Housing Shortage Article – follow the link below.
It looks like we have a problem here. Too many jobs, not enough houses. What can be done? I recently got a call from a young man looking for a place to live who moved here (Minot) site unseen and with no place to live. He is currently, last I heard from him, living in a campground in the back of his truck. He came here because he heard about the oil jobs. One needs to really look at this and see where the true opportunities are. My feeling with things like this, dont believe the hype, markets are always irrational, and watch as “mania” ensues. Sure its great for the area, the growth and economic benefits are fantastic, homeowners feel great because their house is worth 20% more than it was 2 years ago, governments can cash in on tax revenues and hopefully use the money wisely…or not, but it does come with a whole set of negatives also like increased crime rates, inflated house values (affordability out the window), increased traffic, and poorer schooling (especially with a town that refuses to build a new high school). Fact of the matter is residential development is usually, at least 2-3 years behind growth, commercial, 3-5 years, hopefully we can avoid the overbuild syndrom and expand in a healthy way, and avoid the property/development binge that screwed the sand states.
