771–780 of 1001 posts
Earlier quoted context omitted.
More like "I got screwed and I'd rather other people get screwed than get screwed further." Obviously not selfless, but I don't think the housing market is their fault.
Yeah why fix anything ever? If it was bad for me it should be bad for them too right?
Earlier quoted context omitted.
If you cherry pick data during COVID that's true. But it was the first year since 1900 with any decline and state forecasters say it's more to do with over 50,000 COVID related deaths and less migration from other countries (the largest source of population growth for CA for many years now) because other countries were locked down. As far as I know, no one expect that decline to be anything more than a very temporary…
California's population expansion clearly hit a wall back in 2017-2018, pre-pandemic. 2019 saw their population expansion de facto stop. The rate of growth has been dropping rapidly toward zero for much of the past decade, and they reached that line before the pandemic hit, it's not a new trend due to Covid. This decade it'll go negative. The exodus - a desperate flight from California's particularly horrible governm…
Gang violence, over regulation, out of control prices, etc.
Can’t imagine going back with all this nonsense around legalizing shop lifting, segregation coming back.
Let the downvotes start
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> Why would your property taxes not continue to go up endlessly? IIUC, you're arguing that we should expect that ^^^ outcome, because of the political/economic dynamics you mentioned earlier. My understanding is that, except in towns/cities undergoing gentrification, U.S. municipal property taxes are pretty constant (modulo inflation). So it sounds like the outcome predicted by that theory probably isn't happening. W…
> My understanding is that, except in towns/cities undergoing gentrification, U.S. municipal property taxes are pretty constant (modulo inflation). Yes, except for places experiencing increasing real property values , real property taxes aren’t increasing. But the discussion was about places with sustained real property value increase, so that generality is irrelevant. The scare scenario is still wrong, but for diffe…
Unless you're referencing the California instances in which Prop 13 protects homeowners from increases of more than 2%, I'm not sure what you mean. Nationwide property taxes increase over 5% YoY, while general inflation was far less [0]
[0] https://www.marketwatch.com/story/homeowners-are-facing-the-...
[1] https://www.statista.com/statistics/244983/projected-inflati...
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Not necessarily - for example in China foreigners are limited to owning one house. That limits speculation but does not provide hindrance for someone honestly trying to live.
What’s the “not necessarily” in response to here?
If only so many people didn't treat land and houses like investments, there wouldn't be such a disastrous hoarding problem. Henry George's Land Value Tax [1][2] seems like an obvious economic fix that would require a large fraction of the population to change how they think about land and natural resources, but most of them are invested in such a way (i.e. owning multiple houses on multiple parcels of land, often wit…
I’ve ranted about this before but CA Prop 13 not only makes housing a good investment, but one that you’re extremely incentivized to hold onto forever and never move. Two people can be living in houses next to each other valued around 1.5m, and one of them will be paying 1/10th the tax. If anyone wants to buy a house, they have to first be able to afford the property, so the barriers to entry are so much higher for t…
Earlier quoted context omitted.
What’s the “not necessarily” in response to here?
That policies restricting who can buy homes will hurt immigrants.
Here's why investors buy up houses: they know your neighbors will do the dirty work of artificially constraining the housing supply, which makes it a good investment. Here's one who comes right out and explains this: > Meanwhile, local opposition to building is so commonplace and the approval process so cumbersome, time consuming, and expensive, even when a proposed project complies entirely with requirements, approv…
But if the idea is just "let the developers build where they want and that solves everything", that idea is wrong. Developers don't want to build the dense, affordable house that's needed. Developers want to take advantage of the existing housing and housing expectation and build one bigger house or bigger development one ring out among the suburbs.
What's needed is dense construction near to cities and regulations to support that. And "Yimby" and so forth aren't supporting no regulations, they're supporting pure developer friendly regulations, which won't do anything but give them a piece of the present perverse "gold rush".
Here's why investors buy up houses: they know your neighbors will do the dirty work of artificially constraining the housing supply, which makes it a good investment. Here's one who comes right out and explains this: > Meanwhile, local opposition to building is so commonplace and the approval process so cumbersome, time consuming, and expensive, even when a proposed project complies entirely with requirements, approv…
And, at least in California, realtors will always push prices up. It’s pretty much never in their best interest to lower the price. Even the buyer’s agent gets paid a percentage of the sale price, so if they try to lower it they’d be essentially working against themselves. And this is without even accounting for all the schemes realtors create (like listing below market to get a lot of offers and create artificially…
Build 1-10 million 400 sq-ft studio apartments will solve the housing price problem.
Existing inventory can cover families.
Here's why investors buy up houses: they know your neighbors will do the dirty work of artificially constraining the housing supply, which makes it a good investment. Here's one who comes right out and explains this: > Meanwhile, local opposition to building is so commonplace and the approval process so cumbersome, time consuming, and expensive, even when a proposed project complies entirely with requirements, approv…
They know that the current government planning regulations mean that getting anything built is extremely difficult. They know that due to supply and demand that this makes property a wise investment. Blame planning regulations. I read recently that Japan and new Zealand scrapped various regulations and this led to stabilization / lower of property prices. Near me, someone is sticking up protest letters at bus stops c…
I don't know about Japan, but that can't possibly be right about NZ. Nobody in our generation will ever be able to afford a home in Auckland.
Land Value Tax sorely needed.
Here's why investors buy up houses: they know your neighbors will do the dirty work of artificially constraining the housing supply, which makes it a good investment. Here's one who comes right out and explains this: > Meanwhile, local opposition to building is so commonplace and the approval process so cumbersome, time consuming, and expensive, even when a proposed project complies entirely with requirements, approv…
Housing is not a normal rational market like a market for shoes, every ecobonist knows that much. Housing supply cannot, and never could fix the problem. There is no city or country in the world where this has ever succeeded. The house prices are rising because of increasing financialisation of our economy, cheap credit and low interest rates. 700,000 people left London during pandemic, put prices keep rising. If we…
True, financialisation is a factor, combating that must be part of the solution.