>>11658456Affordable housing is impossible because the housing cycle is broken. Local politicians (mostly libtards) have decided to do stupid shit like implementing rent controls, preventing 'gentrification', property tax laws that cap the annual increases, and other stupid shit.
They've made disincentivized tearing down really old shithole buildings. The tax is low, the rent is low, and you can't legal tear it down. There's no incentive to make nicer places in those shithole neighbourhoods, so they turn into ghettos.
So what happens is property developers have to buy up housing that is <40 years old, tear it down and build new. Because these places are expensive, they have to increase the density in order to make a profit. So if you buy a property for $500,000, and the house is worth $200,000 and the land is worth $300,000, and you tear down that $200,000 home, no matter what you build in it's place, you're adding $200,000 to that cost, with no actual value. The home you tore down *had* value, it had decades of life left.
Meanwhile, the shithole rundown 100 year old home with no plumbing, that can't be torn down because the blacks would lose the charm of their neighbourhood.
And what happens is you price out the working class. All the middle-class housing is behind bought up, torn down, and converted to smaller units at higher prices. And the middle-class can't get that rent controlled affordable housing. So they get absolutely fucked. And the remaining housing stock that hasn't been torn down (other than the "affordable" shit hole housing) skyrockets in price, because they anticipate it being bought, torn down, and densified.
If you tear down a $200,000 house on a $300,000 lot and build a $1,000 shed, you now have a $501,000 shed. That's what is happening to the cities.
It's the same fucked up shit that happened to the used car market when the US had that 'cash 4 clunkers' scheme.
