for additional.

@nntflow7058 10 месяцев назад

@@utfanx2 You pay property tax for local amenities, like police services, fire station, public school and the roads. Otherwise your personal tax income wouldn't be as low as today. And it's not fair for renters who didn't own properties.

@thefinn3728 Год назад

I would love to invest in the real estate market currently and move on to stocks shortly after, I have set asides $180k for stocks and my goal is to make over $930k in one year to invest in real estate and I would really appreciate quality tips and guidelines on how to reach my goal quicker.

@gabrieldarybruno3617 Год назад

First step: get the idea of “quick” out your head be patient move smart and slowly you are only in competition with yourself. This is advice from 6 year realtor I’ve seen it all. I’ve worked new investors and old investors who chased the idea of “quickly” and taking huge losses in their portfolios having to negotiate with the banks they owe to walk away from property they are under water with.

@W4iteFlame Год назад

If I understand correctly, you just want to become part of the described problem... And if you look at the amount of likes - many people want the same... Huh

@stickynorth Год назад

TLDR: It's an affordability crisis. Denialism in America runs deep. Just read the comments section. I'm sure the same people would say the same thing on the Titanic... The solution? Build more non-market housing. Period.

@spacetoast7783 Год назад

Why would anyone build non-market housing?

@may_unlimedia Год назад

@@spacetoast7783 The government would build it because it is not in the public interest of a city to have people sleeping in the streets. Unfortunately public built homes get politicized.

@nuiben7579 Год назад

@@spacetoast7783 Basic human dignity, to resolve the issues of tent-cities in urban areas, to give people a baseline to fall to if they lose their job and need to re-enter the workforce. The fact that you had to ask that question shows how the abstraction of money removes us from the physical realities it is supposed to serve as a medium to.

@spacetoast7783 Год назад

@@may_unlimedia Why not just get out of the way of the private market? It's cheaper that way.

@2Evil2Hope Год назад

@@may_unlimedia Have you seen the "Projects" that the government built? That is proof that the government has no business building mass housing.

@allenwc Год назад

You genuinely try to understand what is happening with housing. But there is a lot missing from your analysis. New Houses built does not equal New houses available: examples: 800 homes lost to wild fire, 400 new homes built == 400 families homeless. One old apartment building with 120 units demolished, new building built with amenities and only 80 units. This shows up as 880 new starts, but it isn’t, it is a net loss of 440 units. Population growth in the US is still over 1/2 %. That means you need on average 2 millionish NEW living places each year. US housing starts are currently in the 1.5 million range. That’s not new inventory.

@dancox3251 Год назад

Your math is off. I think you missed her excellent points about household density as well as the historical permit ratios. Using available official 2020 data.. 331 million Americans times population growth rate (0.49%) = 1.62 million. Then you must divide that number by the number of persons per household (declining and currently at 2.49). This gives us ~651k new housing units per year needed for population growth (at 2020 growth rates - it's even worse more recently). Curiously this number is right around where the market bottomed during the last crash. Probably not a coincidence. Then factor in demolished/destroyed houses as you noted (Census Bureau estimates vary based on years, natural disasters, etc. but it's around 3.1 per 1,000 households). So ~133 million households (331 million Americans / persons per household @ 2.49). Then divide by 1000 = 133,000. Then multiply by the obsolesce factor of 3.1 = ~418k new units. That gives us a total of a little over 1 million units per year needed to stay even. The market has definitely built more than enough houses to cover this, even accounting for the "underbuilding" it did right after the last crash and there was already even an oversupply going into that crash. If this math is too much to follow, another way to look at it is as exactly as she has pointed out - the persons per household ratio. It's declining. Meaning. We have more than enough roofs to put over everyone's heads. There is NO shortage. The shortages only begin when real estate speculators enter the picture. Speculators who are twice as active now as they were during the peak of the last bubble...

@RS-km7ro Год назад

She nailed it. You're the one missing the big picture.

@jacobsharf8173 Год назад

@@dancox3251 You use persons per household as an argument for why there isn't a shortage, but did you check to make sure that its not just due to people becoming homeless?

@dancox3251 Год назад

@@jacobsharf8173 Per Census definition of 'household': "A household includes all the persons who occupy a housing unit as their usual place of residence. A housing unit is a house, an apartment, a mobile home, a group of rooms, or a single room that is occupied (or if vacant, is intended for occupancy) as separate living quarters." Homelessness is only around ~0.2% of the population, so it's unlikely to have much of a major influence either way on this metric. But let's see if we can make a guess.. For context, there are +16 million vacant homes and +600k homeless. All of the homeless could easily be housed in a fraction of the number of vacant homes we have. These vacant homes don't show up as households. Let's say we moved all of the homeless into these vacant houses (thus creating +600k new households). Since the majority of homeless are single persons, then this would likely send the persons-per-household metric even further DOWN. We have plenty of houses but at the same time homelessness is getting worse (I assume this is your point). This happens every time they send home prices spiraling out of control. There are too many people consuming more than 1 house. 2nd homes were popular in the last bubble and now they're on to 3rd, 4th and 5th homes as all of the wealth continues to be concentrated into fewer and fewer hands.

@timganstrom1907 Год назад

@@dancox3251 One thing you are missing is that the Feds have zero idea how many people are actually entering our country every single year. They can guess, but it is only a guess, and there is every incentive to underestimate. I'm pro-immigration, but we have to be honest about it.

@namlem_ Год назад

I think the figures you cite are a bit misleading. The housing shortage isn't national, it's local. Many parts of the country have housing surpluses, such as the Rust Belt. However, the cities with the strongest economies have massive shortages relative to demand.

@justcommenting4981 Год назад

Because investment firms are buying the houses. I tried to buy an abandoned house and couldn't get the bank to come down. It ended up being sold to Berkshire Hathaway I think(didn't know they bought houses). It's a partially induced "shortage" because of investor demand raising prices and reducing supply at a particular price point. I believe this same thing is happening with cars.

@TheTokkin Год назад

This whole video is so frustrating.

@Inspectorzinn2 Год назад

Exactly, plenty of land in the middle of nowhere to build on, you could build thousands of houses no problem. But in cities where jobs are, land is finite resource. There is no land to build houses on hence high prices and housing shortage.

