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US home prices have soared 47% so far this decade, outpacing all of the growth seen in the 1990s and 2010s
(www.businessinsider.com)
this post was submitted on 14 May 2024
324 points (98.8% liked)
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Can we just band together as like 30 individuals and do the development ourselves? Like I want to find enough people that together we can afford to construct a set of condos without relying on some giant fucking company to do it.
I'm not kidding, I want to own a home someday
Yes you can. Banks do loans for this kind of thing all the time. They prefer experience though, and so if you don't have that you will need to prove you have enough on the line that you will lose if you don't complete the deal.
Many condos are built by small companies. They build a few every month and it is enough to pay their employees and make a nice living. It is hard to break into this as the banks want to see experience, but it can be done.
I wish it was possible, a citizen's co-op sounds amazing.
I will say I've seen it tried with varying degrees of success so It'd have to done carefully.