It interesting that in a City like Seattle , vacancy rates of Apartments and homes are rising EVEN AS homelessness is rising.
Now in theory according to “free market principles” , this should mean the costs of housing dropping but this not occurring to the degree needed as people just do not have the income to afford ANY sort of housing. Landlords do not want to drop rents too low as it interferes with profit margins.
Now here the thing. Vancouver recently tried to address its affordable housing crisis with a number of taxes against foreign buyers. What these foreign buyers would do is buy up properties and leave them empty as they were making money off the rising Real Estate prices and did not need tenants. This dropped the official vacancy rate to under 1 percent.
Those foreign buyers (many of whom bought Real Estate so as to launder money from criminal activity) now have Seattle as one of the next targets. Seattle has a pile of vacant apartments and houses even WITH those Homeless and these investors will buy that stuff up, inflate prices yet higher and then cash out to move to their next target.
The underlying issue is this. Housing is not being built to provide homes for people. Housing is being built to generate a return to the investors. As such it does not matter that there people sleeping in Cars or RV’s or under bridges , and it does not matter that more and more shleter simply unaffordable. All that matters is generating a return on investment and if this means fewer being to afford a roof over their heads so be it.
This IS the beast called Capitalism.
Now in places like Libya under Qaddaffi housing was a right and people without a home were provided one. Thanks to NATO and the Wests intervention, this all ended and there now a Refugee crisis from that Country.