@TheTokkin Год назад

@@Inspectorzinn2The lack of land isn't the root problem: it's strict low density zoning that is so widespread in American cities. You don't have to build houses. You can also build apartment buildings, but that's illegal due to zoning.

@Inspectorzinn2 Год назад

@@TheTokkin True, but high density housing has it's own issues.High density housing costs 50 to 66% more per square foot to construct. Their is also the increased strain on infrastructure like power, water, sewage that requires significant capital expenditure to upgrade. Not to mention, roads, parking, and congestion, mass transit issues. I would say land is the root problem. High density housing is a solution to that problem but an expensive one. But yeah, zoning/building laws are definitely the issue. At the very least, let existing single family homes build ADUs, add an addition story, reduce the ridiculous front setback requirement of 15+ feet so structures can be built and rented out. It won't solve the home ownership issues but at least drop rents due to increased supply.

@jamiem4121 Год назад

The "reset button" is a land value tax. There isn't a problem with housing and construction, there is a land allocation problem. Taxing the land forces users to use land efficiently, and pays for government spending that would otherwise come from taxes on labour and capital.

@quintessenceSL Год назад

And not only that but simplifying the tax code, do more for eco-sustainability than an EV in every garage, and reduce corruption. I figure it might happen in a 100 years.

@billybeemus3929 Год назад

You mean something like a "property tax"? I wonder why nobody ever thought of that...

@deborahdean8867 Год назад

Baloney, all residential property tax should be abolished, and exorbitant fees , the hidden taxes, should be abolished. The federal income tax ammendment should also be repealed.

@aliannarodriguez1581 Год назад

A property tax already exists in the US. and it is terrifying ‘efficient’ at causing people, especially poor and elderly people, to lose their homes. It is also very ‘efficient’ at converting wilderness and farmland into strip malls and subdivisions. I don’t argue against the necessity of property taxes to fund services, but in my lifetime I’ve seen it have devastating drawbacks for people and the environment

@jamiem4121 Год назад

@@aliannarodriguez1581 You're right. A property tax is the opposite of a land value tax, and as expected, does a lot of economic harm.

@grassgeese3916 Год назад

I live in the San Francisco area. We have a major issue with people not having homes to stay in. We also have a major issue with empty housing units... market rate units... Even the 'affordable' units that we have had to fight our government to provide... those units are middle class priced.... Thank you for bringing people's attention to this LIE....

@KalujaFlizck Год назад

Let's guess how many SF units are now AirBnBs and corporate bought or multi-investor owners.

@spacetoast7783 Год назад

Why are you lying? Vacancies in the bay area are under 5%.

@curtisbme Год назад

Market rate housing in high tech is 'rich rate'. If you aren't tech salary range, they might as well not exist. Supply & demand don't work like it should when the owners can afford to, and would rather, leave them empty than reduce the prices.

@episdosas9949 Год назад

@@curtisbme true true

@func8211 Год назад

@@curtisbme I just don't think this is true for any big costal city.

@akreon_ Год назад

Excellent video as always Belinda! At this point this is my fav youtube channel

@user-uj6sc7ls9y Год назад

I was watching a news show from New Zealand a couple of weeks ago. The simplified version was that the cost of housing means that only those with enough cash to practically buy homes outright can buy a home. And these people are the corporate buyers, the big investors. Your regular Kiwi is locked out of the housing market. Meanwhile, in Canada, because of a death in the family, I am set to inherit a quarter of my uncle's house value when it sells. A few months ago it would have sold for a good amount, enough to put down a 50% deposit on a house of my own (I rent in a slum, basically, and was hoping to buy something small and cheap). But now housing prices are dropping due to increased mortgage rates -my uncle's house will sell for much less than it would have three months ago. That would still enable me to put a good deposit on a house since any house I was looking at would also be dropping in price. However, the increasing mortgage rates mean that I (a disabled pensioner) cannot afford a mortgage today, whereas three months ago I could have. And mortgage rates are expected to increase by 30% over the next five years. Even if I were inherit a similar amount from another relative, this situation has meant I will never have my own home. Housing and other human needs should never be the source of speculation. Human _needs_ like shelter, water, and clean air, should never be allowed to be bought and sold in the markets. I know that where's there's need, there's opportunity for profit. But to take advantage of that (and to allow it continue) is morally corrupt.

@KRYMauL Год назад

Apparently all these companies actually want that Cyberpunk future that was being pushed so heavily in the 80s. The only difference is now they're actually doing it.

@difigfs Год назад

You might want to move to a socialist utopian country where Socialism works.

@RainbowShitification Год назад

Gotta respect Belinda Carr for going after Vox despite being featured in one of their videos recently. Love her calling people out!

@beedebawng2556 Год назад

Vox is a propaganda machine - nothing else.

@sew_gal7340 Год назад

vox is like amazon...pretend to be woke so u can distract from the real issues. amazon shuts down those unions crazy fast and the irony is that most of their workers are poc

@jessicaannwillis8592 Год назад

I am so happy I discovered your channel! You have created an outstanding, concise overview of the situation we are facing in this country.

@motamanifest 7 месяцев назад

Belinda, kep doing your thing. Love your channel and research.

@cannibalcrow7524 Год назад

I see a lot of empty homes where I'm at, even rental properties are sitting vacant because middle and lower classes can no longer afford what they cost or what they charge for rent. Covid destroyed my business took my home and now I'm living with family, I really don't believe there's a housing shortage though there is a crisis

@allenwc Год назад

There are other factors at work as well. In Canada the single biggest driver of housing prices has been international investors. Those investors are NOT price sensitive. Part of that is because they are buying “residence”min Canada, not real-estate. Part of that is money laundering, real estate is a great money laundering system. Is there a housing shortage? Partly yes. Rental property demand in my city is around -10%. Thats right, 10% lack of rental properties. The largest driver of that has been a lack of new rental housing, for over 30 years no new apartment buildings have been permitted, only replacements. Lots of new single family homes, but all of those are bigger and bigger homes: in 1990 1800ft2, now 3500ft2, with many new developments pushing 4000+. The price of a detached home has risen from 150k to over 1 million. So yes, there is a real housing crisis across the board (rental, ownership, apartments, condo). But not from a basic lack of structures. Rather from a complete lack of balance in inventory.

@El_Kuky Год назад

Concise, data driven, organized points. Thank you Belinda!

