PracticableSolution t1_jeeid6m wrote
If people are leaving, then where’s the glut of housing stock?
mk1power t1_jef1b7a wrote
Frankly, most of the people that left were priced out.
They were priced out because demand is way higher than supply.
Them leaving probably had an extremely minuscule impact on the excessively high demand by potential buyers.
It’s an interesting metric, but one that’s probably driven by the housing market as opposed to driving the housing market.
Unless full remote becomes a reality for most Americans (and even then…), I doubt we will see a long term change in metro NYC housing.
PracticableSolution t1_jef3aps wrote
Good point and I misspoke; “if the population is going down, where is the housing stock?” is what I should have said.
BriarKnave t1_jefdcmh wrote
Being bought out by all consuming rental companies and investment funds.
jeandlion9 t1_jefi9iz wrote
That’s made up according to some here lol but I’m assuming they were rich lol
[deleted] t1_jefqx8m wrote
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breakplans t1_jefrwd1 wrote
People with more money, and also willing to go into more debt (I’ve heard about some insane mortgages - you’re not supposed to buy as high as possible!), or who have families with money willing to buy them a house. My husband and I talk about this a lot - why do people have bigger houses and nicer cars than we do? But the answer is, they’re more comfortable with debt than we are.
Dry_Examination6776 t1_jeeoyto wrote
They’re being bought by banks and hedge funds to weather the financial shitstorm coming.
kaliwrath t1_jeevof3 wrote
They would still need to be rented out to create cash flow. Although there is constant apartments being built there is still low housing stock
jawocha t1_jeeyvb6 wrote
Who needs cash flow when you can get a bailout or leverage it or get another loan with your properties a collateral
h0w13 t1_jeeylrk wrote
Nope. Lookup what a "land bank" is.
kendrickislife t1_jeezsch wrote
They don’t need cash flow when they’re the ones being bailed out by the govt and all of us must deal with the consequences
financialanon t1_jefj0yq wrote
Do you actually know any houses where you live that are corporate owned?
I don't personally know of a single family property in my town or any other town that has a corporate owner.
angusshangus t1_jefpr7o wrote
i live in western essex county and pay attention to whats for sale. I'm not aware of any single family homes bought by some sort of corporation. Apartment buildings are another story and they seem to be springing up non stop around here
p4177y t1_jef51zz wrote
A potential theory: Maybe people with kids moving away to lower cost locations, and housing stock being bought up by DINKs? That would cause both a population drop as well as reduced housing stock.
Nothing solid to go on, more of a hunch...
PracticableSolution t1_jef6pme wrote
Anecdotally, I see a lot of people moving to jersey and then getting the cheapest studio apartments they can find in the city for Tuesday morning to Thursday afternoon flopping in hybrid work requirements. It’s really the worst of all possible housing worlds
BeamerTakesManhattan t1_jefdlb8 wrote
In many cases, yes. A family of four moves somewhere less dense and cheaper, and a couple from NYC buys their house. Net 2 loss.
Also, a lot of kids moving out of the area after living with their parents, or people who had been living in apartments giving up on finding homes and moving elsewhere.
fasda t1_jefa1zq wrote
It's being bought up by private equity like BlackRock. Its actually becoming a problem for them too because thei funds are investing in terrible deals but they kinda have to because they ran out of good deals a while ago.
[deleted] t1_jefr0pd wrote
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BadAtUsernames9514 t1_jefl272 wrote
It's possible, but that doesn't seem to be showing up in school enrollment statistics, at least as of last school year. Public school enrollment decline was fairly minimal in New Jersey, and enrollment fell in every state, even Florida.
voonoo t1_jefk6bp wrote
They left and they’re renting their house out for 3 times a mortgage now
dirty_cuban t1_jeg18rq wrote
But we’re looking at net change. If a family of 4 moves out and another family of 4 moves in the net changed is zero.
adamv2 t1_jegybrz wrote
People are leaving shitty areas. You can find plenty of housing in Camden.
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