I don’t think this is actually true. At least in my area, developers would LOVE to build condos and apartments all over the place, but local laws are holding them back.
I suppose even in a perfectly willing area that upgrades its infrastructure to support more people, you don’t want to move people in too quickly, before that infrastructure is available. But it’s easy to see that become a self fulfilling prophecy: we don’t take immigrants because we don’t have the infrastructure, and we don’t build the infrastructure because there’s no demand for it.
Immigrants would be better served by unprofitable low income housing, not feeding their meager scraps to pay artificially inflated rent prices to an offshore real estate investment company.
I don’t think this is actually true. At least in my area, developers would LOVE to build condos and apartments all over the place, but local laws are holding them back.
I suppose even in a perfectly willing area that upgrades its infrastructure to support more people, you don’t want to move people in too quickly, before that infrastructure is available. But it’s easy to see that become a self fulfilling prophecy: we don’t take immigrants because we don’t have the infrastructure, and we don’t build the infrastructure because there’s no demand for it.
I don’t think anyone wants to make a brand new condo and try to full it full of fresh immigrants that other businesses are exploiting to pay less.
They want to develop 1 set of condos they can sell for $300k+ rather than 3 sets for $100k
Yeah, immigrants would be better served by apartments
No. No, that’s not it at all.
Immigrants would be better served by unprofitable low income housing, not feeding their meager scraps to pay artificially inflated rent prices to an offshore real estate investment company.
Well duh. In fact, they’d be better served by FREE housing!
In the realm of realistic solutions, apartments.
Fun fact! My coworker pays more in rent for his apartment than I do on the mortgage of my house. Most often this is true.
I’m getting a once over by the bank, he’s getting done once over by the bank and again by his landlord, and they might not ever be different.
So how is an immigrant supposed to thrive when a foreign investment firm is profiting off them twice?
Subsidize affordable housing, tax wholesale & foreign landlords out of existence. It’s simple.
It’s a pipedream.