@strawandstone Год назад

I love the way you present content and can see that the information has been well thought out. Don't stop..... all the best

@pugnate666 Год назад

4:13 The problem with this graph is that, when you have a baby, that baby does not need a house, it needs a house in 20-30 years. Therefore overlaying these graphs does paint a wrong picture. 5:18 I'd expect the same argument applies here: The number of people per home will rise when children don't move out, but instead stay, marry and have kids themselves. 8:30 Sidenote: You can see the increased demand by looking at the vacancy rates that have gone down, especially since 2008: 3->1 % for Homeowners and 11->6 % for Rentals I wholeheartedly agree with the conclusion!

@gordonstewart5774 Год назад

Family formation (having kids) is the main driver of the economy and home ownership.

@Krazie-Ivan Год назад

Glad someone else caught these oversights. Also important to know the avg dependant age in a household, which I suspect once was children but now leans towards young adults & even elderly who can't live independently on SS checks anymore. There's a reason new home builders are offering more floorplans & options/considerations for multi-generational buyers. Same applies to poorer areas... drive down any street & count functional vehicles against bedrooms.

@MrFierygrave Год назад

It also ignored that 10 year span there where there was HUGE deficit of houses to poulation. as those people are growing older they are going to need the housing that just wont be there. currently were in a "catch up period". 2009 was almost triple the recommended. That one year alone covers more houses missing than the 2017-2020 "surplus"

@UraniumFire Год назад

Finally! Thank you for your uncommon sense on this matter. I read a brief article explaining the culpability of gentrification and NIMBY restrictions towards affordable housing in the current crisis. Your video fills in the missing pieces. I'm headed to your Patreon link right now.

@sergiomessias3691 Год назад

Great video. Thanks for bringing a different perspective

@scott.c9587 Год назад

I love you Belinda. than you for this great post. please keep up the great work.

@dm44444 Год назад

Been desperately trying to find rental housing within even an hour drive (which would add 400$+ a month to costs for gas) of a new job starting next month. Most apartments supposedly available are not actually available, and the competition for the ones that do legitimately exist is so insane that I have had no luck. Affordable housing has a 3-year waitlist in the area, and the few apartment complexes that have affordable rent (not formal affordable housing, but just rent that is less than 2K a month) have 2+ year waitlists. Everything else is "luxury" rentals for 3000-6000 a month.

@josephescott3263 Год назад

That sucks, affordable housing is available in my area but investors and coastal migrants have been offering cash and scooping them up, out bidding people that really need them, the avg wage in the middle of the country where i am is not much, and now with the coastal people migrating away from there for numerous reasons have put avg people in a bad position where they cant reasonably afford a home.

@deborahdean8867 Год назад

If you can't find a place to live, you ought to move to another to see or state..... there are still better places to live . You can find another job easier than a house. Go somewhere else.

@Embassy_of_Jupiter Год назад

Thank you, I watch way too much RU-vid and are always frustrated that there is so little new information. But you never cease to deliver, I always learn something new or get a complete shift in perspective on this channel!

@willdavids7075 Год назад

Very good points thanks for the content!

@acelabusa Год назад

Very informative. Thanks for sharing!

@roxycauldwell544 Год назад

The "supply" is being hoarded by one investor that has like 5 properties. More than one property in the hands of one person adds up quick! Keep apartments in complexes where they belong and get rent out of single family homes!

@theBear89451 Год назад

It's not just purchase, but also rental rates that people cannot afford. You are only thinking of one aspect,

@glennr9913 Год назад

Belinda, Your presentation is quite detailed and informative. However, it seems to lack a conclusion. Perhaps your intention was for the viewers to add their conclusions to the comments? Thank you for taking the time to research and report the data and facts that you've found. I have been watching real estate prices escalate rapidly and am very concerned about the inflationary results on our economy, as well as the personal stress it places on families. I hear stories of people having to move "back home" with their parents, and stories of parents needing to move in with their adult children. It seems to be the case of the "rich getting richer" and everyone else feeling the squeeze. In my opinion, most of these problems stem from a government that is failing the people.

@NickCombs Год назад

The conclusion is that we're heading towards another housing bubble due to oversupply and overvalue (not enough affordable homes). If you're asking for a solution, the first thing I'd say is regulation on speculative real estate purchases. If you're not moving into the home you're buying, then by law you should be considered only if no one makes an offer who is moving in. And there should be a grace period to give these actual homebuyers enough opportunity to participate.

@constablebrew Год назад

@@NickCombs pretty interesting idea!

@team-is1nf Год назад

@@NickCombs hmm that’s an interesting idea but the issue is homeowners generally don’t want govt telling them what to do with buying or selling their properties. Builders are usually suppose to reserve a small percentage of their development which is for a low income family. Those get taken rather quickly. I dunno. I’ve been doing mortgage loans for 5 years and I’m just totally clueless on what to do. Any idea is usually squashed with the law. I would say the best thing is for families to move to a more affordable area. Out of state if they have to.

@NickCombs Год назад

I think homeowners could come out ahead overall. They are usually homebuyers at the same time, remember. But also consider that more accessibility drives demand. So we could see an increase in actual homebuyers reentering the market. Right now, mostly just those who have been saving up for a long time or are forced to move are actively looking to buy because there's so little opportunity. The opposition is mostly going to come from Blackstone and other companies who buy up residential real estate to flip. I of course didn't define these regs exhaustively, so we could be thinking about different ideas. I'm thinking after 48 hours with no move-in offers at or above appraised value, homeowners are free to sell to who they want. Two days isn't a lot of time, but it's way better than the current auto-buy paradigm.

@team-is1nf Год назад

@@NickCombs my understanding of contract law is once a buyer puts in an offer the contract is accepted by the seller if they agree to terms. So your idea won’t work. You’re not required to disclose if it’s an investment property. Also the only entity that would know that it’s an investment would be a lender unless they pay cash. As a seller, they will always prefer cash buyers. It’s just the reality. FHA/VA are great loans for first time homebuyers. Of course it’s important to go where borrowers can afford. The help is there y’all.

@juliem3783 Год назад

Your videos are excellent. Thanks so much for what you do!

@copiouscat Год назад

Ohh Belinda you had me subbed in the beginning….. and the Bell till the end. Wonderful analysis and explanation of what I knew and felt to be true but didn’t bother getting the data like you did great job! 🤗💪🏽

@vulpixelful Год назад

In the US, we're very individualistic, that's probably why we're not sharing housing with 4-5 people at the same rates in other places. We consider it shameful for adult children to still live with their parents or middle-aged people to still need roommates.

