sorry what do you mean by saying "Desirability has changed. For example, the number of sports teams have tripled since 1950." ? I am like not American and I do not get how that is related to housing
Houses near desirable locations (e.g. sports stadiums) are more expensive. There are more of those desirable locations now (more sports teams = more sports stadiums). So the average is driven upwards even with no change to the housing itself.
Is living near a sports stadium really that desirable? I lived a few blocks from the Giants stadium in SF, and I'll never make that mistake again.
Running a 15 minute errand on a game day could take hours. It was impossible to get my car out of the garage or get on/off the highway. The food/trash left on the streets was terrible too, which made walking my dog a PITA instead of a pleasure.
Yeah, it's the sports stadiums and not where the paying jobs are. KISS. People want to be comfortable and secure. To be secure you need wealth. To be wealthy you need a high paying job. To get a high paying job you need to live in an urban center. To live in an urban center you need to compete with millions of other like-minded, capable individuals.
If the market was flooded with options nobody would be talking about housing prices. People don't give a single thought about sports stadiums or if you're near a highway/airport or any of that soft nonsense. People are hard: they want a big house that isn't damaged on a nice plot of land above the flood plane where they don't spend 3 hours a day commuting to their job.
I don’t think it is causative at all. The statement sounds like an AI hallucination. But this is testable. You do probably see some gentrification in the immediate area but you also have the negative externality of parking…
unknown|1 year ago
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ziddoap|1 year ago
Houses near desirable locations (e.g. sports stadiums) are more expensive. There are more of those desirable locations now (more sports teams = more sports stadiums). So the average is driven upwards even with no change to the housing itself.
grepLeigh|1 year ago
Running a 15 minute errand on a game day could take hours. It was impossible to get my car out of the garage or get on/off the highway. The food/trash left on the streets was terrible too, which made walking my dog a PITA instead of a pleasure.
willis936|1 year ago
If the market was flooded with options nobody would be talking about housing prices. People don't give a single thought about sports stadiums or if you're near a highway/airport or any of that soft nonsense. People are hard: they want a big house that isn't damaged on a nice plot of land above the flood plane where they don't spend 3 hours a day commuting to their job.
theGnuMe|1 year ago