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Housing is at the root of many of the rich world’s problems (2020)

economist.com

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Re: Housing is at the root of many of the rich world’s problems (2020)

#21

Post by infl8ed »

pochekailov wrote: post #14

Nothing will change while the homeowners have more political power than the renters. Even in the cities where the renter population is bigger than the homeowners, such as in Seattle, half of the votes come from people of > 65 years old (all of whom are homeowners, likely more than one home). Young people simply won't vote at all. There is very little incentives for the young people to vote. Even if you cancel all the…

Although I don't disagree with you, I will just mention that housing affordability is also a problem in Australia where voting is mandatory

Re: Housing is at the root of many of the rich world’s problems (2020)

#22

Post by kubb »

pochekailov wrote: post #14

Nothing will change while the homeowners have more political power than the renters. Even in the cities where the renter population is bigger than the homeowners, such as in Seattle, half of the votes come from people of > 65 years old (all of whom are homeowners, likely more than one home). Young people simply won't vote at all. There is very little incentives for the young people to vote. Even if you cancel all the…

Do you think there exists a political option that will give more rights to the renters?

Do you think there's a correlation between having more leisure time (living from rent) and having more ability to do politics?

Do you think blaming the renters for not voting is the most constructive way of going forward, or does it reinforce the status quo?

Re: Housing is at the root of many of the rich world’s problems (2020)

#23

Post by pochekailov »

plankers wrote: post #19
pochekailov wrote: post #10

Earlier quoted context omitted.

It is very good for productivity when many jobs are concentrated in one location. This unlocks the possibility for serendipitous connections. It is awesome when you can meet a founder, a leading engineer, an investor, a designer and a PR person in a coffee line, forming a new company before finishing your morning coffee. Talents concentrated in one place gives significant boost to their productivity. This is called a…

Seems humanity is headed towards Asimov's Caves of Steel anyway due to climate collapse, so you'll get your wish.

Have more futuristic optimism. We are doing quite well on the climate. We will prevent it once we get fully to solar and then build CO2 scrubbers using solar energy. Energy percentage that come from renewables is more than 10x higher than anticipated 10 years ago.

And don't call it a "collapse": a change is not necessary to the worse, sometimes it is to the better.

Re: Housing is at the root of many of the rich world’s problems (2020)

#24

Post by plankers »

winReInstall wrote: post #3

Investment bubbles are at the root of houses. Undertaxation is at the root of investment bubbles. Accumulating economic energy devouring the containment of the system that created it, as at the root of the root of the rootproblem. We need a dependency manager for discussion topics.

you didn't even hit the core dependency: a capitalist operating system which inherently directs capital to a small pool of people

Re: Housing is at the root of many of the rich world’s problems (2020)

#25

Post by refurb »

pochekailov wrote: post #14

Nothing will change while the homeowners have more political power than the renters. Even in the cities where the renter population is bigger than the homeowners, such as in Seattle, half of the votes come from people of > 65 years old (all of whom are homeowners, likely more than one home). Young people simply won't vote at all. There is very little incentives for the young people to vote. Even if you cancel all the…

I think young generation needs to engage in the politics with the uncompromised goal to crush the housing price

At least where I live, the “bank of mom and dad” either use their home equity to help their kids buy OR the kids are banking on getting the family home when they die.

We’re in too deep now. We basically painted ourselves into a corner where the economic engine is so intertwined with rising home prices that nobody wants the gravy train to end.

My best guess is tenancy laws change to be more and more in favor of tenants (SF, NYC) securing near permanent housing for current renters and massively disincentivizing an increase in supply of new rental units., completely screwing over those that come later.

Basically kicking the can down the road another few decades.

Re: Housing is at the root of many of the rich world’s problems (2020)

#26

Post by pochekailov »

kubb wrote: post #22
pochekailov wrote: post #14

Nothing will change while the homeowners have more political power than the renters. Even in the cities where the renter population is bigger than the homeowners, such as in Seattle, half of the votes come from people of > 65 years old (all of whom are homeowners, likely more than one home). Young people simply won't vote at all. There is very little incentives for the young people to vote. Even if you cancel all the…

Do you think there exists a political option that will give more rights to the renters? Do you think there's a correlation between having more leisure time (living from rent) and having more ability to do politics? Do you think blaming the renters for not voting is the most constructive way of going forward, or does it reinforce the status quo?

Q1: Yes, there is. Once a professional politician sees more activity from renters, they will include the renter's interests into their agenda

Q2: Yes, obviously there is a positive correlation. This is exactly why renters need to fight: stakes are against them. Current status quo is in favor of homeowners; it will not be possible to change it while being passive. Renters and homeowners have conflict of interests, there is inevitable fight.

Q3: I think blaming is the call for fight. If renters want better deal, they need to fight. Is it most constructive? I don't know, this is the best I can come up with. Does it reinforces the status quo? No, I think inactivity reinforces it.

Re: Housing is at the root of many of the rich world’s problems (2020)

#27

Post by throwaway22032 »

Our economic system is set up such that you either hit a bar at which you accumulate capital forever unless you make a mistake, or you're loss-making forever.

Once you hit that bar, your job becomes buying up housing like it's a Monopoly board.

As an individual you can either choose to win or lose this game. We're not going to change it, at least not within our lifetimes.

Re: Housing is at the root of many of the rich world’s problems (2020)

#28

Post by t_mann »

> But households then need to rein in spending to repay their loans

Right now it looks like we may be about to witness something else: inflation is picking up, and if wages even just remotely track the increase in consumer prices (not assured ofc, but conceivable in a time of low unemployment), then those loans and their monthly instalments will actually make up a smaller proportion of household income (especially for those borrowers with fixed-rate loans).

Re: Housing is at the root of many of the rich world’s problems (2020)

#30

Post by pochekailov »

refurb wrote: post #25
pochekailov wrote: post #14

Nothing will change while the homeowners have more political power than the renters. Even in the cities where the renter population is bigger than the homeowners, such as in Seattle, half of the votes come from people of > 65 years old (all of whom are homeowners, likely more than one home). Young people simply won't vote at all. There is very little incentives for the young people to vote. Even if you cancel all the…

I think young generation needs to engage in the politics with the uncompromised goal to crush the housing price At least where I live, the “bank of mom and dad” either use their home equity to help their kids buy OR the kids are banking on getting the family home when they die. We’re in too deep now. We basically painted ourselves into a corner where the economic engine is so intertwined with rising home prices that…

I'm an immigrant :).

Banking on your family dying - this is like saying "I am a worthless loser". I want old generation to live eternally, and still afford housing.

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