this post was submitted on 12 May 2024
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This is happening worldwide. It has very little to do with urban planning and more with lax homeownership restrictions that allows the wealthy and corporations to scoop up housing supply for profit.
"The wealthy and corporations" have choices of how to invest their money. If housing supply is sufficiently elastic to meet demand, they'll find somewhere else other than housing to put their money. Ain't nobody trying to corner the Chinese real estate market in 2024, for instance (*).
There are a few places where land shortages genuinely constrain housing supply, like Singapore and Hong Kong. But the US has tons of land; things are simply not well optimized. That, plus high interest rates due to fiscal/monetary mismanagement.
(*) Not saying the Chinese real estate market is worth emulating.
Singapore actually has housing pretty much nailed down. If Singapore had US-style housing policies 95% of Singaporeans would live in Malaysia and commute because only bank execs etc. could afford living in the city.
...also Singapore would have zero green space left. It'd all be single family homes interspersed by parking lots. You can't spit out a chewing gum over there without hitting a public park.
You can't chew gum in Singapore at all, maybe this is why
There's exceptions for therapeutic uses (dental, nicotine gum) and you can also import small amounts for personal use. Chewing is perfectly legal, improper disposal isn't.