Considering how crazy expensive accommodations have become the last couple of years, concentrated in the hands of greedy corporations, landlords and how little politicians seem to care about this problem, do you think we will ever experience a real estate market crash that would bring those exorbitant prices back to Earth?
This is the biggest issue right here. Houses weren’t always investments and making them investments was a terrible idea that’s now difficult to fix.
Real estate has become a huge part of stock market and GDP figures. People’s retirement funds have become other people’s mortgage and rent payments. Affordable houses for some would mean economic decline for others, and no political party wants to create economic decline.
Maybe, but really the issue is construction of new houses. Cities are much cleaner now so people want to live in them. They used to be filled with factory smoke and animal feces.
Yes, more than now. No I don’t care that you saw some poop yesterday. The streets were literally caked with horse poop. You wouldn’t even notice dog poop.
And most jobs used to be physical, so the average person would have some experience in carpentry. If houses were too expensive, you would find a friend or relative with some expertise and build something yourself. So houses outside the city were cheap because you could build new ones, and houses inside the city sucked (and were cheap).
Part of high housing cost is due to the investment mindset and housing speculation. However, another part of high housing cost is that other people did put in the work to raise its value. Want to live in a clean, convenient neighborhood? Someone kept the place clean. Many businesses set up shop in the area to make it convenient to buy things and get things done. Certain passionate chef set up a wonderful restaurant so that you can just come by and enjoy good food. Some group of people, leader, or politician put in the political maneuverings that got certain ordinances passed or raised the bonds or taxes to build the public transportation. So over time as people continue to invest time, effort, labor to improve an area, it should be expected that the area becomes more expensive (and desirable).
System is working as designed, my friend.
And it’s a flawless design if you ask me.
“no political party wants to create economic decline.”
I’m afraid I have to disagree.
Yeah economic decline is actually being sold as the solution to global warming. It’s called “cutting back” but really it means making everyone poorer.
Ah yes, because building renewable energy generation, electric vehicles, fortifying the electric grid, repurposing and developing land formerly used for mining and fracking… All things that happen for free.
The solution for global warming has never been “use less than you need” it’s always been “use what you have better”.
How about using what we want? Is that part of the plan? Or is it only what we need?
You’re out of your mind. You’re saying no profit of any kind is possible unless we exploit people forced to rent?
I know that’s not 100% what you’re saying, but that’s how it comes across…