Submitted by cogitator_tertius t3_ydg7ac in rva
plummbob t1_its5i2q wrote
Reply to comment by RVAMS in Rent too damn high? Landlords have formed an illegal cartel according to several reports by cogitator_tertius
Supply is far too inelastic than building costs justify. If a portion of the market is artificially raising prices, that's an incentive for others to enter.
If they can't, the problem is fundamentally local policy.
RVAMS t1_its7ksp wrote
Local policy in every single locale at once across the county, wow that is really something. People really out here defending price fixing. I would love to hear your take on the telecom monopolies and how they're actually good for the consumer.
plummbob t1_its7rwi wrote
Bad zoning is ubiquitous. Missing middle is a national problem as a result.
RVAMS t1_its8azo wrote
Bad zoning is ubiquitous, not corporate greed consolidating land to make feudalism 2.0. I didn't know that every county in the country had their zoning boards call each other and decided they would all align their values. Quite the project.
Fit-Order-9468 t1_itsmoji wrote
Right. It’s called segregation and has been around for a long time.
plummbob t1_its8k07 wrote
Zoning is actually fairly consistent across the country and has been since Euclid.
RVAMS t1_its9g1q wrote
The fucking problem is real estate investors snapping up properties to resell or develop for profit. Then costs of material go up so they sit on empty property until they can maximize profit, which is an affordance that small scale developers don't have - which is why it hasn't been a problem on this scale before. Blame it on zoning, but Euclid zoning has been around for 100 years and this is magically the first time we are facing this problem at this scale. Ignoring that different localities have different processes for changing zoning, permits, and several other variables which doesn't properly explain why this is happening all at once everywhere.
The problem is huge companies gobbling up everything and waiting to maximize profit. We have a ton of fucking land that can easily be developed but not without their say so because the cost of lumber and other materials hit an all time high, and the cost of weathering the storm makes more sense to them than developing and selling now and making less of a profit.
plummbob t1_its9y8a wrote
Most of the usable land in the city is zoned single use, low density.
Building costs aren't the barrier to entry. 4plexes, townhouses, cottage or village styles are all viable, but the zonig code only allows them in a few select areas.
Investment is obviously not the problem.
RVAMS t1_itsa6gs wrote
The city or every single metro area in the country?
The 100 largest landowners increasing their stake by 50% every ten years surely has nothing to do with this problem. Surely the ultra wealthy and multinational developers working in tandem have nothing to do with this issue so I guess I'll just blame it on checks notes zoning policy in every county in the country.
rvafun100 t1_itsa1el wrote
Zoning is not the problem, such a weak stance
plummbob t1_itsa7np wrote
It creates shortages that building costs don't justify.
rvafun100 t1_itsagi7 wrote
It’s a common scapegoat for those like you who think the market is free
plummbob t1_itsao3g wrote
We have a housing shortage not because we lack wood or copper, but because it's literally illegal to add more homes to the lots that exist.
RVAMS t1_itsaygj wrote
So wait is it because it's illegal or the cost of development is too high I am getting confused now.
plummbob t1_itsbffr wrote
Restrictive zoning makes most development illegal, and creates costly barriers to the development that does take place.... ie only allowing large scale apartment projects but keeping townhouses illegal
rvafun100 t1_itsft5g wrote
Take a walk outside. Townhouses are illegal? LOL, walk around Hardywood…then over to Maggie Walker…plenty of 500k and up townhouses being built
Karmasmatik t1_itskq32 wrote
Explain why the exact same problem is playing out in Houston, TX where there is famously no zoning whatsoever.
Fit-Order-9468 t1_itsmeer wrote
Deed restrictions. They hide exclusionary zoning through HOAs.
Besides, for a city that large it’s comparable in price to RVA. Could be a lot worse.
C14R16 t1_itsg448 wrote
Not in my backyard you won't! /s
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