@mynameisas2248 Год назад

Our enemy is ourselves because we can end homelessness if siblings,friends, parents, grandparents live together

@vulpixelful Год назад

@@mynameisas2248The enemy is still greedy housing developers and near non-existent taxes for corporations holding hundreds of homes. Sometimes it's just not possible to do multi-generational living, especially if you want to pursue a certain career, or if honestly your family dynamic is very toxic.

@zachb8012 Год назад

My wife and I are trying to buy a house and we sent a letter with an offer explaining that we were a family who intended to live there full time. Our realtor told us she wouldn't send that letter because it was a, "love letter" and violated the Fair Housing Act, according to her realtor group. This was news to me so I did some research. Turns out there is absolutely NO legal precedent of a seller being sued for violation of FHA over a love letter, and the only case was a Federal judge in Or shooting down a proposed law to make them illegal. As I did more research on the subject I found what I can only assume is the source of this misinformation, which appears to be a Zillow article. So one of only thing we have in our court to compete with cash-up-front property investors, the fact that nobody wants to sell their house to a bank, is something housing investors are attacking with phony BS about how you're racist if you want to sell your house to a family instead of a bank. I wish I was making this up.

@josephescott3263 Год назад

So when i sold my house i was told something similar about it being illegal or against the realtor code or some shit., BUT it was still done, i received two letters from the 48 hour showing, and to be honest, the winner was tied with the highest offer and they left a letter and they were basically in the same situation i was when i first bought the home as a first home buyer, a modest 2bed 1bath house. You couple looking to start their lives and a family and wanted a good starter home. They work from time to time, but as long as its neutral and doesnt include race, religion, etc then generally you cant be sued, and on top of that, so much stuff is hush hush, unless one realtor tells another that a lover letter was given then its hard to prove you lost out to a love letter. But small 2bd 1bath homes are soooooo rare now it seems, they dont build them, they are cheaper than renting and you get so much space, but builders dont build them because there is no money to be made according to a developer i spoke to a few years ago.

@zachb8012 Год назад

@@josephescott3263 You hit on exactly the crux of why this is all bullshit. No buyer will ever know they lost out on a bid over a love letter unless the seller's realtor breaches their professional conduct and blabs about it, or the seller outright finds this rejected buyer then tells them, "I didn't sell my house to you because you mentioned you were a black Muslim in your letter." That'll never happen and if it does there are bigger problems at hand than the letter. The whole thing is total and complete fabricated horse shite, made up by property investors to give them more advantage over real people.

@bradleypretzer162 Год назад

Always a great video!! Way to go, you got a sponsor, the hard work is starting to pay off!!

@spiceyfrenchtoast9421 Год назад

I love your videos! Keep em coming, you do fantastic work ❤️

@nolan1722 Год назад

My college town in Arizona I live in has a 2% vacancy rate, rent has gone up like 40-60% in the last few years

@mikemartin6748 Год назад

So clearly there aren't enough homes. 2% vacancy rate is crazy low. That means the average landlord has 1 month of vacancy every 4 years!

@ericvulgate Год назад

There's plenty of housing. We can't afford it.

@josesixx8197 Год назад

This was a great video, thank you

@sivakumar-iu5we Год назад

WOW Belinda .. Quiet informative

@robhardy1109 Год назад

I have had real estate agents cold call me over the past 10 months or so practically begging me to have some houses ready to go for them. My area in SE Missouri is still very limited on available houses. *I totally acknowledge this is anecdotal.

@lgrantnelson2863 Год назад

What I am seeing where I live are gigantic houses selling for over 500k. Condos in the 400s. The only people who get tiny homes are the homeless and even those are shut down due to violence and crime. There is a huge difference between the over paid tech employees and the average person. There is a long waiting list for "affordable housing". They say we will build affordable housing, but they build everything except that and they get away with not building the affordable housing they were required to build along with everything else. I consider myself fortunate to live in an apartment built in '61. It's not particularly energy efficient, but rents for half what luxury apartments are going for in the area. There's no marble countertops, no dishwasher, no garbage disposal, no HOA, no central heating, no garage. All I need is basic shelter, but somehow all they seem to build is huge luxury houses that are not affordable. Oh, I forgot communities need to have a higher class of residents to keep property values up. An unspoken cast system of haves and have nots. Forget low income housing "affordable housing". Those people are weird. Can't have those.

@pretendcampus5410 Год назад

"Overpaid". By what metric? It's a free labour market.

@SandyFunnies Год назад

Great topic as always. Keep them coming.

@seandunn1128 Год назад

Just brilliant Belinda. Thank you!

@01jbeals Год назад

I am so so SOOOO happy to have found your channel! I have been digging through stats, looking at birth rates, etc… to try to understand whether we’re being fed a bunch of non since about a “housing shortage” & the information you provided in your video was so helpful! I really appreciate your work! I will be adding you to the list of those on patreon I support! And again, I simply cannot express just how helpful your video was! You’re amazing!!!!❤️❤️❤️

@BelindaCarr Год назад

Thank you, Jennifer!

@derpmansderpyskin Год назад

I'll go point by point on why I think this video gets a lot of things wrong: 1. While population growth has continued to decline nationwide, housing is not a nationwide problem, it's a city wide problem. In rust belt cities, homes are cheap and plentiful, while in NIMBY-prone west coast cities, they are expensive and scarce. If a million people move from Chicago to LA, then LA will have a one million home shortage, but the national population hasn't changed at all. The plentiful housing in Chicago can't just be shipped to LA, so the solution is to build homes where they're needed. 2. Yes, there are fewer people per unit. That's part of the problem. People want smaller households, and they're willing to pay extra for the privilege. This means that, even with a declining population, overall housing demand is still increasing. Unless you want to ban people from living alone, the only solution to this is to build more housing. 3. It's highly misleading to list Blackrock as the 'second largest investor' in Comcast, because they only own about 4% of Comcast stock. Nowhere near a controlling majority. This is true of every media outlet that they "control". That is to say, they do not control them in any meaningful way. 4. The quote makes perfect sense. Investors only invest because they know that the value of homes will go up due to scarcity. If we built enough homes to meet demand, then the prices would stop rising, and investors would find somewhere else to invest. Raising interest rates would also lower the value of homes, that's true, but it will also have a severely damaging effect on the economy, so (looking at housing in isolation) building homes is a far superior option to raising interest rates. 5. The only reason that moving from LA to Denver is a problem is because there isn't enough housing. If Denver built enough homes, then prices would not rise significantly, and if LA built enough homes, then people wouldn't be moving in the first place.

