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this post was submitted on 14 May 2024
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This might sound good for people who own their home already but all it does is lock them in. You can't move, trade up/down if no one else can afford to buy.
And when prices are inflated they tend to reach a price cap. This means the variance between a small and large house shrinks. This means selling a big house to buy a smaller one nets you very little profit which encourages people not to sell. Which decreases the market of affordable homes.
But corporations with the goal of owning all property to rent seek don't care. They'll overpay to hold houses a while until they can corner the rent market and charge through the nose.
It's these deep pocket corporations that I think will keep a major housing bubble burst from happening or when it happens it will be fast.
They can buy x number of houses now at these inflated prices, they can but 10x X number of houses with a major downturn in home values. Then with all this buying of homes the prices shoot back up... At least that is how my high school level economics knowledge brain sees it.