I see a lot of expensive houses being built in my area. A LOT. And the weird thing is that they’re being bought pretty quickly. Are these people just making more money than me? If so, what are they doing for a living? Or are they just living house poor? How exactly are they affording these places?

Edit: For reference, my neighborhood is starting to become popular (because the other popular neighborhoods have priced most people out of affording places there). The normal price of newer homes here is $700k. My home, built in 1965, which is 2500sq ft on a quarter acre of land, is $500k.

  • Veraxus@kbin.social
    1·
    1 year ago

    They are not being bought by regular people like you - they are being bought by investment companies, hedge funds, and filthy rich investors… all for the the sole purpose of turning them into rentals.

    By turning them into rentals, they keep supply low which increases prices… which prevents people from buying, keeping rental demand high, which also lets them charge exorbitant rental rates. They are gaming both sides of the system to ensure that us peasants can be milked dry over a fundamental human need.