You would think so. But the reality is that large companies would often rather let a property sit empty than devalue it by accepting a lower amount. And when they control enough of the market that there’s no good competition, it breaks the whole “free market” thing.
You or I would be hurting (I presume) if we owned a property and weren’t living in and weren’t making any money off of it. These holding companies just see a line on a spreadsheet under the “assets” column.
The funny thing about empty yet “unaffordable” housing is that if the market actually works correctly it gets lowered in price until a buyer is found.
Good luck with that… They’ll just stick them in REITs
You would think so. But the reality is that large companies would often rather let a property sit empty than devalue it by accepting a lower amount. And when they control enough of the market that there’s no good competition, it breaks the whole “free market” thing.
You or I would be hurting (I presume) if we owned a property and weren’t living in and weren’t making any money off of it. These holding companies just see a line on a spreadsheet under the “assets” column.
I did say “if the market works correctly” for a reason.