@mr.hi_vevo414 Год назад

My thoughts exactly. There's a lot wrong with this video, and if you follow urban planning at all, #4 should make perfect sense. I really hope a correction to this video is made, or at least I hope they take it down.

@func8211 Год назад

You covered all my points perfectly, thank you.

@reiddickson Год назад

The tough reality that a lot of places in the US (and Canada) will have to reckon with is that our typical approach to development doesn't scale well economically & environmentally. It exacerbates unsustainable land use, carbon emissions, traffic congestion, and car usage (a very expensive form of transportation, particularly considering infrastructure costs). It creates communities that inherently skew consumer habits in favor of major companies at the detriment of local businesses. And most relevant to this video, it (NIMBYism) restricts land in urban areas which drives up land value, requiring developers to resort to "luxury" pricing for high-density projects to make a good margin. We're facing a severe shortage of medium & high-density development, and a lot of the new housing construction we're seeing (sprawl) is kicking the can down the road to perpetuate our problems into the future.

@answerman9933 Год назад

@@reiddickson You lost me with all your ""unsubstantial" mindset talk.

@derpmansderpyskin Год назад

@@reiddickson It's going to be really hard to fix, too, because once homeowners get used to the value of their home going up year after year, they're _really_ not going to want the prices to go down, and homeowners are the exact sort of people to vote in local/citywide elections. So most local governments don't even really want housing costs to decrease, at least not significantly.

@mitchellsmart8357 Год назад

Thank you very much Belinda, awesome work

@perryallen9058 Год назад

Thank you so much for the always very informative videos! 🙏

@taylorsublett5710 Год назад

Great perspective and info. Lots to think about!

@plafleshe499 Год назад

Great video, well presented with factual data. Artificially low interest rates over the last 30 years are a big part of the problem. The prime rate should never drop below 2%.

@maxmintz511 Год назад

Beautiful and informative presentation! Thank you.

@dwaneoconnor5978 Год назад

Bravo well done video and great information.

@dylansnow2082 Год назад

The government, through inflation and regulation, are to blame! Buying a house in 1920 would only take 3 years of the median US workers salary. Now, it takes around 7 in most cities. In New Zealand it takes almost 30 years of median salary in many cities. In 1920, about 30% of US citizens worked on farms, and now it is about 1%. We are insanely more productive, and only the deflationary effect of improved technology has managed to somewhat balance out government printing more money, but not completely. A can of Campbell's Condensed Tomato Soup was $0.10 in 1920, and now it's $2.92. In 1920 there were nearly zero HOAs, building codes, local councils, regulators. I'm not sure the precise number of new regulations in construction, but in finance, there used to be 10 new financial regulations per day in 2004, and now there are 185 new regulations per day across 750 different regulators. 185 new regulations every single day! Every single regulation is a cost that consumers, including homeowners, must pay.

@may_unlimedia Год назад

We do need regulation reform, but there also have seen huge growth in financialization where back in the day workers could save to pay for their home, now they must get a mortgage. There are more middlemen taking a cut of that home sale. We need to relax some regs and impose other regs on profit taking activities.

@beedebawng2556 Год назад

In a democracy, the citizens are the government. Therefore, the citizens only have themselves to blame.

@MetalRat518 Год назад

@@beedebawng2556 only this is no longer a democracy it is an oligarchy.

@spacetoast7783 Год назад

@@MetalRat518 Or maybe most people don't agree with you.

@dylansnow2082 Год назад

@@beedebawng2556 Voting is a sham lol. You vote for, how many, 600 people? Including president, senators, assembly members, state and local reps. There are 19 million public employees in US. I didn't vote for those 19 million people. I didn't get to vote to pay their $1 trillion worth of salaries. 1/6th of them earn over $100k. There are Baywatch LA lifeguards earning $400k, and public transit BART janitors earning $220k. I didn't vote for any of that, and I never would.

@iRazorTV Год назад

I find the whole palava of Housing Crisis a bit ridiculous. There's been a real housing Crysis post war and the Soviets solved it by building tons of blocks of flats, which solved the problem. I lived in one of those, and they did their job brilliantly, cheap to put up, effective, lasted for years, and are still there in my hometown with extra modern insulation nowadays, transforming it from the ugly concrete block into modern looking block of flats. Why the hell are we building so many "detached" houses and then claiming there's a housing Crysis? It's a business problem, not a "real" problem.

@TdrSld Год назад

I agree with you some what, but this "Crisis" is government made. Most places have rules that stop multi family buildings or height limits so you can't build large apartments and so on. Zone regulation are another side of it, a lot of land is straight zoned for single family homes. We need to push back on a lot of the red tape and out right block of much needed building to fix this.

@emmyturner7385 Год назад

Commy blocks are not and have never been safe or "nice" to live in. The conditions are very cramped and things like cave ins, broken pipes, and weather realated failures happen constantly making it very unsafe for the vast amount of people you can technically cram in there. Your anecdotal account doesn't override the huge amount of data there is on these types of buildings. Do some research cuz you don't seem to understand the reality of the situation and why these are not a feizable option for USA

@spacetoast7783 Год назад

It's because owners of single family homes show up to vote, and they vote to not have any competition. They're using the government to extract money from renters.

@iRazorTV Год назад

@@emmyturner7385 sounds like a very ignorant response from someone that had never lived in one.

@juliancohen9561 Год назад

We built them because, at least in America, people overwhelmingly prefer single family detached dwellings, especially when it comes to raising children. Surveys consistently show SFDD are the most desirable form of housing, with more than 85% of millenials indicating they prefer it over multifamily housing. Obviously it's unsustainable as the population keeps growing but it's really not a "mystery" why developers are building what people want.

@zarins92 Год назад

Awesome video. As always! Keep up the good work!

@----m Год назад

One of the most informative videos i've ever seen.

@johnmckeon4498 Год назад

Basically houses are just holders of value like a physical NFTs. They aren't useful for their actual purpose anymore because investors are just using them to hold and build value.

