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To meet demand, US needs 4.3M more apartments by 2035

multifamilydive.com

21–30 of 136 posts

Re: To meet demand, US needs 4.3M more apartments by 2035

#21

Apartments are terrible for people. Why not talk about needs for homes? Why can't America make small 2 bedroom homes anymore as seen in 1950s suburbs. It's either a mansion or an apartment now for new housing.

Because more and more of us want walkability and all the amenities that come with it. None of my age ~25 friends have plans about moving to the suburbs, but we are disappointed at how NYC rent increases mean we will struggle to afford a nice place in Manhattan.

Re: To meet demand, US needs 4.3M more apartments by 2035

#22
post #6

We're in luck. There are 16 million abandoned homes in the US https://www.lendingtree.com/home/mortgage/vacancy-rates-stud... Easily takes care of the half a million people experiencing homelessness as well.

Let me put this in a way you might understand. Person A: My machine needs 4 GPU to train this model in Person B: There are 1000000 GPUs in Japan. Do you see how that's not helpful?

If only training your model was as important as keeping people off the streets.

Re: To meet demand, US needs 4.3M more apartments by 2035

#23
post #15

Much as I (a relatively young person) am in favor of more housing, isn't it also true that a surge in homebuilding would eviscerate the wealth of a lot of older Americans who are on the verge or in the midst of retirement? I feel dread whenever I look at the retirement savings numbers. So many elderly who'll have to live on a knife's edge financially.

Unless you're massively over-extended, the usual result of a housing price crash is to require you to hang around in whatever house you were in at the time of the crash (because the fixed loan payments don't change, and you can't afford to sell).

But even if homebuilding increased to the point of keeping prices steady, it would probably be enough.

Re: To meet demand, US needs 4.3M more apartments by 2035

#25

Apartments are terrible for people. Why not talk about needs for homes? Why can't America make small 2 bedroom homes anymore as seen in 1950s suburbs. It's either a mansion or an apartment now for new housing.

I'd really like to know the reasoning for that as well.

I was in the market for a year and was interested in something outside of a city. I could afford the larger 5 bedroom homes, but had absolutely no use for that amount of space. Nice 2 bedroom homes in the suburbs just aren't a thing for some reason. Smaller homes exist, but the quality drops dramatically.

Perhaps there is an untapped market for high quality 1-2 bedroom homes outside of cities. I'd certainly buy one.

Re: To meet demand, US needs 4.3M more apartments by 2035

#26
post #6

We're in luck. There are 16 million abandoned homes in the US https://www.lendingtree.com/home/mortgage/vacancy-rates-stud... Easily takes care of the half a million people experiencing homelessness as well.

Those houses, by in large, are not in places where people want to live. Per the first Key Finding in your article, are you going to force the homeless to move to Alaska, Maine or Vermont?

Re: To meet demand, US needs 4.3M more apartments by 2035

#27
post #15

Much as I (a relatively young person) am in favor of more housing, isn't it also true that a surge in homebuilding would eviscerate the wealth of a lot of older Americans who are on the verge or in the midst of retirement? I feel dread whenever I look at the retirement savings numbers. So many elderly who'll have to live on a knife's edge financially.

Lots of boomers did refis and helocs and don’t have any equity anyway. Of course a large portion do have equity but they are generally not the ones on a “knife’s edge”

Re: To meet demand, US needs 4.3M more apartments by 2035

#28

Apartments are terrible for people. Why not talk about needs for homes? Why can't America make small 2 bedroom homes anymore as seen in 1950s suburbs. It's either a mansion or an apartment now for new housing.

Maybe we need more than one kind of housing because we have many kinds of people? You may not prefer apartments, but they can work well for lots of people with different needs, preference and life circumstances.

Re: To meet demand, US needs 4.3M more apartments by 2035

#29
post #6

We're in luck. There are 16 million abandoned homes in the US https://www.lendingtree.com/home/mortgage/vacancy-rates-stud... Easily takes care of the half a million people experiencing homelessness as well.

Let me put this in a way you might understand. Person A: My machine needs 4 GPU to train this model in Person B: There are 1000000 GPUs in Japan. Do you see how that's not helpful?

Are you suggesting that there are vacant homes in Japan that it wouldn't make sense to house US citizens in, or just saying random stuff?

Re: To meet demand, US needs 4.3M more apartments by 2035

#30
post #8
post #6

We're in luck. There are 16 million abandoned homes in the US https://www.lendingtree.com/home/mortgage/vacancy-rates-stud... Easily takes care of the half a million people experiencing homelessness as well.

Vacant != abandoned. Right from the article you linked, 2nd parg: "But this doesn’t mean millions of abandoned and dilapidated homes are withering away in the suburbs. Vacant homes can be unoccupied for many reasons beyond being uninhabitable. For example, a house can be vacant because it’s still on the market to be sold or rented or it’s a vacation home not currently in use."

There are approx 5.7M vacation homes in the US. There are also approx 550,000 homeless people in the US. A system which allows such misallocation is fundamentally broken. If this is what effecient resource allocation looks like, then I want something else.
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