We’re also seeing a rapid increase in commercial vacancies with WFH. But there are big challenges and costs to turning commercial properties into residential.
I’ve heard a lot about the problems. Surely there’s some good ideas for a solution out there?
There is no lack of supply. The supply of empty homes far exceeds the number of unhoused people.
A literal truth that ignores the logistical, geographic, and political difficulties of getting those people into those houses.
Historically speaking vacancies are extremely low currently, particularly in areas where housing prices are high and homelessness is common. These problems appeared as the ratio of people to housing increased and it’s not a coincidence.
The easiest solution will be to build more housing where it is most needed, though that takes time and other strategies will be necessary in the interim.
The difficulty is capitalism. Houses should not be commodities to be bought and sold.