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.
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There will always be demand near the water and nightlife, at least until the flooding gets to the point no one wants to be there. That will push up prices in those areas regardless of WFH.
Tax incentives for WFH will be portrayed as corporate welfare with no one to pay for it. Low-wage workers who have no choice but to go to a service job see no financial benefit while corporations receive tax benefits. I can hear Pelosi now. Then there’s people like me who already WFH wondering why we aren’t seeing some benefit. Ultimately, if WFH goes anywhere it will be because companies have other cost savings (like rent and lower salaries by telling people they don’t need to commute) and can make it work. Tax incentives alone won’t force the issue.
As far as limiting purchasers, doubtful that would happen, but if it does it would reduce new development / supply of the same quality if developers can’t sell at prices they want.