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42% of adults rely on their parents for financial support

cnbc.com

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Re: 42% of adults rely on their parents for financial support

#211

Post by 8note »

slibhb wrote: post #140
paytonjjones wrote: post #112

Earlier quoted context omitted.

A big political problem with YIMBYism is that almost by definition it will take years to see the effects. If you champion it as a politician, there's a very large chance you get all the flack for new developments, but the next guy gets all the credit for affordable housing. Texas seems to be the only place that actually does it, and I honestly have no explanation for why.

Yes, this is a real problem. Also, in high-demand areas, building more will lower prices compared to the counterfactual but that doesn't mean prices will actually go down. This makes it a harder sell.

and in the near term, you reduce supply by kicking the people out of their homes and they need to find somewhere else

Re: 42% of adults rely on their parents for financial support

#212

Post by inigyou »

mothballed wrote: post #200
inigyou wrote: post #197

Earlier quoted context omitted.

What was the loophole?

Do everything yourself and it never touches commercial regulations on licensing, inspection, and and building plans. I recorded a sworn affidavit with the county I was building it myself on my own property for purely personal residential use and then they issued me a permit explicitly stating I did not need to submit building plans or inspections. Since the house was built without any compensation and not used for an…

Ah. One of those weird bureaucratic legal things. Probably wouldn't fly in most countries that have building permits.

Re: 42% of adults rely on their parents for financial support

#213

Post by Izkata »

ripe wrote: post #119
nullorempty wrote: post #38

[flagged]

> STOP spending on immigration programs... to improve situation for kids of the people who built out the western civilization The common misconception that the US Government is wasting money on immigration is pushed by Trump and FOX News, who both lie regularly. For example, see [1] about how Trump rejected a report produced by Federal researchers. The report is available [2]. Overall, the refugee resettlement progra…

Refugees are different from immigrants.

Re: 42% of adults rely on their parents for financial support

#214

Post by 8note »

gtrplyrjimi wrote: post #152
slibhb wrote: post #80

Downward mobility is almost entirely caused by housing costs, which are a self-inflicted problem. We don't, as a matter of intentional policy, build enough housing. I live in an expensive area and I'm always shocked by how many of my friends who cannot afford to buy a home (or even a condo) are NIMBYs. These are people in their 20s through 40s who have been earning since college, can't afford to buy, yet get annoyed…

It's not just about building more in existing areas. It's about making the construction of affordable housing PROFITABLE for developers; which in this world is nearly impossible. Every tax break you give for building anything just results in luxury developments and the builders keeping the breaks as profit. Also, you can't just build more in these already built up areas. Many of these areas already have strains on pu…

if developers cant build housing for people to live in profitably, the government should build it instead

afordable housing is a bedrock to ecobomic prosperity, the same as education and healthcare

Re: 42% of adults rely on their parents for financial support

#215

Post by jjav »

slibhb wrote: post #80

Downward mobility is almost entirely caused by housing costs, which are a self-inflicted problem. We don't, as a matter of intentional policy, build enough housing. I live in an expensive area and I'm always shocked by how many of my friends who cannot afford to buy a home (or even a condo) are NIMBYs. These are people in their 20s through 40s who have been earning since college, can't afford to buy, yet get annoyed…

> self-inflicted problem

Self-inflicted would mean the person (or people) suffering from the problem is the same person causing the problem.

But the gazillionaire corrupt politicians aren't really suffering from any affordability problem personally.

Re: 42% of adults rely on their parents for financial support

#216

Post by kristianp »

flumes_whims_ wrote: post #12
yesfitz wrote: post #7

Earlier quoted context omitted.

I went to the source[1] referenced by the article and found the exact question. It took about 90 seconds. "How financially independent you currently feel from your parents (meaning you could support yourself without them if needed)" 1: https://news.northwesternmutual.com/planning-and-progress-st...

According to that 17% of boomers+ are dependent on their parents. Just looking at boomers, that is around 70 on average. How many people that age even have parents still alive, let alone financially depend on them?

