> they’re also causing systemic problems in things like the housing market
replyThe rest of your post sounded rational. This part doesn’t.
Failure to build more units (NIMBY) and properties being held as investments (non-US nationals are significant in some markets) are the two causes I would point to. Of course every additional family that needs housing drives up the cost a little, but I really don’t think that can be responsible for the massive increases in housing valuation.
Depends on the market, Australia has a massive issues due to migration for a few reasons; the big one is that the rate of growth attempted means that the rate of public infrastructure build is also high.
This is expensive, and since the migrants are not earning more than the naturals, the GDPpc is not growing to balance the increased cost of infrastructure.
replyThe other big issue is density is expensive; it costs much more to build an apartment at the 10th floor than a detached house. Combine that with density being inherently a bit shit, you get less quality and less housing for the money spent.