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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

#251

Earlier quoted context omitted.

There’s a huge spectrum. I’m mid 40s and my wife grew up much wealthier than I did. We have done quite well, but I I’m a bit frugal, like to save, despise waste and excess, and therefore don’t like traveling like they do. I like traveling but all the fancy upgraded experiences at every turn is what I refuse to spend money on. But we don’t go without, we “rely” on my in laws to upgrade our travel (or that’s how my wif…

Is it taking advantage if they have a lot of money and want to spoil their daughter and son-in-law?

Probably not, just against my nature to let people spoil me. So I have some internal conflict about it but let it occur. There may be a better word for it but that's kind of how I feel when we, they, spend more annually that the median household income on our travel.

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

#252

Earlier quoted context omitted.

I know my neighbors very well due to my personality. There are 20-40 year old adults who live with their parents for various reasons. The foolish "children" are those who order door dash at 3am with no income or education. They are unable to 'launch' from their parent's orbit. i feel terrible for these people. As mentioned, I know them well and they do not have an excuse other than laziness and permission. The rule '…

> The rule 'those who do not work do not eat' is something all people can agree Um, no? Thanks for suggesting a possible left/right political litmus test though. We shouldn't have to waste too many resources on "useless people" but I think starving them to death is a bit excessive. We don't have a shortage of food. They're more likely to need mental health services or spiritual guidance to help them not be useless -…

The choosing was intentional. Both Marx and Christians both use the quote. Hungry people will work as history has shown.

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

#253

33% of GenX is still depending on their parents? That's shocking... I'm at the young end of GenX at 49yo. So, a slice of the population that is fast approaching retirement age is still reliant on their septuagenarian or octogenarian parents for money? Wow.

Well, that's where the money is. The 55 and older demographic holds 70% of the wealth in America[1]. The 70 and older demographic holds 31% (almost 1/3) of the wealth in America[2]. 1: https://finance.yahoo.com/news/older-americans-control-70-we... 2: https://www.apolloacademy.com/31-percent-of-wealth-owned-by-...

I got curious what the wealth distribution looks like when normalized to account for retirement account growth. The historical average of the S&P 500's inflation-adjusted rate of return is ~7%. According to [0], the actual YoY increase of net worth between age bands is less than that:

  Median household net worth by age
  35-44: $135600
  45-54: $247200 (+6.19%)
  55-64: $364500 (+3.96%)
  65-74: $409900 (+1.18%)

  Average household net worth by age
  35-44: $549600
  45-54: $975800 (+5.91%)
  55-64: $1570000 (+4.87%)
  65-74: $1790000 (+1.32%)
[0] https://www.fidelity.com/learning-center/smart-money/average...

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

#254
post #179

Earlier quoted context omitted.

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…

> You can only cram so many houses into a place like San Franciso Well, yeah, a human can only run so fast, but San Francisco is not even trying to run — it's barely crawling. Go to the sunset district, or Bayview, or any neighborhood in the western or southern half of the city and you will see nothing but rows after rows of single family homes — and yes, the car is a part of the family. Replace it with something lik…

I don't understand how people can see San Francisco and think "I wish this entire skyline was all 20 story apartment buildings so that rootless cosmopolitans can have marginally cheaper rent". If you want to live like that, new york is a great place and there is no need to sacrifice a beautiful and historic (by american standards) city for it.

This is all on the backdrop that the only reason people are complaining about this is because they want to pay Midwest prices for rent to go work at Amazon and make 250k.

These companies didn't build the city themselves, and they'll be gone as soon as you turn it into seoul with a higher corporate tax.

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

#255

Earlier quoted context omitted.

I may or may not meet your definition as a nimby 28 year old. I am all for housing, just not the type being built in my area. Dozens of “luxury” units built cheaply, selling for 4,000$ for a 1 bedroom. They get subsidized by the local government for including maybe 5 units that are “low income” and probably still cost 2k - and those low income units go away as soon as the building gets sold to another corporation. I…

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…

In my town they are building a lot of apartments downtown, and that's fine with me, but the unfortunate reality of my area is that if you don't have a car then you are pretty well stuck in town and can only get around to surrounding towns using buses that only run a few times a day. You can get to Boston faster than you can get to the shopping center 2 towns over (unless you take an Uber). And that's still pretty good by American standards. Let's assume that they are buliding 500 new units downtown but only 350 new parking spaces. So what's going to happen is that these $4500/month apartments and $900k condos will fill up with high-income singles and couples from Boston/Cambridge/Somerville with no kids who don't really care about not having a car, because they'll just commute to Boston for work, walk downtown for errands, and take an Uber for their occasional trips elsewhere.

That's fine on its own, but meanwhile the sub-wealthy families will continue fighting tooth and nail for the diminishing handful of old unrenovated houses that go on the market each year, and the wealthy families will keep happily buying and selling the nice pretty mansions on the quiet suburban streets at the edges of town. That is, it's not actually relieving supply pressure on the people who are hurting from it the most. Instead it's relieving supply pressure on the city that the suburb serves, which is still a good thing for the region overall but not optimal for the town.

The real NIMBY mansion-dwellers are quiet winners here. They get to comply with state-mandated development minimums without actually changing anything in their neighborhoods.

