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Message
The Atlantic: the great affordability crisis breaking America
Posted on 2/10/20 at 8:46 am
Posted on 2/10/20 at 8:46 am
LINK
And what do New York, Boston, Seattle, and San Francisco have in common? Liberal hotbeds with liberal leaders and ridiculous taxes...but the author fails to address that.
quote:
The price of housing represents the most acute part of this crisis. In metro areas such as the Bay Area, Seattle, and Boston, severe supply shortages have led to soaring prices—millions of low- and middle-income families are no longer able to purchase centrally located homes.
The median asking price for a single-family home in San Francisco has reached $1.6 million; even with today’s low interest rates, that would require a monthly mortgage payment of roughly $6,000, assuming that a family puts down the standard 20 percent. In Manhattan, listings for sale now ask an average of nearly $1,800 per square foot. The housing cost crises in the Bay Area and New York might be the country’s most obscene.
And what do New York, Boston, Seattle, and San Francisco have in common? Liberal hotbeds with liberal leaders and ridiculous taxes...but the author fails to address that.
This post was edited on 2/10/20 at 8:49 am
40
Posted on 2/10/20 at 8:48 am to The Pirate King
quote:
And what do New York, Boston, Seattle, and San Francisco have in common? Liberal hotbeds with liberal leaders and ridiculous taxes...but the author fails to address that.
It's not just the taxes. Come on man. Taxes are almost irrelevant in this discussion.
Posted on 2/10/20 at 8:49 am to The Pirate King
quote:
And what do New York, Boston, Seattle, and San Francisco have in common? Liberal hotbeds with liberal leaders and ridiculous taxes...but the author fails to address that.
Yep
Posted on 2/10/20 at 8:49 am to The Pirate King
How is this a national crisis if the problem is in about 10 major cities?
Posted on 2/10/20 at 8:50 am to The Pirate King
Move to where you can afford a house or share a house with another family.
I can’t afford a place on the beach in Malibu so I don’t live on the beach in Malibu. Crazy concept I realize.
I can’t afford a place on the beach in Malibu so I don’t live on the beach in Malibu. Crazy concept I realize.
Posted on 2/10/20 at 8:51 am to teke184
quote:
How is this a national crisis if the problem is in about 10 major cities?
Maybe ask yourself what % of the population lives in these 10 cities?
Posted on 2/10/20 at 8:51 am to teke184
quote:
How is this a national crisis if the problem is in about 10 major cities?
That's all they think counts?
Posted on 2/10/20 at 8:51 am to The Pirate King
I know it’s a symptom of some progressives’ policies, but wouldn’t this be more tied to the extreme regulation in amount and types of housing being built?
I thought I remembered reading that in San Fran and Austin there are severe restrictions against high rise living spaces, artificially restricting the number of people that can live in a given square footage.
You want to make central living cheaper? Build vertically
I thought I remembered reading that in San Fran and Austin there are severe restrictions against high rise living spaces, artificially restricting the number of people that can live in a given square footage.
You want to make central living cheaper? Build vertically
Posted on 2/10/20 at 8:51 am to Robin Masters
Get out of here with all your logical reasoning!
Posted on 2/10/20 at 8:51 am to Powerman
quote:
Maybe ask yourself what % of the population lives in these 10 cities?
Um.. move?
Posted on 2/10/20 at 8:52 am to Powerman
It’s taxes, environmental regulation, rent control, zoning, etc.
The bureaucracy on a number of levels makes it so expensive to build or buy in these areas that the main people able to afford it are yuppies and people looking for investment properties.
The bureaucracy on a number of levels makes it so expensive to build or buy in these areas that the main people able to afford it are yuppies and people looking for investment properties.
Posted on 2/10/20 at 8:52 am to Powerman
quote:
It's not just the taxes. Come on man. Taxes are almost irrelevant in this discussion.
You and I disagree on a lot of issues on here, but I agree with you on this one. It is the very restrictive and authoritarian regulation.
Posted on 2/10/20 at 8:52 am to SSpaniel
quote:
Um.. move?
To where there is no opportunity for your skills?
Posted on 2/10/20 at 8:54 am to Oilfieldbiology
quote:
You and I disagree on a lot of issues on here, but I agree with you on this one. It is the very restrictive and authoritarian regulation.
It's the market. And nothing else.
These areas require a vast amount of elite talent and have limited real estate. Of course housing prices are going to be obscene.
Posted on 2/10/20 at 8:54 am to Powerman
Doesn’t necessarily mean to a completely different market.
People who work in Manhattan can live in Joisey or Connecticut.
People who work in Manhattan can live in Joisey or Connecticut.
Posted on 2/10/20 at 8:55 am to Robin Masters
quote:
Move to where you can afford a house or share a house with another family.
Exactly. Except for the ghetto areas subsidized by Sec 8, all centrally located city areas are expensive. That’s why families move to suburbs.
Posted on 2/10/20 at 8:55 am to Powerman
quote:
o where there is no opportunity for your skills?
Those same skills can almost 100% be applied to major cities in Texas and Florida, Nashville, atlanta, Charlotte, Denver, Columbus, Indianapolis etc the list goes on.
Posted on 2/10/20 at 8:55 am to teke184
quote:
rent control
I was listening to a planet money podcast were they interviewed people In NYC that lived in rent controlled apartment. People literally can’t afford to down size out of rent controlled apartments so they stay. It was an anecdotal extreme but one guy lived in a 6 bedroom apartment by himself for something like $600 a month.
Landlord can’t legally increase rent as tenant hasn’t changed and the guy can’t afford a studio apartment near by so he just stays.
Posted on 2/10/20 at 8:56 am to The Pirate King
Also I find the irony that these are liberal cities, Teeming with climate change sycophants, most at risk to rising seas and cataclysmic storms, simply too rich to ignore. If these people truly believe climate alarmism would there be a mass exodus and would property values be plummeting?
Posted on 2/10/20 at 8:57 am to Powerman
quote:
t's the market. And nothing else.
It’s the market you get with a fractional reserve lending system and a Fed pushing abnormally low interest rates for decades. It’s created an asset bubble that they can’t afford to let deflate.
Do you think these homes would be as big and expensive if you couldn’t arrange 100% financing at 3%?
This post was edited on 2/10/20 at 8:58 am
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