If you sell a house these days, the buyer might be a pension fund • Hacker News Board

Re: If you sell a house these days, the buyer might be a pension fund

#121

Post by Smaug123 » Wed, Jun 09, 2021, 4:14 PM UTC

snikeris wrote: post #41

cosmojg wrote: post #32

If only so many people didn't treat land and houses like investments, there wouldn't be such a disastrous hoarding problem. Henry George's Land Value Tax [1][2] seems like an obvious economic fix that would require a large fraction of the population to change how they think about land and natural resources, but most of them are invested in such a way (i.e. owning multiple houses on multiple parcels of land, often wit…

I already pay a Land Value Tax to my town.

The usual advocacy point is to reduce most of the other taxes and send the LVT way up. "We should have a land value tax" is usually meant to mean "most tax should be on land".

Re: If you sell a house these days, the buyer might be a pension fund

#122

Post by sagarm » Wed, Jun 09, 2021, 4:14 PM UTC

commandlinefan wrote: post #86

crazygringo wrote: post #69

Earlier quoted context omitted.

I really don't see how you're complaining -- the value of your home is going up way more in absolute terms than the property tax you're paying. If you don't have cash, take out a small mortgage on the house to pay the property taxes. You'll still come out ahead in the end.

That was a joke, right?

Why is it a joke? Your property value went up significantly, you are in fact a winner. Why should you get to shirk your responsibility to your community?

Re: If you sell a house these days, the buyer might be a pension fund

#123

Post by whitc09 » Wed, Jun 09, 2021, 4:14 PM UTC

this is actually good. once people no longer own homes they are going to stop voting for people who artificially prop up home prices by restricting supply through zoning and land use rules. Long term positive for our political system.

Re: If you sell a house these days, the buyer might be a pension fund

#124

Post by duxup » Wed, Jun 09, 2021, 4:14 PM UTC

yabones wrote: post #102

Things went off the rails at the end... > Well, the banks are controlled by and in bed with the same cabal buying everything up. You think this will be corrected by market forces when it is a financial and political pincher movement pushed by the same cabal that stole the 2020 election & hid COVID Truth? You are fucked. https://twitter.com/APhilosophae/status/1402449561864577024 IMO, weakens the entire 'thread' and m…

Yeah what the heck happened there.

"same cabal"

Everything is a grand singular conspiracy to someone these days. Happens on HN too, every few bad news type post has some accusation that whatever outcome was because of a conspiracy.

Re: If you sell a house these days, the buyer might be a pension fund

#125

Post by davidw » Wed, Jun 09, 2021, 4:14 PM UTC

Here's why investors buy up houses: they know your neighbors will do the dirty work of artificially constraining the housing supply, which makes it a good investment.

Here's one who comes right out and explains this:

> Meanwhile, local opposition to building is so commonplace and the approval process so cumbersome, time consuming, and expensive, even when a proposed project complies entirely with requirements, approvals are not forthcoming, at least in an expeditious manner and needed supply is simply not provided. Recently I heard of a new acronym to add to my vocabulary: CAVE, Citizens Against Virtually Everything, to be added to NIMBYISM and BANANA (Build Absolutely Nothing Anywhere Near Anyone).

https://www.clearcapllc.com/2021/04/27/q1-2021-clear-capital...

Support groups like https://yimbyaction.org/ if you want to 'stick it to the investors'. If there's a credible threat to build plenty of housing, they'll move on.

Re: If you sell a house these days, the buyer might be a pension fund

#126

Post by [deleted] » Wed, Jun 09, 2021, 4:14 PM UTC

adflux wrote: post #16

This is what happens when you keep printing money and keep mortgage rates incredibly low. All that money's gotta go somewhere. Hey, at least the CPI isn't going up right? Its only the most expensive thing in most people's lives that has doubled in cost in about 10 years. Same thing for stock prices, and slowly other commodity prices are catching up as well. Non-homeowners are being shafted by this fed/ecb policy. Eve…

[deleted]

Re: If you sell a house these days, the buyer might be a pension fund

#127

Post by jlmorton » Wed, Jun 09, 2021, 4:14 PM UTC

snikeris wrote: post #41

cosmojg wrote: post #32

If only so many people didn't treat land and houses like investments, there wouldn't be such a disastrous hoarding problem. Henry George's Land Value Tax [1][2] seems like an obvious economic fix that would require a large fraction of the population to change how they think about land and natural resources, but most of them are invested in such a way (i.e. owning multiple houses on multiple parcels of land, often wit…

I already pay a Land Value Tax to my town.

I'm not aware of any locality in the US that has a pure Land Value Tax. There are a few localities in Pennsylvania that have a split value tax, with separate rates for land and structures.

Re: If you sell a house these days, the buyer might be a pension fund

#128

Post by nicoburns » Wed, Jun 09, 2021, 4:15 PM UTC

xapata wrote: post #94

adflux wrote: post #70

Earlier quoted context omitted.

Non homeowners are paying way more whilst getting less in return. I really dont understand the logic of being OK with paying double for a house, just because the buyer can sell it for the same amount (or higher) afterwards. I could purchase a 150m2 house with my salary a decade ago. Now I could find a 75m2 house that would be too expensive for me. I dont care about being able to sell the house for more money afterwar…

> paying double for a house Are you talking about monthly payment or lump sum? When the lump sum doubles yet the monthly payment is the same, has the cost really changed? To me, no. I was never going to buy lump sum, so I only care about monthly payment.

Your liability has. If the interest rates goes back up to late 20th rates, your monthly payment isn't going to stay the same.

Re: If you sell a house these days, the buyer might be a pension fund

#129

Post by TheCowboy » Wed, Jun 09, 2021, 4:16 PM UTC

yabones wrote: post #102

Things went off the rails at the end... > Well, the banks are controlled by and in bed with the same cabal buying everything up. You think this will be corrected by market forces when it is a financial and political pincher movement pushed by the same cabal that stole the 2020 election & hid COVID Truth? You are fucked. https://twitter.com/APhilosophae/status/1402449561864577024 IMO, weakens the entire 'thread' and m…

People using "The Great Reset" as a pejorative tend to have their views deeply rooted in right-leaning garbage conspiracy theories. Surely there's a better source for what Black Rock is doing than this person's Twitter thread.

> Only the worlds largest asset manager and the leading proponent of The Great Reset.

https://twitter.com/APhilosophae/status/1402437638423035906

Re: If you sell a house these days, the buyer might be a pension fund

#130

Post by kerng » Wed, Jun 09, 2021, 4:16 PM UTC

The US is printing money which will lead to like a 10% inflation rate probably.

Even now food is noticable more expensive.

So, over the course of a few years these are good investments.

For the same reason people (and Blackrock is interested or has already) bought Bitcoin.