I feel like a good chunk of that has been the fact that our GDP has been heavily reliant on real estate for the last few decades.
Here is a link with a graphic showing the percentage of GDP being real estate, which has been on the rise since 2000. Granted, its skyrocketed since the pandemic, but that’s largely because of the slow growth in other sectors.
Unfortunately, we have significant tax credits associated with home ownership and sales, resulting in people planning on their house downsizing funding retirements. Drastic changes are needed, but are effectively political suicide. Additionally, we have terribly design/planned fees for development- check out '99% Invisible’s podcast, ‘The Missing Middle’, where they discuss how zoning and permitting provide negative pressures towards building luxury/condos or single family units and away from affordable development.
I feel like a good chunk of that has been the fact that our GDP has been heavily reliant on real estate for the last few decades.
Here is a link with a graphic showing the percentage of GDP being real estate, which has been on the rise since 2000. Granted, its skyrocketed since the pandemic, but that’s largely because of the slow growth in other sectors.
Unfortunately, we have significant tax credits associated with home ownership and sales, resulting in people planning on their house downsizing funding retirements. Drastic changes are needed, but are effectively political suicide. Additionally, we have terribly design/planned fees for development- check out '99% Invisible’s podcast, ‘The Missing Middle’, where they discuss how zoning and permitting provide negative pressures towards building luxury/condos or single family units and away from affordable development.