@CrazyArcher2160 Год назад

I disagree. A house owned by an investor generates revenue as it is rented out.

@func8211 Год назад

@@CrazyArcher2160 For some reason people think that investors by homes and then let them sit empty. Why? That is literally throwing away free money.

@TheBlackblackblack Год назад

Your report is not only Not conspiratorial, it is dead accurate. Thank you for bringing up the media bias on how we are covering and talking about this issue.

@michaelwaters6829 Год назад

the one thing she does not include is the foreign speculators that buy up houses and then take them off the market. they are not included in the graphs she uses. this artificially decreases the supply side which drives up prices also. ever see rows of rotting houses falling down unattended? prolly owned by a Chinese company subsidiary.

@spacetoast7783 Год назад

@@michaelwaters6829 Can you think of any expensive cities that have vacancy rates over 10%?

@func8211 Год назад

@@spacetoast7783 Spoiler Alert (He can't)

@653j521 Год назад

@@michaelwaters6829 Lots of Canadians come south for the winter. I know one family that owns a home in Phoenix they only visit a few months a year.

@charlesdeuter Год назад

It's completely factually inaccurate actually. Persons per household is actually going up in the US, which is SHOCKING because it was on a downward trend for 161 years STRAIGHT! Every single metric for housing abundance is going the wrong way! houses on the market, down! Vacancy rates, down! Number of 25-34 year olds living with parents, up (it's DOUBLE what it was 70 years ago)! Freddie Mac did a housing unit inventory and found that 29 states had a substantial deficit, and of the rest on 7 states had a safe surplus of housing units. The rate of childbirth isn't too low to justify housing development rates, rather it is housing development rates that are suppressing the birthrate!

@eldergeektromeo9868 Год назад

Thank You, Belinda!

@deestupi 11 месяцев назад

Belinda thank you for tackling this issue. Also that sweater is absolutely fabulous ❤

@dfherr86 Год назад

Thank you for illustrating the problem. It totally starts with the concentration of the media not allowing one unkind word about certain businesses in favor of others. It certainly gets worse that markets aren't responding to their pressures in ways they need to be solved. R1 Zoning and an obsession with two generation houses left us with this mess. Smacking the problem with 20 story yuppie fishtanks isn't the best solution, but it *is* a solution if that allows for single family homes to be owner occupied and not rented. Making rental units specifically to be rental units has long been neglected and needs to be a part of the conversation. Especially if America won't build rent-to-own houses.

@frederiqueeilishmcmillan8982 Год назад

I enjoy your videos even when I am not 100% in agreement with your analysis. I agree that there is not a shortage and that there is a surplus of investors for profits and Airbnb's. This has led to the emptying of the inhabitants of cities that had vibrant communities such as London and Vancouver and starting to happen in Montreal. I moved to a small town because I could no longer afford either the rents or the houses in the big city. I am very curious for you to talk about the fraudulent "companies that claim to be the solution to homelessness and lack of affordable housing". Please tell us more. Who are they and how are they fraudulent. Thank you!

@theBear89451 Год назад

I cannot find the name of the builder, but they charged LA $1M per homeless person. A homeless person could live a pretty nice live style on $1M. The city should have just given them the money.

@Shamazya Год назад

Great video as always!

@judykeller4549 Год назад

What a fantastic video. My favorite video of yours so far!

@__alt__568 Год назад

This was an interesting video to think about and I appreciated the evidence presented to support the conclusion of the video. I think this video is both correct and incorrect in it's analysis. I agree that it's not the case that the US as a whole has housing shortages if you look at the total amount of houses built. The issue is the migration patterns in the US. People want to live in Cities and a lot of our Cities don't have the housing capacity to handle the increased demand. This is presented in two different ways. The soaring prices in cities (like San Francisco in this video) that people want to live in and the plummeting occupation rate in small towns in the US. As two examples Seattle has had an occupation rate between 2% and 1% for almost 10 years now. You generally need 5% of homes to be unoccupied for prices to stabilize in a market. Whereas the small town in Washington State like Aberdeen have seen very little rise in their housing costs because they have basically no out of state migration and an occupancy rate that ranges from 4-10 percent in the last 10 years. I haven't done a city by city analysis of the united states so I can't say this definitively. But I would bet that if you did an analysis of the occupancy rates of all towns less than 80,000 people (limit picked randomly) you'd find an average occupancy rate that's quite large (5-15 percent) and the average city will be under 5%.

@tenblinkers3173 Год назад

I agree. Much of Belinda's analysis in her videos is spot-on, but this one felt off the mark. Given the surge in single-person households among younger generations, and the decline in the number of children per household, permit-to-population and people per unit ratios are no longer at historical norms, and as such these historical numbers are no longer relevant. 'No money down' and 'easy qualification' mortgages haven't been available since the 2008 recession. It's a secondary issue, but her comment about companies 'realizing they can pay less' for remote workers doesn't fly at all. Labor is a market just like any other, and companies compete for talent. Unless all large companies work together as an oligarcy, they cannot simply index salary to local cost of living. Demand for information works is simply too high. The WFH movement has begun to and will continue to completely and permanently shake-up the labor market for high-skill information workers. Companies who want to offer them less will do without.

@blazor907 Год назад

y'all seem to have left out the part where Blackrock has bought everything. And that 5% unoccupied it thing is just grotesque. The should not even be a thing as a 'Housing Market' because for there to be a market there must by definition be those that go without. What I'm saying it that if you like there to exist a housing market you by definition support homelessness.

@freezerlunik Год назад

@@blazor907 your claim that for there to be a market for something there must be people going without is hyperbolic, isn't it? You're essentially implying that any good that supports a human need should exist outside of a marketplace and associated economic forces, which suggests you're ultimately against property ownership, and in favour of ...what?

