> The problem imho is that a lot of people, not only "the very rich" but also some very "middle class" people/families, have access and can make use of houses as investment vehicles, but houses (aka shelter) is also a primary need for humans.
As an example, we bought our house for $280k in Iowa seven years ago. It held steady for a bit, but jumped up to close to $400k shortly after Covid. YIMBY policies in my area could cost me as much as $120k of wealth that I now possess. What percentage of home owners are going to willingly give up tens to hundreds of thousands of dollars in wealth to support more equitable housing? Even for a liberal, $120k is a hell of a lot of money and it's only growing year after year under our current system. With that equity continuing to grow, maybe I have some hope of retiring in the future? That's a hell of a lot to put on an individual to ask them to support more equitable housing. Other people's suffering is their only chance to not suffer constantly until they die. And when you think in terms of not just my suffering but my family suffering, it becomes a lot easier to slip into NIMBYism.
How do you decouple primary housing from investment without fucking over literally millions of homeowners who have done the best they can under the existing rules? It's something I'm personally interested in. But I also don't want to be working until the day I die. What is the compromise that satisfies the majority of people?
The most building would do is cool off the market and limit future gains. I believe only a proper economic crash is capable of smashing prices at this point.
End foreign owned property, tax vacant property harshly, and offer discount loans to first time owners... there are plenty of options to reduce the pressure on the unhoused. Your house isn't a business and does not continuously create value for the community, why should you be guaranteed profits and have advantage over everyone that cones after you?
Those three points wouldn’t do anything significant but change how property companies organize themselves perhaps. only building more housing to meet the demand would cool prices.
As an example, we bought our house for $280k in Iowa seven years ago. It held steady for a bit, but jumped up to close to $400k shortly after Covid. YIMBY policies in my area could cost me as much as $120k of wealth that I now possess. What percentage of home owners are going to willingly give up tens to hundreds of thousands of dollars in wealth to support more equitable housing? Even for a liberal, $120k is a hell of a lot of money and it's only growing year after year under our current system. With that equity continuing to grow, maybe I have some hope of retiring in the future? That's a hell of a lot to put on an individual to ask them to support more equitable housing. Other people's suffering is their only chance to not suffer constantly until they die. And when you think in terms of not just my suffering but my family suffering, it becomes a lot easier to slip into NIMBYism.
How do you decouple primary housing from investment without fucking over literally millions of homeowners who have done the best they can under the existing rules? It's something I'm personally interested in. But I also don't want to be working until the day I die. What is the compromise that satisfies the majority of people?