The elderly are becoming homeless at a rate not seen since the Great Depression • Hacker News Board

Re: The elderly are becoming homeless at a rate not seen since the Great Depression

#471

Post by datavirtue » Mon, Sep 25, 2023, 3:20 PM UTC

JumpCrisscross wrote: post #396

escapedmoose wrote: post #192

Earlier quoted context omitted.

Among my friends seeking to buy houses, the greater problem is the ability of large companies to buy up whatever is on the market, which they then immediately turn into a rental. It’s nearly impossible to compete with a company who will pay $50k over asking price, in cash, for the house you’re trying to get. Comparatively, immigrants don’t have the purchasing power to compete, so saying they’re the problem is a weird…

> the greater problem is the ability of large companies to buy up whatever is on the market Out of curiosity, where? How do they know this? I bought my house “cash.” It doesn’t mean I filed my car with paper. Just that I didn’t require a financing contingency. (Brokers typically don’t know who they lost a house to until property records are updated.)

Then all they see is the name of the trust...and they still don't know.

Re: The elderly are becoming homeless at a rate not seen since the Great Depression

#472

Post by afavour » Mon, Sep 25, 2023, 3:20 PM UTC

spir wrote: post #234

escapedmoose wrote: post #192

Earlier quoted context omitted.

Among my friends seeking to buy houses, the greater problem is the ability of large companies to buy up whatever is on the market, which they then immediately turn into a rental. It’s nearly impossible to compete with a company who will pay $50k over asking price, in cash, for the house you’re trying to get. Comparatively, immigrants don’t have the purchasing power to compete, so saying they’re the problem is a weird…

You only perceive corporate landlords as the greater problem because we're not living in the counterfactual reality where there are millions of new apartments that are inexpensive, tiny, safe, quiet, modern, clean, dignified, and well-located. In pretty much every major city in North America, it is illegal or there is too much red tape to build the affordable housing people actually want. Why is it that living in a t…

It’s not an either/or. Excessive housing regulation and corporate landlords both perpetuate a housing crisis.

Re: The elderly are becoming homeless at a rate not seen since the Great Depression

#473

Post by andrei_says_ » Mon, Sep 25, 2023, 3:21 PM UTC

spir wrote: post #234

escapedmoose wrote: post #192

Earlier quoted context omitted.

Among my friends seeking to buy houses, the greater problem is the ability of large companies to buy up whatever is on the market, which they then immediately turn into a rental. It’s nearly impossible to compete with a company who will pay $50k over asking price, in cash, for the house you’re trying to get. Comparatively, immigrants don’t have the purchasing power to compete, so saying they’re the problem is a weird…

You only perceive corporate landlords as the greater problem because we're not living in the counterfactual reality where there are millions of new apartments that are inexpensive, tiny, safe, quiet, modern, clean, dignified, and well-located. In pretty much every major city in North America, it is illegal or there is too much red tape to build the affordable housing people actually want. Why is it that living in a t…

Because corporate landlords are large enough to price fix in markets they control?

Re: The elderly are becoming homeless at a rate not seen since the Great Depression

#474

Post by bombcar » Mon, Sep 25, 2023, 3:21 PM UTC

ohyes wrote: post #257

c_crank wrote: post #214

Earlier quoted context omitted.

Did anyone force all those students to take student loans?

Yes. They literally have to or they’ve got no chance at competing in the job market. They’re screwed either way, might as well get 4 years of college out of it.

This is the bill of goods sold by the for-profit colleges themselves (all colleges are for-profit even if non-profit, the people profiting are the administration and staff, which balloons to consume all revenue).

We could reduce student usury by demanding that all loans be paid back at a maximum percentage of income for a set number of years. If the degree isn't worth 5% of expected job salary for 15 years, too bad. Obviously the numbers can be adjusted but the whole sale pitch is "spend $X, get a leg up on the pile and make twice $x yearly". Just codify that, and suddenly the loan companies are on the hook for $500k loans for basketweaving degrees that produce baristas.

Re: The elderly are becoming homeless at a rate not seen since the Great Depression

#475

Post by c_crank » Mon, Sep 25, 2023, 3:21 PM UTC

Daishiman wrote: post #452

c_crank wrote: post #254

Earlier quoted context omitted.

But no one forced those people to take on those loans.

No one forced me to not try the one thing everyone says will keep you out of poverty.

Did you consider that everyone might have been making a mistake when they equated taking on large loans with getting out of poverty?

Re: The elderly are becoming homeless at a rate not seen since the Great Depression

#476

Post by HelloMcFly » Mon, Sep 25, 2023, 3:21 PM UTC

ryukafalz wrote: post #242

escapedmoose wrote: post #192

Earlier quoted context omitted.

