Real estate is a bit different though as it’s EXTREMELY unlike that the price of real estate will do anything like that outside of a recession. Nonetheless, I do agree that the price of real estate has likely peaked in most if not every state. I saw this today:
The five states at the epicenter of America’s foreclosure surge amid stunning number of homes seized
The thing is real estate is overwhelmingly influenced by the laws of supply and demand, as opposed to say something like silver, which you are aware the price was largely being driven up by speculators and momentum trading. It would seem like the supply of people willing and able to pay these elevated prices is dwindling and as such I would anticipate further price declines across the US.
Well that is correct,
Real estate does nto often fall in price and the few wxmaples we have tend to be associated with recessions.
When people (falsely) believe (these values are gonna stay forever. They are now my right!) they feel secure and spend money.
We count spending money as = “not recession.”
When reality sets in and they
spend less and vote for the party out of power.
we count spending less as = “recession.”
The idea I was trying to express was to point out he haremof laws like
all homes must be single-family,
to “preserve” and every homes must be on a large lot
etc.
If a developer wants to build a 6-story 32-unit apartment building, he should be allowed to (subject to only the smallest and most necessary restrictions).
If grandmother wants to rent out her three extra bedrooms, she should be allowed to.
Gaius and I are pretty much on the same page here - but I’d say yes, you should be able to “open a chicken farm” in a residential neighborhood. As a matter of fact it;s quite common for modern zoning regulations to allow a limited scale chicken operation.
To the point of this thread: I don’t blame the President for saying what he said. It’s been the bugaboo of housing policy for almost 100 years: We want low prices for buyers - for those homes, not these. Not the homes that current taxpayers already own, some other ones that will magically defy market gravity.
I don’t know how it is in other states but in NJ you don’t see anyone building modest sized single family homes anymore, and its probably been like that for the past 30 years. The single family homes being built have been 4,000 sq. ft., five bedroom, etc. mini-mansions. What your seeing today in NJ though are large townhome developments going up all over the state. But don’t think your getting any bargains as these “luxury” townhome are going for the same price as comparable single family homes.
Actually, most town say they can’t, with or without government help. In virtually every community with Euclidean zoning there are height and density limits that prevent a 6 -story, 32- unit building on most the acreage.
When he chose “chicken farm,” he chose an example at one end of the spectrum.
General Rules:
A commercial chicken operation has a lot of “externalities” and is unsuited to be plopped down inside an existing suburban neighborhood.
Chicken farms (and dairy) lead the way in the fact that agriculture in the US = selling into a monopsony.
Every county in the US has exactly ONE overwhelmingly dominant buyer for all the poultry, eggs, and dairy produced in that county. None have three. — As such the gate is wideopen. Even free market stalwarts such as myself recognize an increased role for things like regulations and subsidies.
We don’t need rules telling people “you can not operation a chicken farm”. What exactly is the problem with a chicken farm? That’s the slope that slips.
We need rules that tell people “you can not use your land in a manner that violate noise ordinances (x decibels).”
In the place where I currently live lots and lots of people have chickens. Maybe 1/3 of households. Some have lots of chickens. For the life of me I can’t find the externality concern.