Unfortunately that pretty much depends on building more housing, which takes time and Congress.
I always hear this about building more housing, but I see a lot of new housing around me which sits empty because it is not affordable.
The benefit of market rate housing is that it hopefully will be occupied, allowing for higher income earners to move into a more expensive unit and freeing up an older lower cost unit. In a perfect world this works like a chain and eventually lower cost older units become more available. Building “affordable” or “low income housing” isn’t really appealing to developers without financial incentives.
This does all assume speculators do not buy the newer housing and sit on it as an investment. More housing being built is generally all a good thing and it needs to outpace the population growth to have an effect on pricing. So even if there is plenty of new housing if it’s not being built quick enough prices will continue to rise.
If the units are sitting empty as speculation/investments that’s an issue for government (and especially local government, so get out and vote locally!)
The benefit of market rate housing is that it hopefully will be occupied, allowing for higher income earners to move into a more expensive unit and freeing up an older lower cost unit.
But this assumes people are moving up the ladder. In 2024 this does not appear to generally be the case, but the system remains skewed to high earners.
(Not asking a question, just thinking out loud I guess)
