Earlier quoted context omitted.
For most of my adult life (now I'm 34) I have spent 30-50% of any paycheck I've received on rent. In my country (Ireland) over the previous two generations, houses went from dirt cheap to extremely expensive. In the generation that came of age in the late 80s and early 90s, you could work a normal job and buy a house, easily. If you had a good job, you could buy several houses. Now, my generation. We came too late. H…
This is a problem for our generation actually. The two generations before us became rent seekers about everything and from what I can see %90 of current population is unable to acquire significant income to buy anything meaningful. We are going back to feudal times, with minority of population owning everything and others paying for the privilege of using them.
And in combination globalization/corporatization has put a lot of high paying jobs in a small number of areas.
In my opinion it’s basically generational warfare or at least a hidden retirement tax paid for by professionals in booming cities for old people who happened to own property in those cities. Even if you don’t subscribe to that hot take, it should be uncontroversial that property values massively outstripping wages in some areas reduces quality of life and contributes to inequality.