> It's a myth that there are just a ton empty houses sitting idly like that.
Maybe where you live. NYC and SF are special in that they have very powerful people working to reduce the construction of new housing. This is obviously what needs to get fixed first in those markets, but it isn't a relatable problem in most of the US.
> The reality is that the most expensive housing markets are also the ones with the least vacant.
This is a basic supply and demand observation, and does not preclude the existence of people who allow their properties to sit vacant for long periods of time.
Looks to me like in NYC the vacancy rate is up to 6% (from a previous steady 2-3%) while housing insecurity is increasing.
Maybe where you live. NYC and SF are special in that they have very powerful people working to reduce the construction of new housing. This is obviously what needs to get fixed first in those markets, but it isn't a relatable problem in most of the US.
> The reality is that the most expensive housing markets are also the ones with the least vacant.
This is a basic supply and demand observation, and does not preclude the existence of people who allow their properties to sit vacant for long periods of time.
Looks to me like in NYC the vacancy rate is up to 6% (from a previous steady 2-3%) while housing insecurity is increasing.
https://www.cnbc.com/2020/10/08/empty-rental-apartments-in-m...
https://cccnewyork.org/press-and-media/family-homelessness-i...
To my eyes this seems like a tragically dumb problem with several really obvious solutions.