It's going to take a while to sort out who works where in the new equilibrium.
Seems to me one of those two classes will need to be inconvenienced if we don't want inflation to spiral out of control, because otherwise the asset owners will continue to buy more assets with cheap money that will push prices up, while asset consumers will continue to require higher and higher salaries to afford to pay the increasing rents to the asset owners.
Asset owners should be the ones taking the hit since they have been backstopped for far longer and are in a much better financial position to deal with it. But the asset owner class is also the one running the country and its tough to imagine them doing something against their short-term self interest.
Gonna be interesting to see what kind of equilibrium shakes out. I hope this plane can be landed without crashing...
Very true. The Fed pretty much exclusively worries about asset owners and how to drive up asset prices even more. And most people in political or business leadership are asset owners.
I don’t think this will end well. Either we will become a society of super rich people that live separately from a large underclass or there will be a revolution at some point.
I've traveled in or through Asheville, Greenville, Savannah, Knoxville, Jacksonville, and noticed it. Savannah was probably the worst, and it is not a high cost area, at all.
I live in Florida. There's a burger king near me that is just...empty. Lights on, nobody there.
The 7/11 near me has one employee. He runs 3 registers to keep the line moving. I see him training people about once or twice a month, but they never seem to stick around.
Yes, restaurants are busy here, but the service and food quality is obviously suffering.
Look up housing prices in the Tampa bay area. The new construction is all "Luxury" (just a word, still crappy) so they can sell $1,500 one bedrooms to foreigners.
Not that anyone's surprised, but look to Florida for more collapses (ecosystems, economic, not just buildings) coming soon...
Not in my experience.
> Look up housing prices in the Tampa bay area. The new construction is all "Luxury" (just a word, still crappy) so they can sell $1,500 one bedrooms to foreigners.
This just reads as incredibly bigoted. We're getting a decent amount of immigration influx but the majority of population rise is from out of state. Affordable housing is being developed and has been the last few years . New funding initiatives for affordable housing are in the works across the bay [1] [2], and there's a massive mixed income complex in planning for a major site across the river from downtown Tampa.
Demand is outpacing supply here. Plain and simple.
1. https://www.google.com/amp/s/www.tampabay.com/news/st-peters... 2. https://www.google.com/amp/s/www.tampabay.com/news/hillsboro...
The topic is about staffing shortages in one city. I laid out my experience seeing this same thing elsewhere. And two different people tell you they see it in Florida.
Instead of adding your input, which is valid, you seem to contest everyone else.
That's my opinion. But I didn't downvote you, as I cannot.
I'm glad Tampa doesn't have the same issue most other cities in the US are seeing. You are lucky, it causes a lot of nagging issues.