Among my friends seeking to buy houses, the greater problem is the ability of large companies to buy up whatever is on the market, which they then immediately turn into a rental. It’s nearly impossible to compete with a company who will pay $50k over asking price, in cash, for the house you’re trying to get. Comparatively, immigrants don’t have the purchasing power to compete, so saying they’re the problem is a weird…

> But other than zoning it seems it would help more if the government would step in to disallow large leasing companies buying up giant swathes of the housing stock just to flip into rentals. There was a timely video about this yesterday from Oh the Urbanity: https://youtu.be/BRqZBuu_Ers?si=NlavrFpm8sNTUcYp Summary is that Rotterdam did just this, and the effect was that the price to purchase a house did not measurab…

I think a tax on vacant properties is potentially a better way to go, though checking and enforcement could be the issue (exempting one's primary and maybe secondary homes); multi-unit housing would also be exempt.

This would place more downward pressure on rents and decrease the investment upside on buying.

I'm sure this is a bad idea in a number of ways I haven't considered.

Re: The elderly are becoming homeless at a rate not seen since the Great Depression

#477

Post by c_crank » Mon, Sep 25, 2023, 3:21 PM UTC

jklinger410 wrote: post #467

c_crank wrote: post #214

Earlier quoted context omitted.

Did anyone force all those students to take student loans?

They absolutely did. And once you realize that, you will have reached a new level of emotional and intellectual maturity.

Who forced these students to take the loans, exactly? Do you have a list of names?

Re: The elderly are becoming homeless at a rate not seen since the Great Depression

#478

Post by cogman10 » Mon, Sep 25, 2023, 3:22 PM UTC

spir wrote: post #234

escapedmoose wrote: post #192

Earlier quoted context omitted.

Among my friends seeking to buy houses, the greater problem is the ability of large companies to buy up whatever is on the market, which they then immediately turn into a rental. It’s nearly impossible to compete with a company who will pay $50k over asking price, in cash, for the house you’re trying to get. Comparatively, immigrants don’t have the purchasing power to compete, so saying they’re the problem is a weird…

You only perceive corporate landlords as the greater problem because we're not living in the counterfactual reality where there are millions of new apartments that are inexpensive, tiny, safe, quiet, modern, clean, dignified, and well-located. In pretty much every major city in North America, it is illegal or there is too much red tape to build the affordable housing people actually want. Why is it that living in a t…

What government policy would allow for a 2k apartment building and not a $500 apartment building?

I just don't buy this argument. The reason there's not a $500 apartments being built is because by expanding the residence out just a tiny bit you can charge $2000 for the same space that 2 $500 apartments would occupy.

I'm seeing this play out where I live that has practically no zoning laws or regulations (LOTS of building in unincorporated land). There's almost no $500 housing going in but a lot of new luxery apartments.

Boise ID, for reference.

Re: The elderly are becoming homeless at a rate not seen since the Great Depression

#479

Post by randsp » Mon, Sep 25, 2023, 3:22 PM UTC

Sometimes I think we are heading towards a similar situation here in Spain but for millennials. House built per year are at its lowest point and most of the houses are owned by baby boomers. If you want to buy a house you are competing against not only regular buyers but also real estate investment companies which are almost impossible to compete with, only way is to get mortgages for more years than you will be able to work, so people without good retirement plans will not be able to pay such mortgages

Re: The elderly are becoming homeless at a rate not seen since the Great Depression

#480

Post by ebiester » Mon, Sep 25, 2023, 3:22 PM UTC

c_crank wrote: post #263

ohyes wrote: post #257

Earlier quoted context omitted.

Yes. They literally have to or they’ve got no chance at competing in the job market. They’re screwed either way, might as well get 4 years of college out of it.

Anecdotally, I can name plenty of people near me who hold full time jobs without needing a four year degree.

Certainly. I see them around here too.

They make 12-15 dollars an hour. That's 2400 dollars a month. That means at 30% of income (rental maximum in most areas), they can afford $720. (This assumes that they can work 40 hours. Their hours are often variable because they need two jobs - places mostly hire part time to avoid needing to give out health care.)

There are only a handful of apartments in the area that will rent a two bedroom for 1400. (I assume a roommate.) So, considering a moderate cost of living area, you are unlikely to ever make it out of sharing an apartment as nearly every job paying more than $30 an hour in this city requires a bachelor's degree.

Look around your job. How many people don't have a four year degree? It is near impossible to make it up the ladder without one.