I stayed at an Airbnb recently And I was curious what the actual value of it was so I looked it up on Zillow. Sold in 2015 for 350k, sold again in 2022 for $750k, now listed for sale 1.2 million. It’s a cabin in North Carolina, literally nothing special. I remember back before 2020 there was tons of mountain and cabins and homes and stuff like that anywhere from 2:50 to 500K. Now you won’t find a single one less than 800k…

Regular homes are just as bad. I’m seeing homes in my area that sold for around $200 to 300K in 2019, now they are 500k and above. I don’t understand how this makes any sense? Salaries were not doubled, but somehow the price of all homes are now twice as much. Is this some sort of cost fixing scheme by the real estate industry to just drive up the price of homes and double them or something? Because it doesn’t really make sense to me I guess.

  • Ð Greıt Þu̇mpkin@lemm.ee
    19·
    15 days ago

    Artificial restriction of supply þrough ð purchasing of properties on speculation by landlords and hedgefunds for ð explicit purpose of cashing in on ðem eiðer as rental properties or as property flips.

    Ðere are more empty units ðan ðere are unhoused people. In any oðer market ðat would be called an excess in supply and precipitate a drop in prices.