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Rents for the rich are going down, rents for the poor are going up. Why?

washingtonpost.com

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Re: Rents for the rich are going down, rents for the poor are going up. Why?

#121

Post by Lammy »

bathtub365 wrote: post #110
Lammy wrote: post #102

Earlier quoted context omitted.

> Starting around 1975 Guess what happened in October 1974: https://en.wikipedia.org/wiki/Equal_Credit_Opportunity_Act

Can you explain the significance of this correlation?

Have you ever seen people talk about how the 13th Amendment to the US Constitution outlaws slavery "except as a punishment for crime whereof the party shall have been duly convicted", leading to the modern prison-industrial complex that overwhelmingly targets black Americans with arrests for petty crimes and traps them in The System? https://sites.lib.jmu.edu/civic/2020/09/17/slaves-of-the-sta...

The ECOA makes it illegal for lenders to discriminate for home mortgage loans, which would lead to reduced racial segregation (following the Fair Housing Act of 1968), reduced discrimination against unmarried/divorced women, and many other nice things. The exception is that discrimination is still totally legal if the person just can't afford the home. As Atari once told me, Do The Math: https://fred.stlouisfed.org/series/OEHRENWBSHNO

Bonus points if we use the fear from the inevitable housing insecurity to make discriminated populations want to segregate themselves: https://books.google.com/ngrams/graph?content=gentrification...

Re: Rents for the rich are going down, rents for the poor are going up. Why?

#122

Post by Lammy »

ibrahimsow1 wrote: post #117
Lammy wrote: post #102

Earlier quoted context omitted.

> Starting around 1975 Guess what happened in October 1974: https://en.wikipedia.org/wiki/Equal_Credit_Opportunity_Act

Please elaborate, I am deeply curious

https://news.ycombinator.com/item?id=26549294

Re: Rents for the rich are going down, rents for the poor are going up. Why?

#123

Post by tolbish »

scottm01 wrote: post #21
Railsify wrote: post #4

Earlier quoted context omitted.

Many rich people still earn a paycheck. YOu can be on payroll making 500k and have a stock portfolio worth 10mill, this is common for boomers who started investing in the 70s and 80s. A portfolio of that size will easily throw off 500k in dividends a year. My point is that a large paycheck does not mean you are not paid wages. I get your point though, billionaires probably are not taking a salary.

>A portfolio of that size will easily throw off 500k in dividends a year. Where are you "easily" getting 5% dividends? Are those mythical W2 boomers suddenly into sketchy crypto "funds"? Vanguards "Dividend Growth" fund is yielding 1.71%. Total stock 1.33%

Their money is also, ironically enough, invested in real estate.

Re: Rents for the rich are going down, rents for the poor are going up. Why?

#124

Post by overton »

rogerdickey wrote: post #13

It's not "rents for the rich" it's "rents for higher priced apartments" and it's basic supply & demand. This headline stokes unnecessary class conflict. WaPo should be ashamed.

There's nothing natural about housing markets. Across the developed world bougie homeowners have been using zoning regulations to restrict supply with immensely lucrative results. I would also like to see you tell someone experiencing housing precarity that these conversations are unnecessary, to their face.

Re: Rents for the rich are going down, rents for the poor are going up. Why?

#126

Post by marc__1 »

Lammy wrote: post #121
bathtub365 wrote: post #110

Earlier quoted context omitted.

Can you explain the significance of this correlation?

Have you ever seen people talk about how the 13th Amendment to the US Constitution outlaws slavery "except as a punishment for crime whereof the party shall have been duly convicted", leading to the modern prison-industrial complex that overwhelmingly targets black Americans with arrests for petty crimes and traps them in The System? https://sites.lib.jmu.edu/civic/2020/09/17/slaves-of-the-sta... The ECOA makes it il…

A book that goes deeper into this conversation is The Color of Money: Black Banks and the Racial Wealth Gap

Well worth the read, the story had a lot of nuances

https://www.goodreads.com/book/show/34758210

Re: Rents for the rich are going down, rents for the poor are going up. Why?

#127

Post by max-ibel »

I believe this is almost deliberate misdirection of the authors, but maybe they believe what they write.

I'm fairly sure if you looked at a slightly longer timeframe, you'd see prices for all go up, and even more for the expensive units.

Just looking at the latest 12 months really does not paint a useful picture.

I expected the WaPo to do a better job, esp since I believe their point that low income renters are being unfairly squeezed is probably a valid one.

Re: Rents for the rich are going down, rents for the poor are going up. Why?

#128

Post by [deleted] »

wideareanetwork wrote: post #9

Because by definition rich means “can buy house”, and poor means “no choice but to rent”. What sort of rich person rents a house, except whilst between selling old and new? It’s a strange question to ask .... who doesn’t see this as self evident?

[deleted]

Re: Rents for the rich are going down, rents for the poor are going up. Why?

#129

Post by [deleted] »

trillic wrote: post #67
warent wrote: post #48

Earlier quoted context omitted.

I think these days high priced apartments are only affordable by the wealthy, unless people are grouping together with multiple roommates, at which point it means they can't actually afford the apartment, so is it really middle class anymore?

If 4 22 year olds making 50k each share a $3,000 4bd 2ba rental "for the rich" I'd say they're middle class and can afford it.

[deleted]

Re: Rents for the rich are going down, rents for the poor are going up. Why?

#130

Post by Lammy »

marc__1 wrote: post #126
Lammy wrote: post #121

Earlier quoted context omitted.

Have you ever seen people talk about how the 13th Amendment to the US Constitution outlaws slavery "except as a punishment for crime whereof the party shall have been duly convicted", leading to the modern prison-industrial complex that overwhelmingly targets black Americans with arrests for petty crimes and traps them in The System? https://sites.lib.jmu.edu/civic/2020/09/17/slaves-of-the-sta... The ECOA makes it il…

A book that goes deeper into this conversation is The Color of Money: Black Banks and the Racial Wealth Gap Well worth the read, the story had a lot of nuances https://www.goodreads.com/book/show/34758210

Will check out; thanks!
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