Earlier quoted context omitted.
> What's the point? Equality of outcomes: everyone is equally poor. Why are you not moving to another country is the question.
I could. I have zero attachment to places. But it would be though on my wife and daughter (who both are Swedes, I'm the only immigrant) And not everyone is equally poor. Sweden has one of the highest number of Billionaires per capita in Europe. In fact wealth inequality (not income inequality) is almost as high as russia. Source: https://medium.com/@samo.burja/the-family-that-finances-swed...
What broke Sweden? Real estate bust exposes big divide
91–100 of 687 posts
Re: What broke Sweden? Real estate bust exposes big divide
#92Earlier quoted context omitted.
> The growing wealth inequality leads to all sorts of other dysfunction including increased crime, worsening services, etc. as the govt cannot raise enough taxes. Hold up. I don’t think the people of San Francisco grew weary of increasing rents and decided to turn to a life of crime. Most of the “trouble makers” in the Bay Area are recent arrivals to the area and come because of poor policing and the government is ge…
This is debunked every time it's brought up. The "trouble makers" you're referring to are local. It is not in fact the case that San Francisco mass-imports its downtrodden.
Re: What broke Sweden? Real estate bust exposes big divide
#93Earlier quoted context omitted.
I could. I have zero attachment to places. But it would be though on my wife and daughter (who both are Swedes, I'm the only immigrant) And not everyone is equally poor. Sweden has one of the highest number of Billionaires per capita in Europe. In fact wealth inequality (not income inequality) is almost as high as russia. Source: https://medium.com/@samo.burja/the-family-that-finances-swed...
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It just so happens that wealth mobility is not one of them.
Re: What broke Sweden? Real estate bust exposes big divide
#94Earlier quoted context omitted.
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How does this work? We've had a decade of low inflation, low interest rates. Now we have high inflation, high interest rates? Which one was architected? It can't really be both.
Low interest and money printing to bail out big companies and their CEO buddies. Most of that money printing goes into assets bubbles.
Re: What broke Sweden? Real estate bust exposes big divide
#95Earlier quoted context omitted.
>Next time you attend a zoning meeting, take a good look at the people who are most passionately creating friction (or their power base, if they are outsiders). You will find a bunch of property owners looking after their property values. That's... exactly what I was arguing for? In the subsequent sentence: >They're just people showing up to local government meetings in their spare time.
My point is that these people are directly motivated by capitalist incentives. > spare time No, not spare. Stopping new construction makes them money, sometimes a lot of money. They are expecting a large, dollar-denominated (or Krona-denominated) return on their investment of time, paid for by future renters and buyers who will not have the additional options they are so diligently trying to torpedo.
NIMBYism is driven by status incentives. Purely capitalist would be to rip down your house and put apartments on it. Even if your neighbours do that, then suddenly your own property value goes up. The price of a square foot of land in NY is high for a reason - density drives up land values (that’s a large part of why developers develop!)
I don’t want apartments next door to me because I don’t want apartments next to me. Nothing to do with some sort of valuation calculation.
Re: What broke Sweden? Real estate bust exposes big divide
#96Earlier quoted context omitted.
In Canada even if they do build housing 1) the immigration rate is so high it isn't enough to keep up 2) the house values in areas that dont build in enough housing have skyrocketed, and smart homeowners in those areas have decided to sell and move to places with lower house prices and purchase more than one, which of course rockets the price even in the places that do build a lot. So even in provinces where lots of…
> The government doesn't want to do anything Looks like the voters dont want to do anything either, if they keep re-electing the same party/politicians.
Businesses underpay and when they can't find people willing to impoverish themselves to work for them, they apply to the government to bring in "temporary foreign workers" - for things like fast food restaurant workers not essential business, keeping the wages down.
Temporary foreign workers and international students in canada are allowed to buy housing, so aside from renting the rich ones who make it here actually buy up properties for their family offshore.
Even if Canadians vote out Trudeau, Poilievre of the conservatives has no interest in slowing down immigration or affecting policies to improve access to housing. The leader of the NDP, Singh, is useless and his party is also very pro immigration and has no housing policies that would affect the market.
What we're seeing is a death spiral of some kind but I'm not sure where the ultimate end goes - no doctors, no housing, low wages compared to housing and food costs, etc. This is textbook conditions for serious blowback and social instability.
When asked why there wasn't anything in this years announced budget to deal with the housing crisis Christina Freedland says that they're still spending money from last year's budget on it. Well how about you see the fruits of your labours and realize it isn't working out well for Canadians, and do something else/more?
If we don't manage to vote trudeau out this time around I'm going to look into immigrating to texas. People joke about that but texas recognizes my professional licensing and all I'd need is a job offer.
Re: What broke Sweden? Real estate bust exposes big divide
#97It should not be a major surprise that the gap between the haves and the have-nots will widen if you have a large compareable influx of have-nots, or to speak more precisely, an influx of new citizens with low social-economic status compared to those who already were ctiziens. In a very dispassionate perspective, it is just plain math. It is going to take time to return back to the same levels as before.
>if you have a large compareable influx of have-nots I'm not in Sweden but why are we always pointing the finger at the poor immigrants? Do you think there are no native Swedes being fucked by this real estate market? Granted, having an open borders migration policy is not a good idea when you have a housing shortage. If you're struggling to provide for the locals, then the newcomers will have it even worse and won't…
That depends, newcomers will take up job which the local dont want to do. They will accept poor living conditions which locals wont do.
Re: What broke Sweden? Real estate bust exposes big divide
#98Not sure about the main story about the article. However, construction on that Ursvik/Rinkby construction site has been very slow since long before the current crisis. I was biking through the neighboring bridge of the one mentioned here (that is about 100m down the road, so much about that new bridge alone enabling crime) for about 8 month and while my way through changed a few times, progress was very slow. (Not th…
The SEK used to be locked. That lead to another kind of crisis in the nineties. You are right that we should've adopted the euro though.
Said the swedes back then apparently completely forgetting about the 50 öre coins and the gigantic 5sek coins.
Re: What broke Sweden? Real estate bust exposes big divide
#99Earlier quoted context omitted.
There are plenty of more affordable, densely walkable city areas in Sweden. Every single city in the country is built this way, from the smallest to the largest. That's not the factor. The factor at play here is that these all these people want to have a cheap apartment in the same 10 km^2 that's designated as the cool place. When that can't happen because of physics, they claim society is breaking down. > Isn't Swed…
> all these people want to have a cheap apartment in the same 10 km^2 that's designated as the cool place. Which, incidentally, is cool because not everyone's living there ;) Don't know about Stockholm, but I guess those places are the same 19th/early 20th century quarters like in every other European city build for renting out to an upward moving middle class and popular exactly because they're meeting the represent…
Re: What broke Sweden? Real estate bust exposes big divide
#100A key problem in Sweden -- besides the weird interaction of privatization and legacy over-regulation -- is that the current inflation and rising interest rates break the social contract: a relatively even salary distribution allowed many people to have a solid middle-class life style, recently albeit with never-ending mortgages. Now, the interest rates are too high for these mortgages to be even superficially sustain…
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