Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

42% of adults rely on their parents for financial support

cnbc.com

Post reply on HN
Print view View original

261–270 of 289 posts

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

#261

Post by magicalhippo »

brailsafe wrote: post #235
bryanlarsen wrote: post #227

Earlier quoted context omitted.

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

As far as I know, they're taxed higher in the sense that they're not exempt from capital gains, like primary residences are, but in my view it seems like that would at-most be a marginal disincentive if renters don't have much in the way of other options or protections (which vary across the country). Likewise, I'm fairly sure a mom+pop residential landlord can save on tax for any expenses related to secondary suites…

Here in Norway non-primary residences were taxed higher but not very much. They've changed that in recent years, so now you get taxed about 100%. However here it's not (just) capital gains, it's wealth, so you pay a percentage of what the estimated street price is for the place each year.

The result is that in the last couple of years landlords have gotten rid of many rental units. This primarily affected smaller apartments, and surprise surprise, those prices have remained flat while the rest has increased.

On the other hand, sucks if you for some reason need to rent, because now there's just a few rental units out there and they're now expensive.

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

#262

Post by joe_mamba »

magicalhippo wrote: post #261
brailsafe wrote: post #235

Earlier quoted context omitted.

As far as I know, they're taxed higher in the sense that they're not exempt from capital gains, like primary residences are, but in my view it seems like that would at-most be a marginal disincentive if renters don't have much in the way of other options or protections (which vary across the country). Likewise, I'm fairly sure a mom+pop residential landlord can save on tax for any expenses related to secondary suites…

Here in Norway non-primary residences were taxed higher but not very much. They've changed that in recent years, so now you get taxed about 100%. However here it's not (just) capital gains, it's wealth, so you pay a percentage of what the estimated street price is for the place each year. The result is that in the last couple of years landlords have gotten rid of many rental units. This primarily affected smaller apa…

[dead]

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

#263

Post by inigyou »

fragmede wrote: post #247
inigyou wrote: post #205

Earlier quoted context omitted.

> 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 -…

Some people do think money grows on trees and don't want to work. Maybe there's a way to spiritually guide them otherwise, but I'm not exactly excited to pay my taxes to support them. There are both rich and poor people that think that way, mind you, the rich ones just chose richer parents to be born to. Some people will never change their mind about it. Is society expected to support them forever and never see any r…

We do it with Elon Musk, why can't we do it with Bobby McBumface?

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

#264

Post by inigyou »

cal_dent wrote: post #243
inigyou wrote: post #193

Earlier quoted context omitted.

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…

every single city you mentioned there also has significant housing issues. So as per the original comment, the actual solution is more complicated than the debate typically tends to acknowledged. Densifying homes will help, don't get me wrong, but its far from the silver bullet HNs lads like to claim. Now, not densifying jobs and employment centres as much as modern society as done on the other hand....well, now we m…

Oh. "A 2 million percent increase might not be enough, so we should do zero percent"

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

#265

Post by inigyou »

fragmede wrote: post #241
inigyou wrote: post #198

Earlier quoted context omitted.

I suppose as long as it's 100% temporary, it might be legal (I am not your lawyer). So maybe a caravan trailer, a tent, or a covered up cargo bicycle will be allowed. But I'm not paying $100k to sleep in a converted bicycle bin, I can do that just as well under a bridge!

Location, location, location. Where's this bicycle bin and where's this bridge?

Are you saying there's a $100k unbuildable empty lot in the middle of Manhattan or LA?

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

#266

Post by solumunus »

8note wrote: post #209
solumunus wrote: post #185

Earlier quoted context omitted.

This was a problem long before that, the trajectory has been clear. Is immigration a factor? Sure. The suggestion that it’s the key issue is complete nonsense. This is happening all over the world, even places with low immigration. There’s really no economists claiming that immigration is the main driver. This is reactionary right wing rhetoric and not much more.

as an anecdatum, canadian, especially toronto proces are crashing after an easing of immigration nothing else has particularly changed

Could it be that middle/high incomes are getting squeezed badly year after year, following sharp housing inflation 2020-2022? Everyone is poorer and interest rates are higher my guy.

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

#267

Post by nilamo »

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

https://youtu.be/nE2132OUc5s

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

#268

Post by disgruntledphd2 »

rsynnott wrote: post #260
ieatcandlewax wrote: post #254

Earlier quoted context omitted.

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.

Or Theresa May, perhaps?

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

#269

Post by kilotaras »

TitaRusell wrote: post #174
joe_mamba wrote: post #110

Earlier quoted context omitted.

Same in Austria and other old wealthy EU countries that have since economically stagnated or even declined. All that seems to matters today, is that the GDP number keeps going up at any and all cost, regardless of long term externalities and second order effect to society. Kina like Saturn devouring his children. Like sure, now you need to wait 4 months to see a public healthcare specialist compared to only 2 weeks 8…

If GDP rises the country is not economically stagnating though.

Rent (and imputed rent) going up does increase GDP without any change in underlying physical activity.

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

#270

Post by alphawhisky »

inigyou wrote: post #196
alphawhisky wrote: post #113

Earlier quoted context omitted.

That only covers a portion of the population. Don't forget the middle of nowhere towns that refuse to tax their citizens (but eat grant money like pigs) and refuse to allow new housing. All of this is essentially being done to maximize property value and keep new people out. This is why people are moving to cities in the US. Not a desire, but a need in order to make ends meet and get on the property ladder.

People move to cities because of lifestyle and jobs. Cheap housing has never been an attraction of cities...

Yes, they aim to improve their income to expense ratio with a high paying job, I.E. they have more spending power.
Post reply on HN