This Billionaire Builder Wants To Make Homes Affordable
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- Опубликовано: 8 окт 2024
- It’s a terrible time to be a homebuyer. In 2023, mortgage rates spiked to levels not seen since 2008 and, despite coming down in recent months, remain higher than they’ve been in more than two decades. Home prices have also skyrocketed, up 30% nationally on average over the past four years while real median household income has stagnated.
Yet, given a nationwide shortage of at least four million housing units, according to the National Association of Realtors, it’s a great time to be a homebuilder. There simply aren’t enough homes.
Since 2008, Smith Douglas Homes has built 304 communities in five states. Sales hit $765 million in 2023. Shares of Smith Douglas, which Tom Bradbury took public on the New York Stock Exchange in January, are up 56% since then. The 80-year-old Bradbury, who still owns 88% of the stock, wants the company to continue on as the "low cost quality provider of housing with choice".
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If we want affordability we have got to start allowing, promoting, and then supporting developers that are focused on mixed use, walkable developments. Some of these new developments have enough space to form legit towns. And It doesn't have to be NYC density, there's plenty opportunity well before that. Just in this video plenty of those lots could easily house 3-4 units without being anywhere near crowded. In most cities SFH are already zoned like 80% of the land so people who want that can pay the premium for what's already there. Forcing that to be 80% of a city though spreads things out, minimizes what we can do with each lot (parking, 4-6 lane roads leading to them and the space they require), and raises the cost of living (cost of car ownership, SFH maintenance, city utilities that don't benefit from a better economy of scale, etc).
property owners basically makes decisions on what is built or not built in their neighborhoods, unfortunately, they're all interested in shorting the supply to increasing their own property value
@@ft9kop To a large a extent, they actually don't. City zoning is fairly specific and we get the neighborhoods we do because stuff outside of SFH is literally illegal on the majority of the land in most cities. I was not exaggerating with that 80% being SFH in many places.
Stop trying to force people to live in your dystopian cities.
We love suburbs, we want suburbs. Build more suburbs.
@@farzana6676Suburbs are dystopian. You mostly see only cars come in and out. Land is wasted in growing useless grass. Homes are unaffordable. It is built to perpetuate the idea of keeping up with the Jones.
Cities with more density are living and thriving communities. Nobody goes to visit a suburb, people visit mixed use development.
@@farzana6676 You* love suburbs. Others love the walkable communities. You sound like a Republican so maybe I can extend an olive branch. Most Republicans are for small government and free market. Why do you not support it here? Let the market decide what they want.
You claim is exactly wrong. Nobody wants to force you to live in a townhome walkable area. But as was pointed out, you do want to force everyone in a single family home. The point is to get rid of the rules. The developer can then decide what to build based on what people want.
Build more units on that same plot of land to make them even more affordable.
Build mini grocery stores in those communities
Build protected bike lanes from those communities to town centers and transit stations
Build retail and offices in those communities
Make neighborhoods walkable with fast frequent transit then those families can reduce their travel times and save money from not needing a car
Yah its called San Francisco and it turned into a sh!t hole
@@Bmwstephen San Francisico is beautiful!! I have you visited outside of downtown?
It's so expensive because they need to build taller in a lot of areas but people trying to protect all the historic buildings
Yeah we ain't trying to live in New York. We want our space.
Affordable $260K to $400K+ in areas and hour to 2 hours from Downtown Atlanta with I-75/85, 20E/W traffic 🤔
Housing has become a grift in the U.S. / in order to get a single family house, you have to compete against: Private Equity, Flippers, Foreign Investors, Airbnb investors .. local governments also like the higher prices to get higher return in taxes, realtors want higher percentage, home owners want to prevent zoning from building new homes. It's not a coincidence we have an exploding homeless population. It's not worth the time investing or buying in the U.S. / The less of a consumer you are, the better you'll be
Increase the supply of housing.
Rooting for this and hopefully do it myself in the future
It’s not just housing that has become expensive, but food, transport and everything else is expensive. The problem is while everything has gotten more expensive, salaries and wages have not matched it one bit
Profits are at an all time high and every 2 Americans do not breed 2 more they breed less. We only have more space.
We seriously need more houses and affordable homes. Like less than $50k. Less than $30k. More builders can absolutely do that. People need a place to live. But the places to live are out of reach for many people who are making minimum wage. Why can’t they afford a home too? Even if it’s small. Some of them they live in hotels, in their cars, in vans, or homeless. It’s really terrible.
You're talking a 10x20 bare bones structure for that price. Land, infrastructure, utilities set up, energy codes, rising material and labor costs... It's just not possible
Just remember the software: smart builder. What a good ad!
Build a house in 59 days?!? Geez how do they do that? In Australia they take more than double that time or even triple that time.
Homes made of cheap wood
How do you know? You bought one?
which one have you built?
The cost of living is too high in America. Get your passports!
Reduce the bureacracy. Reduce the size of government, increase supply of homes and everything else, and cost of living will fall alot.
@@farzana6676 This is not what they want.
@@gusmotorsports Who is they?
Define affordable.
Rising purchasing power, working less hours for a home, since 1970 Americans work 8 years longer!
And only if you earn a mean income!
Less, and you have to rent! 😱
@@Bjorn2055 So, what is the number?
Home prices that are not more than 3x the area's median income.
@@designthedays In Dayton Ohio median income is $54K and the median selling price of a house is $126K. I guess we pass.
This is nice process man
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All that is going to change with investors
Then, Stop inflate the economy with credits for assets and capital remunerations, 2/3 of price hikes since 1970! 😱
A home should have been like $141k, wages only up $25/hour since 1970!
Housing a basic need, let Americans spend more income on everything else to grow businesses, the economy + prosperity! 🇺🇲😎
i agree, why arent you building?
This billionaire, like all the others, wants to make you his tenant slave.
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The next wave is sustainably built tiny homes. Not one company has started developing tiny home developments yet.
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