I need four walls around me to hold my life
Via KennyKellogg, I note that Paul Kedrosky describes SoCal exurb Temecula as if it were an Anasazi ruin, as freshly-constructed American subdivisions are "emptying out."
My amigo Laz is fond of pointing out my prescience in describing the hastily-constructed suburbs of Las Vegas and Phoenix as future disaster areas. What a strange sight it will be, when yesterday's McMansions are tomorrow's slums.
posted by Elbo @ 7:14 AM
1 comments
1 Comments:
When speculators bought those hastily constructed homes with dreams of flipping them at a profit, they rented them out in the meantime for extra income.
Now that those homes are being foreclosed, the renters are finding themselves kicked out on the street.
So we may have Omega Man like empty homes coupled with more working families finding themselves homeless.
But the market is by definition efficient, so I guess this is how it's supposed to be.
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