What actually should be happening IMO is that zoning restrictions need to be eased uniformly across town, for the same number of added units but at a lower overall density. We need more mansions converted to 2/3/4-unit condos (and yes I mean condos specifically, not just rentals) in addition to the luxury apartment development happening downtown. We need safer bike infrastructure so people who do want to really go car-free in a downtown apartment can do that without worrying about death by pickup truck, maybe even get their kids around on an e-bike or whatever. We need local circulating buses to take people around town, without relying on the sprawling MBTA bus network. We also honestly need a program where the city commissions development of smaller and cheaper homes, and sells them at cost in a lottery system or something like that, because all the new development in the fancier neighborhoods is $1m+ 2000sqft stuff that's way too expensive, bigger than most 1/2-kid families need, and also looks like shit (and is probably built like shit too).

Or none of that is right and I'm wrong about all of this. But the point is that no serious long-term holistic planning is being done, at least not in any venue that the public can see and comment on, and anyone who calls that out is shouted down as a NIMBY. I literally want more apartments in my neighborhood and fewer single family home (yes I live in an apartment but I wish it was a condo not a rental), more bike lanes, and narrower streets with bioswales and raised crosswalks and stuff. And yet I'm a NIMBY by some people's standards because I'm a little skeptical of just letting developers do whatever they want, in an area that isn't even that close to my backyard.

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

#256

Earlier quoted context omitted.

> You can only cram so many houses into a place like San Franciso Well, yeah, a human can only run so fast, but San Francisco is not even trying to run — it's barely crawling. Go to the sunset district, or Bayview, or any neighborhood in the western or southern half of the city and you will see nothing but rows after rows of single family homes — and yes, the car is a part of the family. Replace it with something lik…

I don't understand how people can see San Francisco and think "I wish this entire skyline was all 20 story apartment buildings so that rootless cosmopolitans can have marginally cheaper rent". If you want to live like that, new york is a great place and there is no need to sacrifice a beautiful and historic (by american standards) city for it. This is all on the backdrop that the only reason people are complaining ab…

[deleted]

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

#257

Earlier quoted context omitted.

> You can only cram so many houses into a place like San Franciso Well, yeah, a human can only run so fast, but San Francisco is not even trying to run — it's barely crawling. Go to the sunset district, or Bayview, or any neighborhood in the western or southern half of the city and you will see nothing but rows after rows of single family homes — and yes, the car is a part of the family. Replace it with something lik…

I don't understand how people can see San Francisco and think "I wish this entire skyline was all 20 story apartment buildings so that rootless cosmopolitans can have marginally cheaper rent". If you want to live like that, new york is a great place and there is no need to sacrifice a beautiful and historic (by american standards) city for it. This is all on the backdrop that the only reason people are complaining ab…

What the hell are you talking about? I live in SF. Like half the city is literally single family homes. You could trivially double or triple the population of the city by just legalizing the cute, three-story Victorians they have in the Haight city wide.

People live here and would like to build a life for themselves instead of living with roommates into their 40s and 50s.

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

#258

Earlier quoted context omitted.

> You can only cram so many houses into a place like San Franciso Well, yeah, a human can only run so fast, but San Francisco is not even trying to run — it's barely crawling. Go to the sunset district, or Bayview, or any neighborhood in the western or southern half of the city and you will see nothing but rows after rows of single family homes — and yes, the car is a part of the family. Replace it with something lik…

I don't understand how people can see San Francisco and think "I wish this entire skyline was all 20 story apartment buildings so that rootless cosmopolitans can have marginally cheaper rent". If you want to live like that, new york is a great place and there is no need to sacrifice a beautiful and historic (by american standards) city for it. This is all on the backdrop that the only reason people are complaining ab…

[deleted]

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

#259
post #179

Earlier quoted context omitted.

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…

Isn't SF infamously a SFH zone that makes no sense? If you razed the whole city and rebuilt it like Manhattan, you wouldn't have 25% more inhabitants, you'd have 25000% more. And if you improve public transit (I heard BART is some that's pretty good by American standards but not by European standards?) you can drastically widen the area that feels like the core city (just take a look at Berlin which I'm familiar with…

> And if you improve public transit (I heard BART is some that's pretty good by American standards but not by European standards?)

BART is ~fine; there's just not very much of it. Only two lines go through San Francisco (both of which are essentially one line while _in_ San Francisco), plus there's one line worth of Caltrain (which is kinda low frequency; 3-4 an hour per direction peak time), and _that's about it_.

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

#260

Earlier quoted context omitted.

> You can only cram so many houses into a place like San Franciso Well, yeah, a human can only run so fast, but San Francisco is not even trying to run — it's barely crawling. Go to the sunset district, or Bayview, or any neighborhood in the western or southern half of the city and you will see nothing but rows after rows of single family homes — and yes, the car is a part of the family. Replace it with something lik…

I don't understand how people can see San Francisco and think "I wish this entire skyline was all 20 story apartment buildings so that rootless cosmopolitans can have marginally cheaper rent". If you want to live like that, new york is a great place and there is no need to sacrifice a beautiful and historic (by american standards) city for it. This is all on the backdrop that the only reason people are complaining ab…

> rootless cosmopolitans

???

I hadn't realised _Stalin_ had a HN account.

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