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

#431

Post by briefcomment » Wed, Jun 09, 2021, 5:19 PM UTC

refulgentis wrote: post #370

briefcomment wrote: post #318

Earlier quoted context omitted.

WEF's official video [1]. They took down the article they had on this topic, probably due to backlash [2]. [1] https://www.youtube.com/watch?v=lBBxWtKKQiA [2] https://www.weforum.org/agenda/2016/11/shopping-i-can-t-real...

No offense, and I'll take the downvotes for being blunt, but this is political nonsense that doesn't belong on HN: people aren't going to to buy into a particular group's Proper Noun'd Concept off _obvious_ hyperbole (who actually thinks property, as a concept, is going away) that was apparently erased once it was used to hyperbole and wish a Proper Noun political concept into being.

They likely believe they don't need our buy in.

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

#432

Post by lolc » Wed, Jun 09, 2021, 5:20 PM UTC

gfodor wrote: post #154

adkadskhj wrote: post #135

Earlier quoted context omitted.

I don't understand how you can manage, honestly. The absolute swarm of conspiracies around COVID and the election overwhelmed me and i wasn't even trying to stay informed on them. Furthermore, even if i was trying to stay informed on them it seems like a full time job trying to discern the "maybe not entirely moronic" conspiracies to the completely batshit ones. Most are batshit, it seems. Sounds exhausting.

I find that the times it is exhausting is when I've been overly attached to my own beliefs such that there's an emotional response to being exposed to claims in conflict to them. The best way to overcome this inhibitor to open mindedness in my opinion is to just ensure you have a broad exposure such that it becomes normal and unimpactful to read many things you strongly disagree with regularly.

While I agree that it's healthy to keep a broad set of sources, I find that once a source has shown to be untrustworthy on some topic, I discount them on other topics too. There is a difference between having a certain worldview and twisting facts to your narrative.

Unfortunately, a good chunk of the Republican party in the U.S. is happily ignoring facts around the last presidential election. There is little use in exposing yourself to their faux complaints. Much like it was not useful to read up on the "Russian connection" that was invented to attack Trump. So when people fall prey to these ideas, I discount their opinion. I stop reading them. No reason to willingly absorb noise.

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

#433

Post by mumblemumble » Wed, Jun 09, 2021, 5:20 PM UTC

the_optimist wrote: post #424

mumblemumble wrote: post #252

Earlier quoted context omitted.

How does this not play out like Archegos in the end? https://www.bloomberg.com/opinion/articles/2021-04-08/archeg...

If you’re politically connected and influential, you get bailed out. Also, Blackrock is intermediating people’s pensions, so they’re ultimately just levering up retirees against the future generations of home buyers (empowered by the Fed). Think the politically connected Fed/DC/Davos crowd is simply going to just hand over power and influence?

Aha. So, basically, there are some failures in this particular market that make it more difficult for prices to correct themselves?

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

#434

Post by dnautics » Wed, Jun 09, 2021, 5:21 PM UTC

Corollary: if you're buying a house, your competing bid might be a pension fund.

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

#435

Post by Ekaros » Wed, Jun 09, 2021, 5:21 PM UTC

plank_time wrote: post #209

seanp2k2 wrote: post #170

Earlier quoted context omitted.

I’ve ranted about this before but CA Prop 13 not only makes housing a good investment, but one that you’re extremely incentivized to hold onto forever and never move. Two people can be living in houses next to each other valued around 1.5m, and one of them will be paying 1/10th the tax. If anyone wants to buy a house, they have to first be able to afford the property, so the barriers to entry are so much higher for t…

You’re saying that old people should be driven out of their houses because younger, richer people deserve to live in their houses. I’m sure your feelings will change as you get older.

Or maybe property tax shouldn't be a thing... Or be substantially smaller.

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

#436

Post by scythe » Wed, Jun 09, 2021, 5:21 PM UTC

davidw wrote: post #379

iso1210 wrote: post #375

Earlier quoted context omitted.

49 parking spaces for 49 houses seems like a disaster in anywhere other than the densest of US cities. Surely most houses have at least 2 drivers? 5 Acres is 2 Hectares, so that's about 25 houses per hectare. Typical new housing estates in the UK is about 25 hours per hectare, with minimum of 3 parking spaces (including a garage if given) for a 4 bed, and 2 for a 3 bed. Even that number of spaces is too low - especia…

The real disaster (environmental and economic) is that so many places regulate parking so strictly rather than being more market-oriented and allowing people to figure out how much they want. https://www.planetizen.com/features/113459-perils-central-pl...

