As the region continues to grow, the importance of politicians and citizens understanding and wrestling with the issues that affect us all has arguably never been more important.
Many people are missing the primary reason of housing inaffordability- INVESTORS! Since the 2008 mortgage fiasco, banks conducted short sales and administered foreclosure sales and as a result, investors who were nervous about being in the stock market, bought them. An entire industry has since been going strong whereby the investors buy up fixer-uppers with cash. These homes used to be purchased by first homeowners who were able to build up sweat equity, but now, these first time homeowners cannot compete with cash offers and are relegated to being renters for years to come. LLCs are the new homeowners and until this changes, housing shortages and up unaffordability will continue.
Many people are missing the primary reason of housing inaffordability- INVESTORS! Since the 2008 mortgage fiasco, banks conducted short sales and administered foreclosure sales and as a result, investors who were nervous about being in the stock market, bought them. An entire industry has since been going strong whereby the investors buy up fixer-uppers with cash. These homes used to be purchased by first homeowners who were able to build up sweat equity, but now, these first time homeowners cannot compete with cash offers and are relegated to being renters for years to come. LLCs are the new homeowners and until this changes, housing shortages and up unaffordability will continue.