Every single major population center that has distorted (high) housing costs relative to income, also has very strong protections for the existing home owners (NIMBY). "There are no coincidences..." The solution is terrifyingly simple: don't allow existing residents to block new housing developments. If they don't like it, they can move. This will probably never happen in the U.S., because the government no longer fu…
A major issue with housing is that it is a primary driver of wealth for many Americans. Obviously, this comes at the expense of our fellow Americans who do not own a home. I was able to buy shortly out of college (1% down loan) so rising home prices don’t impact me as much since my home has also gone up in value. I was able to sell the first house and roll that equity into the next house. As long as it’s the main sto…
The purpose of this comment is to make this conversation interesting instead of rehashing BS about NIMBYs.
Don’t get me wrong, measuring billionaires’ wealth by multiplying stock price and stock count is flawed too, for a different reason. But both your wealth and that wealth are really measuring “taxable wealth in the marginal transaction case.” Not a super interesting measurement IMO.
If you were an immigrant from the Soviet Union like my parents were for example, sure you were dirt poor but you might have an education, which turned out to be much more valuable in every sense, in most cases, than a house, for baby boomers this century.
Like isn’t being educated being “wealthy?” On the flip side, Russia today has 30 percentage points more higher educated people than the US, so tell me Obama, what did that education get them?
There’s no reductive lens for this stuff. One POV is that maybe the average American is myopic, their house value number goes up and they regard that as real wealth, just like billionaires do. But it’s not just a matter of understanding what house values are because “that number going up and therefore you become wealthier” isn’t strictly speaking flawed. IMO what we lack is leadership: politicians who have the patience and motivation to figure these things out and inform the public, as opposed to merely being reactive to the hottest crisis on social media.