The youngest boomers are 62 this year. Not many would have living parents. Are you referring to inheritance they may have gotten?

Re: 42% of adults rely on their parents for financial support

#217

Post by ironman1478 »

8note wrote: post #206
ironman1478 wrote: post #173

Earlier quoted context omitted.

That is all that is allowed due to local and state zoning codes. Loosening restrictions on what can be built will bring down costs and all for more types of buildings. The bland housing is all that pencils out for builders at the moment.

i think making it more restrictive would be better? "affordable housing" is the same thing as "luxury housing" asides from the rent sure, you could allow less restrictive builds so that you only get a room with no bathroom or kitchen for $4k but thats not actually better

That's not how it works. More competition will bring the price of those down.

Re: 42% of adults rely on their parents for financial support

#218

Post by mancerayder »

slibhb wrote: post #80

Downward mobility is almost entirely caused by housing costs, which are a self-inflicted problem. We don't, as a matter of intentional policy, build enough housing. I live in an expensive area and I'm always shocked by how many of my friends who cannot afford to buy a home (or even a condo) are NIMBYs. These are people in their 20s through 40s who have been earning since college, can't afford to buy, yet get annoyed…

California problem. There's no constrained supply in Houston or Austin or a few other cities in the US that are now crashing from over supply.

Another one is Manhattan. There's no space to build so things get retrofitted (office conversions) and new zoning (Hudson Yards) but it's expensive - high hourly rates to pay people on buildings with more 99 units, many many permits required, land is expensive, etc

So it's luxury only in NYC

None of this is NIMBYism.

Part of it is return to office. Why move there if it's too expensive - the answer is you're unemployed otherwise

Part of it is demand. NYC is the closest thing to Europe, where you don't drive around in an SUV to do simple things. The GDP is enormous, so you find jobs. Young people. Etc

Housing costs are a lot more complicated than NIMBYism. There's a strong California bias for obvious reasons, here on HN.

Re: 42% of adults rely on their parents for financial support

#219

Post by PaulHoule »

inigyou wrote: post #207
PaulHoule wrote: post #74

Earlier quoted context omitted.

It's an interesting question. We have a group that promotes a "living wage" construct in Tompkins County that pushes the unquestioned assumption that people who are working in the lowest paying jobs can live 100% alone. It's not something I want to challenge directly, but... It reminds me of discussions about the minimum wage in the late 1980s when it was common for teenagers to work at supermarkets and fast food mar…

I can't think of any serious leftist who would advocate for high costs, unless there was some fundamental resource constraint like with fossil fuels.

Well high wage implies a cost that has to be pushed on somewhere. It's not crazy to fear that raising wages, sometimes, can cause costs to go up, which can lead to more demand for higher wages. It may really depend on how much slack there is in the system.

What does improve material standard of living is increases in productivity, but the scope for those is limited, see

https://en.wikipedia.org/wiki/Baumol_effect

Like the basic story of the past 150 or so years is that agriculture has gotten dramatically more productive so people can do other things and move into cities with all sorts of implications.

Re: 42% of adults rely on their parents for financial support

#220

Post by inigyou »

PaulHoule wrote: post #219
inigyou wrote: post #207

Earlier quoted context omitted.

I can't think of any serious leftist who would advocate for high costs, unless there was some fundamental resource constraint like with fossil fuels.

Well high wage implies a cost that has to be pushed on somewhere. It's not crazy to fear that raising wages, sometimes, can cause costs to go up, which can lead to more demand for higher wages. It may really depend on how much slack there is in the system. What does improve material standard of living is increases in productivity, but the scope for those is limited, see https://en.wikipedia.org/wiki/Baumol_effect Lik…

High wages raise purchasing power as much as they raise costs, so aren't exactly raising costs overall. In fact prices should be measured relative to wages. Non-wage costs (i.e. profit and rent) seem to be the killer. Note that Adam Smith hated rent.
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