Buying a family-sized home with three or more bedrooms used to be manageable for young people with children. But with home prices climbing faster than wages, mortgage rates still close to 23-year highs and a shortage of homes nationwide, many Millennials with kids can’t afford it. And Gen Z adults with kids? Even harder.
Meanwhile, Baby Boomers are staying in their larger homes for longer, preferring to age in place and stay active in a neighborhood that’s familiar to them. And even if they sold, where would they go? There is a shortage of smaller homes in those neighborhoods.
As a result, empty-nest Baby Boomers own 28% of large homes — and Milliennials with kids own just 14%, according to a Redfin analysis released Tuesday. Gen Z families own just 0.3% of homes with three bedrooms or more.
He may have been an asshole but that statement isn’t what made him one. He’s just working with reality.
Making luxury stuff makes more money for him and his whole team. Simple stuff.
If we as society want change, we need to work with the vehicle we have to do so: government.
Set quotas. Offer subsidies to builders. Specify zoning to require x% of undeveloped land earmarked for building to be higher density or lower cost. (Or both.)
The context of that conversation was in a looming housing crisis. This was before the Hiawatha encampment made it much more visible.
In any case I was and am active in the city level politics and I was looking for a rough estimate to price out literally just building new apartments for everyone that needed a home.
Basically he was saying “but nobody does that,” and he’s right. And I wouldn’t expect him to. But, just for the record, from what I found at the time chatting up a few developers…
… it would have cost less than the cities-then budget for dealing with the housing crisis. But people want to be assholes for some reason.