Wednesday, March 22, 2017
They terk our herms!
We now have a cosmopolitan version of "They terk er jerbs." "They terk our herms." Foreigners apparently have a strange affinity for buying homes only in cities with disastrously low levels of housing starts which leads to home prices well above replacement value. Strangely, foreigners apparently never want to buy homes in cities with healthy construction markets and high housing starts. There are never articles about the terrible problem of foreign home buyers in Houston. Surely, we can't trust people with such bizarre preferences.
The Economist takes note of this phenomenon. In the face of this trend, how can we possibly manage to create affordable housing for our own people?