@chelseajenks4632 Год назад

I've also noticed a huge trend in folks moving from small town USA to the Big Cities. Some of this is out of preference and yet some of it is out of need. There is declining opportunity in small-town USA. The kind of jobs that pay you enough money to actually be able to buy a house/start a family/live the American dream are moving out of towns and into Big Cities. You are almost forced to move out of smaller towns if you want to find a good job. Businesses are leaving, jobs are leaving, tax money is leaving. That leaves you in a city where the education system becomes increasingly poor while crime, poverty, drug use, homelessness and more are all issues that are growing. Then those folks who can leave, do. Sure there is remote work now, but remote work is more available for white collar jobs. What about the blue collar workers? They can't telecommute to work. Blue collar jobs that pay a living wage are disappearing. Even if you have the privilege of a remote job, maybe there isn't great WIFI connection in many small towns to give you the option to live and work there with a decent paying job. I would prefer to live in a more rural place than a Big City but I have migrated from Topeka, KS to the KC Metro. My company (one of the best paying companies in Topeka) had an M&A and a lot of the good jobs went to KC. The workforce and the company itself was a huge contributor to economic stability in the city. The M&A had a huge trickle-down effect contributing other businesses in the area (downtown) closing and thus more job loss. Also, the culture and operations of my company (from an employee perspective) really went down hill after the M&A. So I almost needed to come to KC where the other good jobs are in order to have quality of life. So sure, the houses in the rural places are more available and more affordable compared to big cities but not for the people who live in the area. Masses of people aren't just all of a sudden deciding to live in the city because it tickles their fancy. The true story of all (voluntary) people migration is that people follow opportunity and the chance to live the best possible quality of life that they can.

@MinnesotaBeekeeper Год назад

Seattle? Antifa land? No wonder they are moving out.

@stuntmonkey00 Год назад

This is the exact problem in Canada, and particularly Vancouver. The tidal wave of offshore money has locked up huge swaths of real estate from being used as actual dwellings. So the problem is that municipalities have a functional shortage and have to continue to build. In Vancouver particularly, new units tend to be in dense "minicities" while giant chunks of the city are still zoned as single detached, because that's the most valuable to the "investors."

@TheSharkasmCrew Год назад

I agree it definitely needs to be easier to build housing types other than single detached homes, but as to your first point, I believe Vancouver has a pretty low vacancy rate.

@func8211 Год назад

This is a myth. Vancouver lacks housing, because there is not enough housing. It's that simple.

@stuntmonkey00 Год назад

@@TheSharkasmCrew If I'm honest, City of Vancouver is also notoriously bad for NIMBYism and glacially slow approvals. Some of its surrounding sububrbs are ahead of the game in terms of development and urban planning, but the problem in general for Vancouver is that as more housing gets built, more of it gets locked up as investment properties. There are some things that are done to try to alleviate that, like vacancy taxes, but Vancouver is also notorious for being grossly out of whack for affordability, where the average rent/housing cost is way out of line with what people actually earn here.

@__alt__568 Год назад

in 2016 Vancouver introduced a 15% tax on foreign buyers who don't use the home as their primary residence. This has had effect on housing prices but it's calculated in the 2-4 percent rage.

@wyomingprairie Год назад

Awesome video, thank you!

@bourge66 Год назад

Excellent job, great analysis!

@ShyGuyPal102 Год назад

thank you for this wonderful video! this confirms some issues I've been having when searching for my first house the past year: it is an affordable housing issue. the grand majority of the houses are heavily overpriced, and those that could be affordable are also heavily overpriced. there is no way a 20 year old house has tripled in value over a 2 year lifespan, that doesn't make any sense. but thats what a lot of sellers are offering, and sadly people are buying them up on it.

@RU81111 Год назад

I enjoyed the vid, I feel like I learned a bit about what's going on from a different perspective. Very cool

@brendonsmith1364 Год назад

Great video. Please keep the great content coming!

@papermate8773 Год назад

Thanks for doing this.

@BobQuigley Год назад

Thanks for enlightenment! Would add many boomer friends, acquaintances own 2 3 4 5 and in one case 6 homes. Homes sit empty much of the time. We live in Ohio. State policies subsidizes hundreds of thousands of out of state homes. Stay in your Florida home for five months and one day pay $0 Ohio income tax. In addition during the time in Florida Ohio loses many millions in sales tax, gas tax. Another phenomenon with this group is they have construction projects going on at multiple homes tying up needed labor. They also overbuild as they keep up with the Joneses which exacerbates material shortage and cost. Finally millions of condos sit empty 50 weeks out of year. Irrational irresponsible

@vcheekv Год назад

Thank you for talking about this. I certainly wish the comfortable and privileged cared, because it isn't just corporate greed that is a problem. It is disgusting.

@tdrrunthrow1842 Год назад

Excellent research, data and presentation. Thanks

@MrChris20912 11 месяцев назад

Fascinating discussion and love seeing the actual numbers.

@ChrisDembinsky Год назад

I agree 100% with this video! We've got to come up with a solution to reduce the percentage of homes being purchased by big investment firms.

@bobbinatorrah67 Год назад

Good video, this definitely reflects where I am living, Bentonville, AR, a booming area where people from all over the country a moving to. If you want to buy a house here, you’ll need to pay cash over the listing price with virtually no contingencies. So many houses are being bought up by investors/renters, even new construction homes. There are so many new apartment units but they’re all for sky-high prices.

@quantafreeze Год назад

I look forward to your videos! Thank you!

@alexsafonov7270 Год назад

Breaking down the facts, debunking the myths, and getting to the truth. Thank you for bringing some clarity to this discussion! The housing crisis is the result of market manipulation by immoral speculators. it is disgraceful.

@shadowknight7976 Год назад

Love this I’ve always suspected like back in the early 2000 that there is no such thing as “housing shortage” and this time around the result of the crash will be worst as you have way more institutional investors building neighborhood developments and all that did not exist to this extent back then.

@dputnam6 Год назад

Great video, no one seems to be talking about birth rates. The other thing I would love for you to discuss are regulatory barriers (costs) to affordable housing. We left an area (WA) where a building permit could cost 20-80k, hook up and other fees pushed costs well over 100k for any type of house. Our fees here in AR for everything were less than 3k.

@SA-qx7fx Год назад

I have been looking at land there, what part of AR is that? My ex-wife is forcing me to sell our almost paid-off house, I can't afford to buy her out due to investors from CA offering well over the asking price for our home here in Dallas plus I can't afford to start all over again with a 30-year mortgage at my age, really sad I had hoped to grow old with her and pass on our home to our kids to either live in or sell to help them in the future to buy their own home since the middle class are being squeezed out

@deborahdean8867 Год назад

That's the government sucking the people dry. We need to do away with all property tax. Fees and such are just hidden taxation.

@timganstrom1907 Год назад

Exactly, I am moving away from that same county in WA state for exactly that reason!! Completely unaffordable to build a new home there. (And I tried for over 5 years!)

