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re: The Atlantic: the great affordability crisis breaking America
Posted on 2/10/20 at 4:57 pm to cahoots
Posted on 2/10/20 at 4:57 pm to cahoots
quote:
People with money are buying homes because rates are low. Trust fund kids. International buyers. Second home buyers. That’s the demand.
So wages don’t uniquely drive demand.
I dont think you understand how this works.
International buyers are renting (people have to be able to afford the rent or they wouldnt pay these prices).
Trust fund kids and 2nd homes are an extreme minority. There are a ton of investors looking to make a buck on rising costs. But again... people have to be able to buy/rent from those real estate investors.
0
Posted on 2/10/20 at 4:58 pm to ShortyRob
quote:
for fricks sake
There aren't enough of these people to drive demand. Jesus
Yeah that's not moving the needle much in most markets.
Houses are too much of a liability to be a pure investment unless you're renting it out.
Posted on 2/10/20 at 5:01 pm to The Pirate King
Why does a 1,500 square foot flat cost you a 1,500,000 in San Francisco?
Too many fricking people and half of which are crimaliens.
Too many fricking people and half of which are crimaliens.
Posted on 2/10/20 at 5:02 pm to ShortyRob
quote:
Clearly people want to live there
Yes, that is called demand.
quote:
enough of them can afford to live there that prices go up. That's called demand.
That is not called demand.
I asked why do they want to live there, and you're reply was because they can afford to.
Let's try this again...
quote:
Clearly people want to live there
WHY DO THEY WANT TO LIVE THERE?
Posted on 2/10/20 at 5:03 pm to BarberitosDawg
quote:
Why does a 1,500 square foot flat cost you a 1,500,000 in San Francisco?
Too many fricking people and half of which are crimaliens.
So you think criminal aliens can afford to live in those homes?
The % of illegals in SF Bay area doesn't come anywhere near approaching 50%
Posted on 2/10/20 at 5:04 pm to WildTchoupitoulas
quote:
WHY DO THEY WANT TO LIVE THERE?
What does it matter? There are a multitude of reasons for why people choose to live anywhere.
Posted on 2/10/20 at 5:04 pm to Powerman
I still think my side note about technology solving this is a more interesting future problem to talk about
For example. If you think the United States seems a little segregated now wait till people don't have to move to a city to work for the company in the city!
We've already sort of seen a preview of this. 30 years ago if you went to any public location on a Friday night or Saturday you would find hundreds if not thousands of young people ages 16 to 25. All interacting with each other. Now they all do that from their living rooms and we've seen the cultural difference it makes when people see each other face-to-face less often
Wait till they don't even see each other at work!
For example. If you think the United States seems a little segregated now wait till people don't have to move to a city to work for the company in the city!
We've already sort of seen a preview of this. 30 years ago if you went to any public location on a Friday night or Saturday you would find hundreds if not thousands of young people ages 16 to 25. All interacting with each other. Now they all do that from their living rooms and we've seen the cultural difference it makes when people see each other face-to-face less often
Wait till they don't even see each other at work!
Posted on 2/10/20 at 5:05 pm to ShortyRob
(no message)
This post was edited on 2/11/20 at 7:26 am
Posted on 2/10/20 at 5:06 pm to WildTchoupitoulas
quote:people want to live there for a variety of reasons. Some because they like access to cultural things that only are typically found in population centers
I asked why do they want to live there, and you're reply was because they can afford to
Some because they like lots of places to party
Something tells me the list is fairly long but if they can't afford to live there they aren't part of the demand that's driving prices
Posted on 2/10/20 at 5:06 pm 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.
I think the problem is twofold and not completely the fault of liberal poltics.
The other side is the corporate politics. The ones who actually pay for this madness. They don't want to move their facilities to smaller rural areas which would cost less capital. They want to be where the talent is. Not realizing that they could easily move talent with them and hire new talent along the way.
Posted on 2/10/20 at 5:06 pm to cahoots
quote:
Dude I’m giving examples. Wages don’t drive demand uniquely. New Orleans is fricking expensive despite no good wages
Clearly, there are enough good wages.
I mean people ain't paying with potatoes
Posted on 2/10/20 at 5:07 pm to ShortyRob
quote:
Clearly, there are enough good wages.
I mean people ain't paying with potatoes
The NOLA problem is driven largely by air bnb shite
Posted on 2/10/20 at 5:08 pm to ShortyRob
quote:
people want to live there for a variety of reasons.
All the reasons you stated are true. Just adding that jobs is probably the biggest reason people want to live there.
But as you stated, if you're job isn't paying enough for it, then you'd be better off somewhere else.
Posted on 2/10/20 at 5:10 pm to ShortyRob
quote:
30 years ago if you went to any public location on a Friday night or Saturday you would find hundreds if not thousands of young people ages 16 to 25. All interacting with each other. Now they all do that from their living rooms and we've seen the cultural difference it makes when people see each other face-to-face less often
I had a really long discussion about this among other similar topics with a friend recently
I think it's very obviously not a good thing where things are trending in this regard
Posted on 2/10/20 at 5:11 pm to Powerman
quote:
The Atlantic: the great affordability crisis breaking America
quote:
Why does a 1,500 square foot flat cost you a 1,500,000 in San Francisco?
Too many fricking people and half of which are crimaliens.
So you think criminal aliens can afford to live in those homes?
The % of illegals in SF Bay area doesn't come anywhere near approaching 50%
Don't play your mindless semantics with me.
Posted on 2/10/20 at 5:12 pm to Powerman
quote:
The NOLA problem is driven largely by air bnb shite
Ok.
I mean. I'm not sure what people want. Why is this defined as a problem?
Popular places are popular. I have no freaking idea what a government can do to deal with that.
Posted on 2/10/20 at 5:14 pm to Powerman
quote:
I think it's very obviously not a good thing where things are trending in this regard
I tend to agree and yet I think that's where we are going
I also think as I said earlier that we are going to see real estate prices crater in nearly all of these places that they're going crazy up right now. Because eventually companies are going to simply hire the talented guy that lives in Idaho to do work that he can do from Idaho.
Of course there will still be work that has to happen on location but what happens when the subset of work that can telecommute no longer requires relocation?
I honestly only have theories on that but none of them are good
Posted on 2/10/20 at 5:14 pm to ShortyRob
quote:
Some because they like access to cultural things that only are typically found in population centers
Culture is more than museums and pho restaurants. There are also cultural benefits that are only available outside of large high-density areas.
Posted on 2/10/20 at 5:15 pm to ShortyRob
quote:
Ok.
I mean. I'm not sure what people want. Why is this defined as a problem?
I suppose it could be problematic for the actual residents of NOLA
Wages don't really keep up with housing prices
And housing prices are much higher because of the tourist attraction and people renting out their houses
Is that a problem? Not for me because I don't live there. But if you worked in the city you might not be too happy about it.
I know there has been a lot of debate about air bnb in NOLA
Posted on 2/10/20 at 5:16 pm to Flats
quote:
Culture is more than museums and pho restaurants. There are also cultural benefits that are only available outside of large high-density areas.
There will always be more culture with more people though
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