Back in 1971 when"All in the Family" debuted on CBS, no one questioned how a dock worker named Archie Bunker could afford a home on a charming block in Queens, New York. Back then, Archie's home was worth about $35,000.
Not even COVID-19 could change that. The pandemic has inspired many buyers to look for larger, more comfortable homes. More than a decade after the crash of 2008, developers are still cautious about new construction. And when they do try to build, they can sometimes be blocked by people who already live nearby.
"We would have absolute gridlock," Neville said."We would have concerns — parking concerns for all the neighbors that are currently here.""We're saying, 'Definitely in our backyard. Just don't make it as big as you want to make it,'" she said. In 2018, nearly a quarter of all the homes sold in the Philadelphia area sold not to people looking for a place to live but a place to profit. One reason for that is because the rent is high, said Ashley Lauren Farnschlader, a realtor in the city.
Source: Real Estate Daily Report (realestatedailyreport.net)
no, the housing shortage is due to people buying multiple homes to rent them out.
ITS CALLED A BUBBLE
Housing shortage? You mean the mass exodus from North Eastern States to escape their socialism, tyrannical restrictions and coronavirus?
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