Reply to Can anyone cite an example in which YIMBY policies have worked?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Look what is happening with mortgage rates. If you think adding more housing units is going to bring down prices anytime soon, you are going to be very disappointed. [/quote]
What’s funny is that prices may actually come down as the rates keep rising, but affordability won’t. All of these people screaming about affordability looking only at nominal prices when the last decade was the most affordable for housing ever. [/quote]

People who havent bought a home before often dont realize what a massive difference mortgage rates mean to affordability. It's hard to overstate how important it is. I guess it's easier though to shake your first at NIMBYs and pretend they're the real problem. [/quote]
This is right. Monthly payments for the same mortgage amount have effectively doubled in less than six months.

Over the last few years I would frequently see people complain about nominal prices, particularly comparing what a house sold for in the 70s vs now. However when you ran the numbers, it would be an inflation adjusted 2.5% CAGR.

All of the data now shows that there was no better time in history to buy a house in terms of affordability of cost vs income than the last decade. With the combined spike in prices and interest rates, right now is one of the least affordable times to buy.

Prices will come down, because the ability of buyers to pay is now stretched, particularly as interest rates keep rising. Because most people budget how much home they can buy based on monthly payments and underwriting guidelines.

The net outcome is that Banks will capture surplus housing value over households. I suppose that will make these activists happy?[/quote]

No one wants to hear that the Fed, not the Bowser administration, decides how affordable housing will be in D.C. [/quote]

No one is going to sell their home if it means trading a 3 percent mortgage for a 6 percent mortgage. Everyone will just decide to make do in whatever home they're in now. [/quote]

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