Tag: realestate

China mole people

The sub-sub-sub-basement dwellers of Beijing are highly skilled and educated – middle-class parents driven underground, both literally and otherwise, to secure a better future for their kids. When 16-year-old Xie Junwen comes home from school, he steps off the bus in an industrial corner of southern Beijing, walks through the dilapidated courtyard of an apartment building, steps around the entrance, into a murky-smelling corner, and makes his way through a narrow alley that leads to an unlit service staircase. He follows this staircase down, and down, and down. 4m below the surface, is a warren of small rooms joined by a labyrinth of hallways. I step into Junwen’s. It’s the size of a typical 16-year-old’s bedroom in the West. Bare fluorescent bulbs augment a dim light trickling from a manhole-covered trough high above the top of the room’s outside wall. But this is not, in fact, Junwen’s bedroom. It is his family’s entire home: He shares the airless space, that houses 2 beds and a desk, with his mother, father and 6-year-old brother. They share a tiny kitchen and a rudimentary bathroom with 3 other families, 12 people in total, who live in similar murky rooms.

Stockholm Rent Control

Dear Seattle, I am writing to you because I heard that you are looking at rent control. Seattle, you need to ask your citizens this: How would citizens like it if they walked into a rental agency and the agent told them to register and come back in 10 years? I’m not joking. The image above is a scan of a booklet sent to a rental applicant by Stockholm City Council’s rental housing service. See those numbers on the map? That’s the waiting time for an apartment in years. Yes, years. Look at the inner city – people are waiting for 10-20 years to get a rental apartment, and around 7-8 years in my suburbs.

London mystery mansion

If a vast and lavishly appointed house in Manhattan—a palace nearly 2x the size of the White House—were being redeveloped on the edge of Central Park, New Yorkers would want to know who lived there. Londoners are equally inquisitive, and concerted efforts have been made to uncover the identity of Witanhurst’s owners

Low housing supply

Rent Will Remain Too Damn High for the Foreseeable Future

But as the US economy has improved, people have been bursting out of their parents’ basements. Estimates of new household formation have surged in recent months. The thing is, these folks don’t go from 0-to-homeowner in a matter of months. They rent. And that’s why rental vacancy rates also have fallen back to levels last seen in the early 1990s.