I'd argue that this is caused by two factors, both which would be really simple to fix if we cared enough.
Easy access to large amounts of debt allow people to become heavily dependent to the value of their home, and we have been sold a story that your home is an investment that should play a large factor in your future net worth.
Go back in history and two things are true, debt wasn't much less common in general and homes were more often built to last. I honestly don't understand considering most homes built in the US today as an investment. The average home is poorly built using cheap materials that won't last. Most major components of the home will need to be replaced in a couple decades if not sooner, meaning you're left chasing large repairs and remodels when you should be paying off the loan and building equity.
I'd propose that the best way to solve the housing crisis is for us to stop treating it as a get rich quick scheme.
It's not the home itself that's the investment. It's the plot of land on which you are allowed to build a certain type of home and in an area where you are banned from doing other things that would reduce the home's value, like building high density housing.
That's what you are investing in and voting to protect.
But yes, that is the core of the issue. You need an off ramp for the people who bought into this Ponzi scheme or they'll vote to perpetuate it.
If you're getting at revoking building codes or zoning laws, I'm all for that!
Unfortunately I don't know what an off ramp would be other than a housing crisis similar to or larger than 2007-2008. A ton of "wealth" is locked up in real estate, and more importantly in mortgage debt. That can't be gently removed or wound down, the loans would have to be allowed to fail before we can move on from this idea that taking on huge amounts of debt is an investment in our future.
Easy access to large amounts of debt allow people to become heavily dependent to the value of their home, and we have been sold a story that your home is an investment that should play a large factor in your future net worth.
Go back in history and two things are true, debt wasn't much less common in general and homes were more often built to last. I honestly don't understand considering most homes built in the US today as an investment. The average home is poorly built using cheap materials that won't last. Most major components of the home will need to be replaced in a couple decades if not sooner, meaning you're left chasing large repairs and remodels when you should be paying off the loan and building equity.
I'd propose that the best way to solve the housing crisis is for us to stop treating it as a get rich quick scheme.