When the Greek debt crisis happened, there was a town near h...

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  "content": "When the Greek debt crisis happened, there was a town near here where all available homes and apartments were bought up within months. It's years later, and they are all still empty. The owners don't live in it, as they live someplace else already. And they don't rent it out, as renters are a lot of work and bother. So, it just sits empty or becomes an Airbnb (so, mostly empty).\n\nWe have some like that in our village as well: these mysterious ghost house eyesores, dotted all over. They just park the money in German housing and leave the buildings to rot. People complain about paying an average of €400/year in property taxes, but their houses are worth like €500k-€750k and go up by 10% per year. And some municipalities have no property tax, at all.\n\nIt is only natural that people who don't have any use for residential housing will buy it anyway, with such low taxes. They treat it like a bond: just buy and hold. Same, if they inherit or they have multiple homes and stop renting them out. Just leave it empty and let it rot. They don't need the money, it costs nothing to hold and carries no risk. People with such a mentality should be buying gold or bonds, not land. Land is a communal resource. One person leaving it fallow hurts another person directly.\n\nMeanwhile, homelessness rises, and laborers are driving 2 hours to work... in the building next to a ghost house. The poorer, younger people don't understand the dynamic, but they can see that everything is empty and nothing is for sale or for rent, or the prices are exorbitant.\n\nI have never heard anyone in Germany explain this dynamic to the public, but I don't have a car and walk around a lot, and I talk to the many older, wealthy people I know, who own property, and they explained how it is.",
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