In the place I live, there are 1100 houses for sale, there are 1200 units for rent. Prices have not increased in last 12 months. 700 of the rental units are priced below 30% of the median income. there is always multiple houses in every neighborhood at multiple price points.
The biggest issue seems to be builders are building large homes (2500+sqft) because smaller ones dont have the same profit margin. On rentals people can afford rentals, but they want larger rentals which they cannot afford.
It is not that there are not affordable houses, it is that people do not want the affordable houses.
Side note: If you do not work 40 hours per week, you cannot rent or own. there is no fix for this.
Is the above true or not? what am I missing on this so called shortage?
