The concept of credit score isn't something that has always existed in humanity. It's something that we can go on without, even more so given the ridiculous profitability of banks
Credit scores are probably the most useful metric for a person in general. The reason isn't because it's an assessment of creditworthiness, but it saves the time interviewing each person for each loan, asking for quite literally thousands of pages of documentation proving they are creditworthy, etc. If you recall how these things were done before credit scores it was not pretty. Without them lending would virtually c…
It's also a way to work around the housing discrimination laws.
> So this shouldn't affect the possibility of moving to areas that have decent schools. It doesn't, but how much cheap land in Goldilocks-type areas really exists? The housing price problem is already becoming national in scale. > It doesn't have to be a huge influx, nor all at once. That ship sailed a long time ago. It already is. It turns out 1% of Californians leaving annually is still half a million people swarmi…
"It doesn't, but how much cheap land in Goldilocks-type areas really exists?" That's my point - it doesn't have to be perfect. Otherwise nothing will solve it. "Encouraging more people to do this is going to exacerbate the problem." They should be moving to places that are shrinking. That's what I'm suggesting. That food desert thing is a joke. They're talking about supermarkets, yet there are other sources like farm…
As someone who has wanted to desperately build on "goldilocks" land for a long time, the thing that has held me up is not zoning but the uniform building code. I simply only have enough money to build a shack. There are plenty of these out in the West, but at some point someone said "nah fuck them kids" and decided great-grandaddies shack is fine for somebodies grandkid to live in but if I build new property of literally the same thing I've committed a cardinal sin of safety. This means even though a shack would still be cheap to build, their supply is artificially limited (indeed irreplaceable) to the point a shack is practically as expensive to buy "used" as a fully up to code newer construction. And thus again I am cast aside, doomed to rent some overbuilt up-to-code construction.
Like IQ tests, the credit score has egalitarian roots, but modern day activists think they're discriminatory and should be abolished.
Credit score is hilarious. Until I was like 30 I paid for literally everything with cash. Everything. Never missed a bill. My credit report/score came back "unreportable." Not a shred of data to go off of. I was unable to obtain any credit card. I ultimately had to go to a bank and place $1500 in what was basically a 0% CD for the duration of my credit card, with the agreement my bank would just take it if I didn't p…
Every new immigrant has that problem. I deposited $500 in a credit union and took a secured loan of $500 for 2 years. Did the same at another bank. Also took a secured credit card, as parent comment described. That bumped my credit score up pretty quickly.
This is definitely not the case. Example: a .1% increase in shadow over Dolores Park in SF almost stopped a new 19 unit development - https://twitter.com/sam_d_1995/status/1415839145386196993/ph... It was approved years later after adjustments - https://sfyimby.com/2022/04/supervisors-approve-shortened-pl... Granted...this particular situation was unique as the development was market-rate units, not low-income, in a…
SF real estate is just bitcoin HODLing with real life homeless camp attached. The entire property value is propped up by artificially voted on rules greatly raising the mining difficulty to entrants and it's getting exponentially more difficult with time.
There are no magic wands here. Property is a limited commodity, it can't be expanded to fit demand. > then there needs to be a change No there doesn't > Having all the low paying workers commute 2 hours to work every day to make frappes and burgers for the rich locals is not a viable option. Viable is in the mind of the beholder. Viable solutions include - low income workers moving to more affordable areas, leaving t…
> Property is a limited commodity, it can't be expanded to fit demand. Explain to me why we can't build more housing?
Because it's not profitable to build entry level housing when you could build premium housing... unless you have government intervention.
LA for example is built into the 90% range of its zoned capacity today of 4.3 million people with a population of just under 4 million by official counts (higher in actually no doubt). Meanwhile, in the 1960s when homes in LA were actually affordable, the population was 2.5 million, with a zoned capacity of 10 million. That means if we want to make LA as affordable as it was in the 1960s, then we should zone the city…
That's insane. More fun LA facts. LA produced ~60k housing units out of a goal of ~80k over the last 8 years. Their goal for the next 8 years is 450k. They are starting at least 1 year late due to the COVID eviction moratorium. Right now you still cannot Ellis Act an occupied property to demolish it. I would wager that they will not meet their goal.
There's a lot of low hanging fruit in LA for redevelopment that won't even require a tenant to leave. For example on most arteries you have single story commercial buildings with no one living on the property. There's also a lot of generally derelict property I've noticed for a number of years in very prominent locations that are not being redeveloped for whatever reason. For example, this building has seen a few structure fires recently. If you go back to 2007, the oldest date on google street view, it looks exactly the same, so its been in this state of disuse for at least 15 years. This is not a bad location to build an apartment; you are immediately adjacent to a red line station and other buildings nearby along Vermont Ave have been converted in recent years to new 5 over 1 style apartments.
Being able to afford 20% down on a mortgage is something affordable to less people every year. With rates increasingly quickly, it's not going to be much cheaper if prices fall too.
So buy at 3.5% down. The more leverage you have - the more you're taking advantage of The Federal Reserve mandate that prices go up at least 2% per year. 2%x33 = 66% return GUARANTEED by yours truly, the Federal Reserve.
Isn't it an exponential formula instead of a mere multiplication? 1.02^33 ?
It's a pretty well document fact that it has a lot of its roots in racism. https://www.epi.org/publication/the-color-of-law-a-forgotten... If that makes you feel uncomfortable, so be it. Americans spend zillions of dollars every year visiting Europe, which is full of high density housing. And come home raving about how much they love it. It does not 'cause problems'.
There's a correlation between crime / neighborhood blight and low income residents. That correlation may be because of historic and current structural racism, lack of access to mental health services and a social safety net, or a myriad of other socio-economic issues, but it doesn't change the fact that it exists. Insinuating that anyone who brings up those issues is racist isn't helpful. It would be more productive…
People need to live somewhere and the population is growing. Where do you suggest that the kids of current residents live?
Maybe Im naive, but whats wrong with building entirely bew towns and cities? Last time I flew across the US, I saw vast wilderness with a few tiny populated places here and there.
low density suburbia only survives by siphoning funds away from the nearby city.
The two tenants within a few houses of us in either direction would fit my definition (and likely that of many other folks) of "low quality tenant": don't bother picking up the beer can out of their yard, don't mow (at all ), loud-ass exhaust on their shitty cars, etc. More of an eyesore than a contribution to the local community, and causing me to realize why HOAs come about. But, yeah, it's all because they have br…
As a renter I've found the neighbors dump the beer cans, their shitty trailers, and whatever other bad habits they have in my yard because they know the landlord is off in another state and everybody who lives here for 2 years and then moves on has no rapport with the authorities so it can only hurt us if we try and do something about it. The landlord is an old man who basically does 0 maintenance to the house, so th…
Where is this? This seems like a completely different problem than the typical US city where people are grumpy about renters ruining the neighborhood.