Mastodawn

Minty Oct 13, 2021

#housing #middleclass #economics #economy

Vacant lots in Chicago are being turned into housing that the middle class can actually afford. The first house sold for $399,000. I question whether that is affordable for a middle class wage earner. Also, what's to keep an upper class wage earner from buying it?

https://www.fastcompany.com/90685552/the-middle-class-is-being-crushed-by-the-housing-crisis-and-a-solution-is-hiding-in-plain-sight

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Mike

@mintyfresh I kind of wonder what middle class actually is anymore. But no, even if I could get a home loan that would be way too expensive. One thing I see around here, which is a rural area in the mountains, is that people from Florida will buy up homes, cabins and do short term rentals which has caused a housing shortage in the area. I mean I get why people would rather do short term rentals than leasing it long term but overall it creates a shitty situation that causes people to leave.

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Minty Oct 14, 2021

@axle2152 I live on a beach in Florida which is heavily dependent on tourism. Almost everything here on the island is short term rentals. Buying a home on the island is way out of reach for most. Even properties on the mainland are out of reach for most. My sister lives in NC. The joke is that there are more Floridians in her area than natives. Some communities in Florida are doing something about by banning short term rentals. It can be a legal battle though.

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Mike Oct 14, 2021

@mintyfresh It is a shame and at the same time I see the appeal for doing short term. Less likely to have your rental property damaged by tenants and obviously you can make way more money. I do think regulation is the only way to level the playing field though. I mean in this area where there's few decent jobs there's not really anything good to rent. Either it's a single wide trailer with rotting floors or places you can't afford.