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Will real estate ever be normal again?

nytimes.com

31–40 of 620 posts

Re: Will real estate ever be normal again?

#31

Earlier quoted context omitted.

Why don't you move to a cheaper place/smaller city? I don't understand why there are some many homeless people in big cities (i.e NYC). If people would just move to cheaper areas/cities the whole issue of housing would be fixed.

My community is here. How is it just that I be forced into exile because “the market” says so? I’ve done no wrong.

Things change all the time, even if you don’t do anything wrong. Welcome to earth.

Re: Will real estate ever be normal again?

#32
Not until zoning or ownership laws change. More people want to live in the places then there are places to live.

There are three ways to fix this: incentivize builders to build more places to live, have the government build housing, or penalize investors. Or any combination of the three.

Re: Will real estate ever be normal again?

#33

It will change when people want it to change, just like workers' rights did over the last century. If you don't want to pay a million quid for a house in London, refuse the game. Move elsewhere. Find a different way to get by in life, perhaps even a different country. People won't do that, though. It's more likely, IMO, that the entire world becomes more feudalist again until there are few escape hatches. But it'll u…

Workers' rights and housing are very different. It's a lot easier to move jobs than to move house. It's also a lot easier to create jobs than to create housing.

Re: Will real estate ever be normal again?

#35
post #27

Earlier quoted context omitted.

Because there are no jobs there. Yes remote might fix that, eventually. But I strongly doubt that, especially as humans are social animals.[1] However The UK is a more extreme version of this. People move to london because it has the most concentration of high paying jobs, and as a side effect culture (what that is I leave up to you. I don't just mean music, cinema and posh people shit.) Now, I could move back to bum…

> Because there are no jobs there. This is simply not true. There are a record number of job openings. I would go on to say that there has never been a time in history where finding a job was this easy. https://www.bls.gov/news.release/pdf/jolts.pdf https://fred.stlouisfed.org/series/JTSJOL "The number of job openings was little changed at 10.4 million on the last business day of September, the U.S. Bureau of Labor S…

But where are all these jobs? Aren't they mostly in the already impacted cities?

Re: Will real estate ever be normal again?

#36

Renters and buyers are increasingly in the same boat - the one where people with money in the bank are finding there's nowhere to live. In the case of renters, many with savings are facing homelessness - once those savings are burned up on hotels. This isn't a dramatization or overstatement. It's what I'm witnessing personally and very nearly happened to us. We were one of the few to beat long odds and score a place…

Why don't you move to a cheaper place/smaller city? I don't understand why there are some many homeless people in big cities (i.e NYC). If people would just move to cheaper areas/cities the whole issue of housing would be fixed.

Roughly 1 in 10 people in the USA already live more than an hour away from their job, a number that's been increasing over the last ~15 years as people move to cheaper places. This sustained migration of workers has not yet fixed the whole issue of housing.

Re: Will real estate ever be normal again?

#37
post #14

Earlier quoted context omitted.

I think ppl in your position should either follow the community, and obtain higher pay or relocate in area with people that align with your values. If working 60 hour weeks or reskilling isn’t your cup of tea, that’s fine but we can’t keep everything the same forever.

I don't think it's fair to put the onus on individual people to move everytime they're priced out of a market, especially a market that has been heavily manipulated to benefit the few via lower interest rates and poor zoning laws. You could see this housing crisis coming from years out and the government did nothing but maintain low rates, block multi-unit zoning changes, and allow the wealthy and foreign investors t…

Low interest rates benefits everyone who takes mortgage and in fact makes (leveraged) investment into building more properties a no brainer.

There is no bad guy here, just individuals displacing other individuals.

Re: Will real estate ever be normal again?

#38
post #33

It will change when people want it to change, just like workers' rights did over the last century. If you don't want to pay a million quid for a house in London, refuse the game. Move elsewhere. Find a different way to get by in life, perhaps even a different country. People won't do that, though. It's more likely, IMO, that the entire world becomes more feudalist again until there are few escape hatches. But it'll u…

Workers' rights and housing are very different. It's a lot easier to move jobs than to move house. It's also a lot easier to create jobs than to create housing.

Workers rights were not generally gained by moving jobs, it was unionization and protest.

Moving house doesn't change the market unless everyone else does it, and even then, the major benefit would come from something like large numbers of people agreeing not to max bid (i'm not suggesting that such a thing would be realistic, but it's an example of unionization)

Re: Will real estate ever be normal again?

#39

Earlier quoted context omitted.

My community is here. How is it just that I be forced into exile because “the market” says so? I’ve done no wrong.

Sorry. You’re going to have to move. Owning is for investors, banks, and other financial entities. /s The best part is that if things go upside down in a few years we get to bail them out.

Aren’t most houses owned by their inhabitants, rather than evil corporate entities?

Re: Will real estate ever be normal again?

#40

It will change when people want it to change, just like workers' rights did over the last century. If you don't want to pay a million quid for a house in London, refuse the game. Move elsewhere. Find a different way to get by in life, perhaps even a different country. People won't do that, though. It's more likely, IMO, that the entire world becomes more feudalist again until there are few escape hatches. But it'll u…

> If you don't want to pay a million quid for a house in London, refuse the game. Move elsewhere. Find a different way to get by in life, perhaps even a different country.

People did exactly what you suggest. And the country they moved to was England, and the city, London, which now has 38% non-UK born residents:

https://www.ons.gov.uk/peoplepopulationandcommunity/populati...

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