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Landlords are the least productive class in society, and it's not even close in terms of ranking.
I personally think it’s usually a shitty investment and a waste of my life, so I’m glad to pay someone else to use theirs.
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Landlords are the least productive class in society, and it's not even close in terms of ranking.
Don't live in the US, but we're facing similar problems here in Norway. One main driver is that there's not being built enough new housing. It's a combination of building being too expensive, higher interest rates, etc. So the second-hand/used market is red hot. Renting has become so expensive, that many landlords have exited - so we're likely heading into a really bad crunch in the near future for the renters. I've…
> One main driver is that there's not being built enough new housing. I recently entertained the idea of building a new house. Not terribly surprising, but worth mentioning that the time and materials to put up the structure was going cost even more than buying a used house. If nobody can afford to buy a less expensive used house then naturally nobody is going to build the much more expensive new house either. Therei…
The real killer for them is interest rates, as they finance the whole thing and then can pay it off when all the homes are sold. High rates make the finances much more challenging to work.
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Look at real, median household income. It's been going up and up. The things that have gone up in relative cost are housing (because we heavily regulate building it) and premium services like healthcare and education because of Baumol.
Probably also doesn't help that to many people want/need to live in the same few areas. If you could take your office job (which in most cases would work perfectly fine) and move to a less popular area, 30% might be rather high.
Earlier quoted context omitted.
That’s a sort of interesting question. On one hand, landlords are easy to resent, they extract a lot of income primarily by owning something rather than doing anything productive. On the other hand, wages haven’t kept up with inflation and the super-wealthy are constantly capturing more of the value. At least in the case of small-scale landlords, maybe they are just the only lower-to-middle class people who’ve manage…
Are you saying that you blame apartment prices on landlords? If you build more apartments then market rent goes down and landlords can't charge more if people can just find cheaper apartments. It's not like landlords just choose whatever price they want - it's significantly bound by the demand.
The problem is absolutley that housing is too expensive, which of course a bunch of realtors are not going to point out. Increasing wages will not fix the housing crisis, and will just drive prices higher. How convenient for a bunch of realtors...
But the current housing market doesn't feel sustainable. I don't understand how a proper middle class family could afford to buy in this environment, unless they are willing to put off any savings indefinitely.
The problem is absolutley that housing is too expensive, which of course a bunch of realtors are not going to point out. Increasing wages will not fix the housing crisis, and will just drive prices higher. How convenient for a bunch of realtors...
"We currently have 10 houses renting at $2500 for 15 people who have $2000 to spend on rent. WHAT IF, we gave those 15 people $2500 instead. Housing crisis solved?"
-This article...basically.
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It’s also a diabolical amount. My friend bought a house in San Jose, and both, the buyers and sellers agent got $50,000 each on a $2M house. They didn’t even help with the house search much.
Who agreed to those terms?