UN report lays bare the waste of treating homes as commodities
This is crazy.<p>&quot;In such markets, the value of housing is no longer based on its social use. Properties are equally valuable regardless of whether they are vacant or occupied, so there is no pressure to ensure properties are lived in. They are built with the intention of lying empty and accumulating value, while at the same time, homelessness remains a persistent problem.&quot;<p>A home lying empty has a negative return (due to maintenance and operating costs, still have to water lawns, repair weather damage, etc). A home being rented has a higher return. There is simply no reason from an investors perspective to leave a home empty unless you can&#x27;t find a renter who will cover their costs, or you are trying to sell it.<p>It&#x27;s people like the author of this study that created the housing bubble in the US. They pushed to lower lending requirements, and pushed to have the US Government assume more risk so more easy money was available for housing purchases. With Fannie Mae and Freddie Mac, the US hasn&#x27;t had  a free market in housing for 70 years.<p>And worse, Fannie Mae and Freddie Mac are integrally connected to both political parties, offering huge payouts to retiring politicians or their friends in return for their support. Google the ex-DNC chairman who made $100M+ as chairman of Fannie Mae&#x27;s board.