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Nope. Not a housing shortage. There are plenty of empty buildings that are simply zoned incorrectly (ie: zoned for a different time when those uses where the focus). We (the country) are on the wrong side of the demographic curve to suddenly throw up 5-6 million more units. Let's make more flexible zoning changes instead...and possibly only need to 1 million units. It's better for the environment and would probably help save alot of historic buildings too.
Is this written from the comforts of a spacious, open, and modern apartment or house?
Well, yes it is, but that wasn't my choice. I love old historic buildings and if I had been doing the buying we'd probably be in one. This house has a lot of issues (mainly with air flow) that were not in any of the older houses we looked at...because this builder used a kit and did not do great site work or really any work at all. Long story, but we are the second owners and he saw them coming. Not all old historic buildings are cramped etc and yes, some will need a bit of rejiggering. But the impacts (on landfills etc) of suddenly destroying tons of old buildings and throwing up tons of modern ones are huge. The UK has an enduring advantage over US/us because of how conscientious they are about their historic built environment. It's time we paid attention. Less building products in landfills, less waste ...and really the rejiggering just needs a competent architect/ historic preservation personage. Are you saying that if the UK can do it, we cannot? No, of course you aren't. It is easy for me to say that rejiggering is all that is necessary and I realize that....but we definitely need to really look at individual, city and state objectives before we go willy-nilly knocking down things and throwing up (6M!!) or so new units. Everything from all of the new building supplies needed to the workers needed ...which the building industry is straining to produce even now, would be necessary for such an effort.

There are some gorgeous old row buildings in PA (and lots of other old, once industrial towns) that are boarded up and empty and usually right on the main drag in the center of things (great for walking/biking). They are cheap...but they are also (some of them) zoned commercial which means that generally they can't be lived in. If the zoning were to change to multi-use, the space would definitely appeal to youngsters who do the socials with plenty of space for a home studio, bedroom, huge closets and bathrooms etc. rather than them having to join the scrum around the few houses are built and overpaying, they could use that money/energy to build equity in a fixer upper.

The building tech has also improved alot in the last 20+ years. Adaptations that were impossible then...are possible now. Improvements in insulating, retrofitting...everything has advanced a great deal. Complete tear-downs are no longer necessary in a great many cases. But people have to be willing to stretch their minds and not just go for the easy solution.