SooToday received the following letter to the editor from reader Tim Rainone about the housing crisis.
The Housing Supply issue will only get worse going forward as the costs to build a house continue to rise due to the shortage of labour, increased labour and supply chain costs along with rising interest rates. The high construction costs of new homes increase the cost of older homes driving up the affordability costs of buying or renting a home.
You cannot build new homes at current costs when only a small percentage of people can afford to buy them. The demand for housing is high yet you cannot build homes that people will not be able to afford to buy or rent. It is like a Car Manufacturer who only builds Rolls Royces and has to stop production as nobody can afford the Rolls Royces sitting idle and being financed on the lot with high interest rates.
Source: Real Estate Daily Report (realestatedailyreport.net)
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