It's impossible to take a "market-oriented" approach to parking when street parking exists. Either you remove the street parking, you regulate the space somehow, or you have a tragedy of the commons that pisses everyone off. In context, it sounds like the developer was obviously planning to take advantage of existing street parking to reduce the number of spaces built; it was, as described, the densest development in the area, at a below-normal spaces-per-unit for such an area.

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

#437

Post by wizzwizz4 » Wed, Jun 09, 2021, 5:23 PM UTC

scotuswroteus wrote: post #364

ASinclair wrote: post #267

Earlier quoted context omitted.

Since you understand politics so well you understand Mayor Breed can't unilaterally write housing policy. She has to work with the Board of Supervisors. The Board is dominated by a group of politicians that aren't really YIMBY supported as far as I know.

Since your reading comprehension is so high, you'll agree then that supporting yimby groups won't be sufficient to generate the credible threat that the original comment suggests will be sufficient to dissuade investors

Since yours is, you'll see that the original comment didn't say it would be sufficient. Those were two separate sentences.

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

#438

Post by mattmcknight » Wed, Jun 09, 2021, 5:23 PM UTC

opportune wrote: post #406

iso1210 wrote: post #375

Earlier quoted context omitted.

49 parking spaces for 49 houses seems like a disaster in anywhere other than the densest of US cities. Surely most houses have at least 2 drivers? 5 Acres is 2 Hectares, so that's about 25 houses per hectare. Typical new housing estates in the UK is about 25 hours per hectare, with minimum of 3 parking spaces (including a garage if given) for a 4 bed, and 2 for a 3 bed. Even that number of spaces is too low - especia…

What if I told you that in many areas households don’t even need a single car? If you require large amounts of parking everywhere and commensurately large roads, everything ends up so spread out that car based transportation seems like a necessity. It’s a self perpetuating cycle. If you don’t require so much land to be dedicated to cars you can build things denser and lower or even remove the need for personal cars.…

It's just not like that in reality. There is a townhouse neighborhood near me with 1.25 spots per house, and it is a disaster. A lot of places are occupied by people with roomates, not families. It's the kind of place where most people need a car for their job- work trucks abound, people drive uber or doordash, etc. Not everyone takes a laptop to the office every day. The roads are nearly impassable, people park 1km away. I knew someone trying to run a small business out of their home there (piano lessons) but there was nowhere for customers to park. There is bus service there, but they reduced the number of routes due to insufficient usage.

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

#439

Post by nly » Wed, Jun 09, 2021, 5:23 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…

It's tempting to say house prices and interest rates are opposite sides of the same coin, but the situation is messy.

I mean ultimately what I want is to pay 35-40% of my take home salary on a mortgage, just I like I pay now in rent.

The reality is though, here in the UK, that I need to save 2-3 years of take home pay, to put down on a deposit for a mortgage that will see me pay 50% of my take home pay, and I will still end up living in an inferior property to what I'm renting.

Meanwhile my landlord, who bought the place I'm in the 90s, is making a profit.

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

#440

Post by klhutchins » Wed, Jun 09, 2021, 5:23 PM UTC

opportune wrote: post #406

iso1210 wrote: post #375

Earlier quoted context omitted.

49 parking spaces for 49 houses seems like a disaster in anywhere other than the densest of US cities. Surely most houses have at least 2 drivers? 5 Acres is 2 Hectares, so that's about 25 houses per hectare. Typical new housing estates in the UK is about 25 hours per hectare, with minimum of 3 parking spaces (including a garage if given) for a 4 bed, and 2 for a 3 bed. Even that number of spaces is too low - especia…

What if I told you that in many areas households don’t even need a single car? If you require large amounts of parking everywhere and commensurately large roads, everything ends up so spread out that car based transportation seems like a necessity. It’s a self perpetuating cycle. If you don’t require so much land to be dedicated to cars you can build things denser and lower or even remove the need for personal cars.…

This really depends on too many variables of the surrounding area. There are places this could work, but I would argue there are more areas where this would not.