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by asdff
1551 days ago
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At the same time because of supply and demand, even when more and more apartments are being built I would expect single family homes to still go for top of market rates and be in very high demand forever. The supply we are adding into most built out areas is just apartment stock mostly optimized for the recent college grad vs a family with children (e.g. mostly 1 or 2 bedrooms, and a pool/hottub area clearly optimized for people drinking alcohol than kids playing), because these areas are built out by definition and there isn't available land to add any more greenfield single family home stock to the local inventory. That single family home stock imo will always be constrained in cities and will never get cheaper. Apartments and condos might see their costs not swell so much, but not ever detached homes imo. |
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However, not everyone wants that, yet is forced to pay for it through zoning rules requiring them. Tall multi-storey townhomes are a great middleground that reduces land costs and retain many of the benefits of SFHs, yet are literally illegal to build in much of the US.
A ton of land in competitive markets is being wasted through zoning, to many people's [And the climate's] detriment.