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by legitster
665 days ago
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Housing can be very elastic. Humans can be very adaptive to compromises in living space requirements to fulfill the basic needs. Part of the problem is that the lower end of potential inventory (pod apartments/SRO/etc) are essentially illegal in this country. So the barriers to entry make it seem much more inelastic. |
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This is true. A decade ago this area was among the cheapest in the nation but now is solidly in the expensive category.
In between were moratorium on apartment construction (the last non-premium housing still being built) and a sudden influx of CA & NY sized dollars. The never-stopping, double digit, yearly insurance increases - that just levels it all up.