Considering how crazy expensive accommodations have become the last couple of years, concentrated in the hands of greedy corporations, landlords and how little politicians seem to care about this problem, do you think we will ever experience a real estate market crash that would bring those exorbitant prices back to Earth?
Imagine storing all of your nation’s wealth in real estate that is actively decaying by the minute instead of into companies that make products and provide jobs. What a stupid fucking idea.
Doesn’t matter. Houses are sold for prices as if they’re still mostly new. If you are good you can beat down the price by a cost of a new roof or a new heating system. Never both. No seller will ever acknowledge that renovation doesn’t make sense and the house should be teared down, actively lowering the land value. And they don’t have to. Someone else is around the corner to buy at any price, turning it into an overpriced rental unit.