Quote:
Originally Posted by zx10guy
Quote:
Originally Posted by ASAP
You just said something very telling... demand needs to be driven down in major metro areas like Miami.
How can that happen? I can think of 2 things off the top of my head-
1) More people need to have the ability to wfh... if I think of the downtown metro area; I imagine many would not live there if their job didn't force them to. The us govt needs to incentivize this to companies with some sort of tax credits etc. This would limit congestion in general as well. Thats a country wide problem tho not just Miami alone...
2) Put in legislation in very congested areas that limits people purchasing strictly to invest... i.e... if you own more than one condo in this area; you need to physically live in one... not just purchase to rent or if you rent; you can only rent for a max number of years before you are forced to sell or have to move in yourself.
|
On your #2 point, that's hardly going to affect anything. In the DC area, you see people get into flipping which your proposal does zero for. What should happen in all congested areas is zero additional housing units until there is an infrastructure plan that includes proper transportation before any of those units are started. This whole area did the we'll let the builders and developers run crazy and maybe someone else later will do the hard work and deal with the transportation. Instead we get study/commission after study/commission talking about what could be done without any action and this has been for decades. |
I agree with you on that point albeit I think my point would do wonders for an area like Miami. A lot of the condos are foreign owned... i don't see people living outside of the area wanting to flip left and right... thats a massive nuisance and for a person out of country having to manage renters etc etc, it becomes a headache. All else aside, this would consistently free up inventory and you would have more on sale in the open market. This by default would have to affect prices.