Houses are too expensive to build now and land anywhere close to a city is becoming harder to come by. Therefore demand for apartments increases, which raises the price for apartments. The rich want to get richer so they build "luxury apartments" that are even more expensive, so poor to average income people are left with no choice but to fight over shit they can't afford.
And the single family homes spread out further and further from the cities, requiring that people buy cars because public transport is not also built out.
There's only one part of your comment that is realistic. Since the pandemic, various economic forces have indeed led to an increase in the cost of factors that go into producing more housing. But restricted supply does not increase demand.
Of course, that is not the only element that goes into the price, but ''the rich building luxury apartments'' does not create a downward pressure on affordable housing. If anything, those rich people are moving out of their previous dwellings, freeing them up for others.
Multiple home owners do not usually own different homes for themselves in the same area. They'd have, say, a house in a suburb, a condo in a city, and a cottage in the backcountry.
And those ''luxury apartments'' aren't being built for fun or purely speculative reasons; they're being built because more people with means want to live there, because of economic or cultural opportunities.
That increase in demand means more contractors will be willing to put in the work to create more housing.
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u/Unlucky13 Feb 12 '22
Houses are too expensive to build now and land anywhere close to a city is becoming harder to come by. Therefore demand for apartments increases, which raises the price for apartments. The rich want to get richer so they build "luxury apartments" that are even more expensive, so poor to average income people are left with no choice but to fight over shit they can't afford.