The amount I can pay each month hasn’t changed drastically. If interest payments to my credit union go up, then the principal payments I can make to a seller have go down. The price I can pay is less than it was a couple of years ago. That means your commissions will be dropping, too, Mr. Liniger. You’ll just have to live with it.
1.8 million people over the age of 55 die every year in the US, and there are about 650k divorces every year. These are potential price discovery opportunities in the real estate market. (Excuse the morbidity)
There is very little supply at the moment, the population is still growing and the people with money are still buying houses they can afford.
FWIW under Biden, the wealth gap increased the most, he added the most debt, the house prices have the biggest hike.
For all things Democrats preach, it’s the exact opposite. Most people are worse off.
Having homes as a speculative investment is a great way to have an entire generation having low home ownership.
And I agree, both sides are equally worse.
With colleges, homes, healthcare, daycares, food becoming so expensive, the effects will be huge but we’ll feel it decades later
I mean what do you want to do with companies that work by owning (or ...) 200 homes and renting them out? There's a LOT of these, responsible for a big part of the rental market.
Economic systems are systems of dividing up stuff. Capitalism and communism, and everything in between change who gets which housing. They cannot solve housing shortages.
They (obviously) do not change the quantity of housing without the government at least allowing large housing developments.
Dense multi family units - companies can go crazy building and renting them out.
Single family homes is a special American dream. Having them subject to rent seeking greed is not great.
It’s along the same lines of cities saying - in this zones you can’t have Airbnb short term rentals, in this zone primary home owners or second home rentals only, in this zone go crazy capitalistic do whatever you want.
I honestly don’t care about billionaires. But if they are taking a huge pie away from finite resources like livable land/housing, then that is a problem.
Focusing on income inequality or giving free money as universal income is wrong way to look at it.
We just need a healthy distribution of finite resources that yield supply of basic needs.
Needs being Food, water, electricity, internet, housing, clothing, transport, electricity, healthcare etc.
Price gouging of utilities is restricted, no reason why we can’t encourage building more homes and ensuring a healthy gradient of distribution.
This is largely a zero-sum game: if the bank is taking more money out of the transaction, sellers (and their agents who work for a percentage of the selling price) will be taking less. It’s not like buyers can magically afford to pay the same principal as before plus new higher interest rates.