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Unintended Benefits of the Housing Crisis
Doom and Gloom Scenarios do not Solve the Problem
After reading so many “the landlords and hedge funds will be our next overlords” articles, I decided to write my own perspective as a building design professional.
You need to understand in advance that my perspective may be biased. As someone who designs and permits houses for a living, I have a vested interest in homeowners continuing to renovate their homes. While falling housing prices may cause lay offs in my industry, that is not always the case. If a family is having a baby, no economic downturn will stop them from from building a new bedroom addition.
I would prefer housing prices to stabilize, but I also understand that market forces create necessary change. It takes a crisis to break the status quo, and rising prices have some hidden benefits. Having seen the housing market evolve greatly over the past 10 years, there are some unintended consequences worth exploring.
A Crisis Creates Alternative Housing Options
The market needs to be squeezed to evolve. Before the housing crisis, housing options were primarily limited to single family homes and apartments. Now there is a rise of ADU’s (backyard housing), boarding houses, and tiny houses. Boarding…
