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42% of adults rely on their parents for financial support

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

#221

Post by inigyou »

bell-cot wrote: post #201
inigyou wrote: post #192

Earlier quoted context omitted.

They did this in New Zealand under Jacinda Ardern's government and house prices have started to fall, but only slightly so far. IIRC the rules were something like, lots in a certain radius of a train station or town center are mandatory mixed-use zoning, overriding any city rules to the contrary. It was very controversial for the national government to override city governments like that.

> In several opinion polls, Ardern's domestic popularity had reached all-time lows by 19 January 2023...[when] Ardern announced she would resign as Labour leader and prime minister by 7 February. -Wikipedia Other political leaders might hesitate to follow such footsteps.

It was during the coronavirus pandemic. New Zealand successfully avoided the virus completely for a few years, but conspiracy theorists thought she was just being a Nazi.

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

#222

Post by nullorempty »

Izkata wrote: post #213
ripe wrote: post #119

Earlier quoted context omitted.

> 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.

Yes and my first ask is to stop the wars.

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

#223

Post by jjav »

josefritzishere wrote: post #199
nilamo wrote: post #35

Earlier quoted context omitted.

I don't know what you mean, the DOW is over 50k. /s

The stock market isn't the economy. Those are different things. If you are new to this area, the Wikipedia article is good for basics: https://en.wikipedia.org/wiki/Economy

I'm thinking you missed the "/s"

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

#224

Post by rainsford »

rurp wrote: post #179
ProfessorLayton wrote: post #159

Earlier quoted context omitted.

Almost everything you said is a typical NIMBY talking point: > Dozens of “luxury” units built cheaply, selling for 4,000$ for a 1 bedroom A nebulous definition of "luxury", and totally ignores the fact that people with money can get what they want anyway, pushing those with less out. So yes, more "luxury" builds help. > They get subsidized by the local government for including maybe 5 units that are “low income” and…

It's all talking points on both sides. "Build more housing" being the one true solution has become a religious tenant in a lot of wonkish circles. I see it repeated uncritically every single time this topic comes up on HN and similar spaces. The reality is that demand is always going to far outstrip supply in certain areas. You can only cram so many houses into a place like San Franciso, even if you raze the city to…

It might be unsatisfyingly simplistic, but if prices are high in an area because a lot of people want to live there, building more housing seems like a fundamentally better approach than demanding everyone who wants to live in San Francisco instead accept living in Mississippi. Even if prices stabilize back to where they were before, it would still be a net win that more people than before get to live in a desirable place for the same cost. I'm genuinely not "sneering" at Mississippi here. But if you want to live in San Francisco, Mississippi is probably not going to be a reasonable substitute and maybe making it easier for you to live in San Francisco is a reasonable policy goal.

But history and lots of examples suggests prices are unlikely to remain the same if you build more supply, which makes sense from an economics perspective. There aren't an unlimited number of people wanting to live in a particular area at a given price point, otherwise they would likely have driven the price higher in the first place. Induced demand is a problem for highways because the cost of driving that particular route at a particular time is essentially zero, which his not really true of moving to a different area.

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

#225

Post by rconti »

bradlys wrote: post #204
rconti wrote: post #64

When I was a kid, we never had a ton of extra money, but my parents were very supportive-- they paid for most of my college expenses, for example. Their outlook was that us kids shouldn't have to work-- "school is your job". (However, both my sister and I _did_ have jobs while in school). However, I never _asked_ my parents for money. I had a good education and a well-paying job, and was able to turn IPO money into a…

Never had a ton of extra money but your parents can casually pay for your college expenses and buy a house for you?

Excellent work with the reading there, champ.

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

#226

Post by bryanlarsen »

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

If rich people can't buy luxury housing, they buy non-luxury housing, driving up its price. If you don't want rich people driving up the price of affordable housing, make sure there is lots of luxury housing available so they don't drive up the price of the cheap stuff.

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

#227

Post by bryanlarsen »

brailsafe wrote: post #141
vslira wrote: post #107

Earlier quoted context omitted.

It's not number of houses, it's number of houses where people want to live. "house prices would not be increasing in areas of population decline" -> the causation could be running backwards: a family of 2 (maybe 2 retired people with accumulated wealth) can outcompete with a young family of 4 for the same unit, that drives prices up and population down. I'm not saying this is the case, but decreasing population not b…

This seems to be, or have been, a very common scenario in Canada, which is why I completely discount when most politicians start going on about a "housing crisis" when in another breath they'll say they don't want houses to get cheaper. If it was a "crisis", one might think houses would be treated with special care instead of basically just another commodity. If a person with wealth can just buy up as many of a finit…

In Canada, second houses and vacant houses are taxed higher than primary residences.

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

#228

Post by cindyllm »

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…

[dead]

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

#229

Post by rconti »

altairprime wrote: post #73
rconti wrote: post #64

When I was a kid, we never had a ton of extra money, but my parents were very supportive-- they paid for most of my college expenses, for example. Their outlook was that us kids shouldn't have to work-- "school is your job". (However, both my sister and I _did_ have jobs while in school). However, I never _asked_ my parents for money. I had a good education and a well-paying job, and was able to turn IPO money into a…

For anecdata, what decade did you borrow in?

Loan was originated in 2014. Our particular circumstance was that it was a run-up in home valuations in a short time period that caused appraisals to start coming in short right when we were trying to close. 20% down turned into 10% down plus a small shortfall.

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

#230

Post by bryanlarsen »

ironman1478 wrote: post #136
Animats wrote: post #88

Earlier quoted context omitted.

> We don't, as a matter of intentional policy, build enough housing. If actual number of houses was the problem, house prices would not be increasing in areas of population decline. It's existing houses being repriced upward by speculation that makes them unaffordable.

You can't look at the cost of a house out of context. If you look at Flint, Michigan it's actually one of the most expensive places in the country if you account for average income in that area. Absolute cost needs to be normalized by income in the area. The housing is actually very expensive if you do this type of calculation. We saw an example of under supply during COVID. Housing prices in "underpriced" areas incr…

Weren't there a bunch of houses available for $500 in Detroit 20 years ago?
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