"Well, one poll shows the typical American thinks the industry needs to look at itself, too. The Searchlight Institute's recent poll of 2,123 U.S. adults on housing provides another perspective on the grand affordability debate. There's no argument about the scope of the financial burden, as 93% of those polled said housing was overly expensive - with 43% saying "way too high." But one question summed up the doubts about the industry's contention that housing construction is the best cure for affordability."
"The poll asked: "Do you believe that increasing the number of homes in your community will lower prices or raise prices?" The results showed 44% of those polled saw development as raising prices vs. 24% seeing price declines. Some industry insiders and policy wonks will say the public needs a few economics lessons. More supply should lower prices. But what many Americans see is construction that focuses on higher-end residences. To those eyes, that's increasing their local housing cost."
A poll of 2,123 U.S. adults found 93% said housing was overly expensive, with 43% saying "way too high." Respondents were split on development impacts: 44% believed increasing local housing would raise prices while 24% expected price declines. Many respondents blamed investors, with 48% citing investors buying housing to turn a profit as a major cause. Some respondents perceive new construction as focusing on higher-end residences, which appears to increase local costs. The market currently has large inventories of unsold new houses and empty apartments offered at prices many see as inflated.
Read at The Mercury News
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