Housing Costs Force Workers Off Island
One island off the coast of Maine is considering unusual methods as home prices climb out of reach. The BoothBay Register, "Coastal communities are increasingly being sold to out-of-staters, driving prices up for Maine residents."
"We have multi-million-dollar summer homes, but no affordable housing," Rep. Hannah Pingree said.
"'If we keep losing year-round workers on the island, we will continue to see a shrinking school population, lose our year-round stores and lose volunteers' for community projects and services, like the volunteer fire department. 'As it is now,people have to travel 30 or 40 miles to come to a modest job,' because they can't afford to live on the island."
Their solution will probably do more harm than good, without really addressing the problem. "A bill that would allow communities to adopt a one percent sales tax on homes going for more than $1 million, with the money being used for affordable housing."
6 Comments:
Aggrevated excess liquidity:
http://www.forbes.com/forbes/2005/0425/108_print.html
As far as I'm concerned its like drinking too much. The next day you say to yourself: I's so thirsty today I should have drank more last night.
There may be excess liquidity now, but there will be not enough in the near future.
I don't understand how the Fed can see houses increasing by 20% every year and say that inflation is running at 2.5%.
The only reason the US can't measure any inflation is because it is happening in China. Somewhere in China there are factories turning our record number of stoves, fridges, light fixtures, window mechanisms, furnaces, toilets, bathtubs, etc.
The only thing we have to show for all this is a trade deficit. No wonder !
Not enough houses in Seattle:
http://seattletimes.nwsource.com/html/homerealestate/2002233741_homesales07.html
The birthrate in some of these cities must be outrageous !
(I don't understand how the Fed can see houses increasing by 20% every year and say that inflation is running at 2.5%)
True. Thanks for commenting. Ben
Is there really a bubble? Greenspan says No!
Greenspan Speaks out
(Not enough houses in Seattle:)
Not true. New home builders on the east side are doling out large disounts for new homes. New house builders in Redmond have been sitting on finished inventory for three months now in many neighborhoods.
checkout Redmond Ridge, Woodbridge and other communities to check it out!!!
Not surprisingly Seattle Times has two sections completed devoted to real estate advertising every week.
I agree that Seattle has enough houses. I was being facetious.
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