In big cities in the United States and Canada, there are basically two ways to purchase housing: buy real estate, or rent it from a landlord, typically with tenancy defined by a one year lease or month-to-month agreement. Neither of these are the product that I actually want!
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The two things I most want in my housing are (1) bounded-downside stability (i.e., the option, but not the obligation, to remain in the unit) and (2) control, such as the ability to make improvements to the property as I see fit. With these options, I have to buy to get them.
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I don't actually want to buy though! In particular, I am not interested in speculating on land prices in my area. In expensive North American cities like Boston, that is >50% of what I'd pay for by buying a place!
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Because land is expensive and zoning (et al) limits the housing supply, this makes buying a place very expensive. I'd end up being extremely long the housing market in my neighbourhood, and not at all diversified.
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What I actually want is pretty close to a commercial lease: reasonably long, with defined terms for early termination, and with basically complete rights to refinish the interior.
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My understanding is that this exists to some extent in certain countries (e.g., Germany and the Netherlands), where multi-year leases and apartments that e.g., require you to bring your own kitchen are available.
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More speculatively, what I really want is the ability to own *my unit* but rent/lease the right to occupy the *land*. Of course that can't happen unless the unit can be relocated. 🤔
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