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Will real estate ever be normal again?

nytimes.com

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Re: Will real estate ever be normal again?

#41

Post by throwaway55421 »

chuckee wrote: post #40
throwaway55421 wrote: post #29

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...

Yep. I live there and it's great. Love the transport links.

If I were mentally handicapped and stuck working in a supermarket earning a tenner an hour I'd have long since flipped the table, though - playing when the deck is stacked against you makes no sense.

In the 1960s we had a system that allowed the majority to live in reasonable conditions. Nowadays it's get rich or die trying and no-one seems to really see a problem with this.

Re: Will real estate ever be normal again?

#42

Post by archsurface »

hprotagonist wrote: post #10
thefounder wrote: post #8

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.

Commuting enables this. If people couldn't commute, they couldn't invade your area. I've long claimed one of the biggest problems with the UK is the tube; it enables people to pile into London every day. Get rid of the tube, and people and business would be more spread out, which would in turn get rid of the elephant in the room being the UK is a one trick pony - "What do you have, UK?" - "London.", "What else?" - "London", "What else?" - "London". Oh, and then there's the medieval monarchy nonsense...

Re: Will real estate ever be normal again?

#43

Post by JaimeThompson »

mbesto wrote: post #27
KaiserPro wrote: post #26

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…

Do you have links that show the typical pay for those jobs?

Re: Will real estate ever be normal again?

#44

Post by lostdog »

toss1 wrote: post #28
hprotagonist wrote: post #10

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.

Yes, it is sucky to not be able to live where you like, but the attitude seems odd. Why do you feel entitled to live at any particular location (that was not actually inherited)? I've never felt it was my "right" to be able to afford any particular location and/or living standard at that location, and always noticed that it was a trade-off between costs, location, commute/travel times. Same whether it is in a resort…

> Why do you feel entitled to live at any particular location (that was not actually inherited)?

For me, it's less about my own life, and more about how terrible the world is when people get pushed out of their homes.

Most people need stability to have a good life. They do better when they understand their neighborhood. Their kids do better when they can go to the same school system until they are 18. Plus, the employment market is really uneven, so being booted out of a location with good jobs can be a disaster for a family. On top of this, moving is costly by itself, so the cost of moving every year is another tax on those who are struggling.

The argument of "you shouldn't feel entitled to this" just sucks. A better lens is "Do our housing policies help or hurt leading a good life." We're not talking about who deserves the latest fancy SUV, but about whether our housing situation screws up many people's lives.

Re: Will real estate ever be normal again?

#45

Post by uejfiweun »

The Fed at this point controls the whole economy and they have two options:

1. Raise interest rates and stop printing. Crazy inflation stops, but asset prices crash and we enter a major recession or depression. The end result will likely be unrest and blood in the streets.

2. Do nothing, keep printing. Inflation picks up massively. The economy keeps humming along but young people, including myself, are permanently priced out of home ownership and many other things. We enter a new era of cyberfeudalism, which probably involves some blood in the streets.

It seems like they are going with option 2. I am 24 years old and I can't say I'm particularly excited. It doesn't even really seem like any of the high paying jobs are enough to keep up with this insane market. All I can do at this point is raise my fist to the sky and say fuck the fed, fuck the financial system, fuck the greedy rich, fuck BlackRock, and fuck you.

Re: Will real estate ever be normal again?

#46

Post by lostmsu »

chuckee wrote: post #40
throwaway55421 wrote: post #29

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...

Million quid homes sound cheap in comparison to SF. Maybe we should move to London

Re: Will real estate ever be normal again?

#47

Post by lostmsu »

throwawaygh wrote: post #30
mbesto wrote: post #27

Earlier quoted context omitted.

> 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…

Presumably OP means a job in their profession, not employment generically.

In the current system not everyone is entitled to a job for their profession. People should get used to it.

Re: Will real estate ever be normal again?

#48

Post by mbesto »

jedberg wrote: post #35
mbesto wrote: post #27

Earlier quoted context omitted.

> 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?

https://www.bls.gov/charts/job-openings-and-labor-turnover/o...

https://www.bls.gov/charts/job-openings-and-labor-turnover/o...

Considering there is no regional specific trends and the highest % of jobs are actually in white collar jobs (pro services, healthcare, etc.), I think its fair to assume this data represents the whole of the US...no matter where you live.

Re: Will real estate ever be normal again?

#49

Post by RappingBoomer »

uejfiweun wrote: post #45

The Fed at this point controls the whole economy and they have two options: 1. Raise interest rates and stop printing. Crazy inflation stops, but asset prices crash and we enter a major recession or depression. The end result will likely be unrest and blood in the streets. 2. Do nothing, keep printing. Inflation picks up massively. The economy keeps humming along but young people, including myself, are permanently pr…

the problem is that if inflation continues, then interest rates will go up, whether the fed wants them to or not...once rates go up, money will flow from asset investment to bonds etc...and that will crash asset prices...checkmate...one way or another, asset prices WILL crash

Re: Will real estate ever be normal again?

#50

Post by mbesto »

JaimeThompson wrote: post #43
mbesto wrote: post #27

Earlier quoted context omitted.

> 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…

Do you have links that show the typical pay for those jobs?

No but see my link above, a large plurality of jobs are professional services and healthcare, which if you read any "these jobs pay the highest" article it's usually those two sectors.
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