Re:The global housing market is broken, and it’s dividing en...
by Ekaros on Monday July 25, 2022 @01:17PM
(#32227625)
Unless those units are explicitly build for renting and zoned as such. Why should they be used by tourists and not locals?
Re:The global housing market is broken, and it’s dividing en...
by jaredklewis on Tuesday July 26, 2022 @12:09AM
(#32234142)
Are there unlimited tourists? Sounds like a pretty sweet gig since tourism is like miracle grow for local economies. But alas no, there are not unlimited tourists, there is just limited housing supply.
I get tired of bringing it up but I lived in a Tokyo apartment, 5 walk minutes from a train station, 10 min walk to a large park, nice schools, very quite area though just 5 minutes walk to lots of restaurants. 750 sq ft, 4th floor with elevator, 15 year old building (at the time). Rent was (at the exchange rates of the time) $860/month. Inflation adjusted that’s $1,075 which can’t gets you a spare bedroom in first tier American cities.
At the time Tokyo had no restrictions on short term rentals nor on foreign investment or property investing or any kind.
Tokyo’s big secret is that they let developers build apartment buildings.
I also don't know what a "short term rental" is, that would devastate beach areas that rent out homes to tourists. I don't think that's a viable solution.
Housing prices have not gone up in any major way in a few major industrialized countries, Japan, Korea, Germany. You know what they did? They built more housing. Building in San Francisco, New York, etc is near impossible, especially if you aren't connected. Communities often vote against new housing because a) they don't want certain people in their area and b) we've wrongly viewed housing as an investment vehicle and more housing hurts values.