I read a lot about these issues, and this is the clearest thing I've ever read, and yet detailed enough to fully describe a really complicated market that's not well. Bravo on this launch! I'm curious if you think short-term rentals (pre/post pandemic) have a significant impact on this data and/or the supply issue? It's something I worry about a lot here in Long Beach, but like a vacancy tax, I think difficult to regulate an easy solution. I think unfortunately requires even more future production than would have been necessary w/o that new pressure on available housing...something we're obviously not very good at.
One point I see a lot in discourse about vacant properties is the idea of wealthy (usually foreign) investors buying luxury properties and leaving them vacant as investments or very occasionally used pieds-a-terre. This is especially prevalent in discussions I've seen in NY and Canada. Indeed, it's so politically salient that I think now all 3 major national Canadian parties are proposing some sort of foreign buyer restriction in the current election.
I've always thought this was mostly BS and a very small slice of the market, but I'm really curious if you know of some sources on it to quantify the question.
I read a lot about these issues, and this is the clearest thing I've ever read, and yet detailed enough to fully describe a really complicated market that's not well. Bravo on this launch! I'm curious if you think short-term rentals (pre/post pandemic) have a significant impact on this data and/or the supply issue? It's something I worry about a lot here in Long Beach, but like a vacancy tax, I think difficult to regulate an easy solution. I think unfortunately requires even more future production than would have been necessary w/o that new pressure on available housing...something we're obviously not very good at.
One point I see a lot in discourse about vacant properties is the idea of wealthy (usually foreign) investors buying luxury properties and leaving them vacant as investments or very occasionally used pieds-a-terre. This is especially prevalent in discussions I've seen in NY and Canada. Indeed, it's so politically salient that I think now all 3 major national Canadian parties are proposing some sort of foreign buyer restriction in the current election.
I've always thought this was mostly BS and a very small slice of the market, but I'm really curious if you know of some sources on it to quantify the question.
Great piece. Stumbled across you on Twitter. Just subscribed to your substack
Thank for the well written, extremely well research post Darrell. I just subscribed!