Over at Marginal Revolution there's a brief description and a link to research on how legal action against large banks prompted their exit from FHA lending. "We had to destroy the village in order to save it."
Once again this is anecdotal. I live in a very desirable city in which rents exploded even before the pandemic. A big reason for rent increase has been STRs because my city is building apartments but they are for wealthy younger people whose parents are probably helping them out. So the old rental property neighborhoods have been gentrified and the newer rental properties are big buildings with pools and gyms for people that drink White Claw.
I will add that I just happened to live in Orlando on the south side of the city near Kissimmee. So this was around 2013 and school buses were still picking up at the old motels that were built long ago to serve Disney World and then became flop houses. I actually know someone that had access to cheap credit around that time and he was buying up empty homes in good Orlando neighborhoods at a fraction of the 2006 highs. So only in America would we shove families into crappy motels while perfectly good homes sit empty!
Over at Marginal Revolution there's a brief description and a link to research on how legal action against large banks prompted their exit from FHA lending. "We had to destroy the village in order to save it."
Oof.
Thanks for the link. Another brick in the wall.
Once again this is anecdotal. I live in a very desirable city in which rents exploded even before the pandemic. A big reason for rent increase has been STRs because my city is building apartments but they are for wealthy younger people whose parents are probably helping them out. So the old rental property neighborhoods have been gentrified and the newer rental properties are big buildings with pools and gyms for people that drink White Claw.
I will add that I just happened to live in Orlando on the south side of the city near Kissimmee. So this was around 2013 and school buses were still picking up at the old motels that were built long ago to serve Disney World and then became flop houses. I actually know someone that had access to cheap credit around that time and he was buying up empty homes in good Orlando neighborhoods at a fraction of the 2006 highs. So only in America would we shove families into crappy motels while perfectly good homes sit empty!