@deborahdean8867 Год назад

Thats obviously the government robbing the people ..... but the people are letting them do it.

@yuzihao8777 Год назад

Quality work, thanks

@Nee96Nee Год назад

It's not the lack of homes, it's the affordability of the homes available.

@DoloresJNurss Год назад

Turning home rentals into vacation rentals has taken a lot of housing off the market. And management policies of raising the rent on apartments every time they reach full occupancy "to get a better class of client" is a huge problem.

@rockynrobynbrand Год назад

I agree, Dolores

@howo357 Год назад

Problem is many states have eviction law that favor the tenants. I have a couple of investment properties. I’ve always worked with my tenants and have never ever charged fees when they pay late. When Covid hit there’s a tenant who lost his job. I let him stay for 2 month free while looking for a job. Eventually he moved in to his girlfriend’s. Out of blue a few weeks after he moved out he contacted me to give that 2 month rent that I have told him not to worry about. I got spoiled and lost reality because of that tenant thinking all tenants are as nice and responsible as him. Then last year to this year, I got two tenants who just flat out refuse to pay. They were disqualified for Covid assistance because they always have income. I don’t have a company or PPP loan. I just been paying mortgage with my own income while they lived in my fucking houses for free for over a year. Two months ago I had enough and turned my properties to management and finally evicted them. Apparently since I’ve never increase rent, the rents are under market value. So they jacked the rent up. Got much higher income tenants. I don’t really care about that 5% rent increase every year. But Is it my fault to want a “better class of client”? No. I worked my ass off last 20 years to be able to buy some investments. I provide my products and services. I expect monetary return. I don’t need squatters playing the system. If I were able to buy another investment property and manage myself, I’d Airbnb out in a heart beat. I don’t care if there’s more work. I don’t want to deal with long term tenants ever again. Note that I’m not saying all tenants are bad. But one bad apple really sour the whole bag. And I’ll do anything to avoid that one bad apple.

@DoloresJNurss Год назад

@@howo357 You have my sympathy. I have had similar problems. My grandmother had kindly let a disturbed woman stay with her for free, then got a restraining order against her, then let her stay again. When Grandma died (unrelated to this) the woman insisted that she was a tenant, on the grounds that she received mail there. It took half a year to get her out, while she turned my late grandmother's home into a drug den. The woman's "friends" stole everything in the house, up to and including the toilet. But having more money does not make tenants better people. Raising rents by $100 every season was, as happened when I lived in Portland, was not just. Those weren't "luxury apartments" as the manager started to call them. The cutting-board was unfit for cutting, as it turned out to have a toxic particleboard core. Everything in there was cheap and some things didn't work. It was suitable for middle-lower income folks like my husband and I, an elderly couple working remotely, but the management based the high rents solely on Portland becoming popular, which management had nothing to do with and in fact was shortsightedly helping to sabotage. I have seen this all over the country. Creative types who've spent their lives perfecting their arts rather than making money move into a relatively cheap area and soon synergy's going between them. Then their presence makes the place fashionable. Then the Money people, who've spent their lives making money rather than developing their talents, want to move in and enjoy the ambiance that they can't make for themselves. Then the landlords jack up the prices to cater to this "better class of client". This forces the artistic types out. Then the place loses its panache. The Money People look for the next fashionable place to move, while the landlords are left having bought too much property with too high a price-tag and their mortgages go under water, and a once vibrant community becomes wrecked, with vacant buildings attracting criminals and rats. I and creatives like me have been chased all over the country by this dynamic and frankly we're sick of it. Many of us want somewhere that would allow us to pool our resources to form our own communities, but many places are zoned to not allow unrelated people to share a single big house, while banks are hostile to us building shared housing. Some people do succeed in these things, but it's an uphill battle the whole way.

@DoloresJNurss Год назад

@@howo357 I sympathize, actually. My grandmother had, out of kindness, allowed a woman to use her home as a mail-drop. (She later got a restraining order against her, and then changed her mind and rescinded it.) When Grandma died it took us 6 months to evict this woman, who claimed the rights of a tenant and used letters addressed to her there as proof of tenancy. In the meantime she turned Grandma's old home into a drug den. Her "friends" stole everything in the house, up to and including the toilet. Needless to say, we could only sell the house as a shell, greatly reducing its value. Yet I've lived the other side of it, too. When I lived in Portland, the manager--who had many apartment complexes all following the same policy--raised our rent by $100 dollars every season, until we couldn't keep up anymore. We were decent, quiet people who paid reliably and left the place in good shape; we and many others like us didn't deserve to be priced out of our home. Towards the end it was being billed as a "luxury townhouse". I don't know what was so luxurious about it. The cutting-board turned out to be fake, made of toxic particle-board thinly veneered over; it couldn't stand up to actual use. All the detailing was fake plastic. There were tubes dangling around the door of every apartment from old watering devices that didn't work. It wasn't worth the rent; we had to leave. I've seen this pattern everywhere: Creative people, who spend more time honing their skills than making money, find a relatively cheap area to live, which attracts other creatives, which creates a vibrant, synergistic neighborhood. Then it becomes fashionable, and the Money people--those who neglected their creative side to make money and now miss it--move in, as if years of hard work to develop artistic skills could just rub off on them by proximity. The landlords then jack up the price of rent to woo this "better clientele". They crowd the Creatives out of town. The neighborhood loses its sparkle as a result. The Money People notice that something is missing, and so they scan for the next place to ruin, moving out and leaving behind a gutted town full of underwater mortgages, homelessness, and empty buildings going to seed. I've spent too much of my life chased around the country by the Money People, and frankly I'm sick of it! I contribute my share. My husband and I worked honest day jobs to subsidize our arts and didn't ask for handouts. We always paid our rent on time and cleaned up after ourselves. We earned better than what we got.

@Constellasian Год назад

Yes, there are slimeball landlords. There also slimeball tenants. Don't blame all landlords for wishing to try and keep shady people from occupying their property. I wouldn't want nice neighborhoods turning into ghettos. I grew up in a ghetto. I've seen the mentality of most who live there. Very few actually attempt to better themselves, get a career, and move out.

@thefack149 Год назад

Good video, Belinda! You bring up some good points. I know we were lucky enough to have parents who bought a house for us to rent from them right before prices skyrocketed. Many aren't so fortunate