Second ('Third') Trump Presidency Thread
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Jaw
It's OVER 5,000!
If only we had something like a subprime lending bubble in our recent past to inform us of whether this is a good idea…
We simply aren’t a serious country anymore.
acesfull86
Well-known member
Is that person on a boat maybe, possibly a drug smuggler? Better blow up his boat and murder him just in case.
Is that person who had his day in court and was found guilty of the same crimes we were worried the guy on the boat might’ve committed currently locked behind bars? Better give him a pardon.
zitothebrave
Connoisseur of Minors
Beyond that, the problem is that the market is bloated. Too many boomers holding houses as retirement gigs. Too many corps and foreign entities owning houses that sit empty or are airbnbs.
There's a house 2 houses down from me. The people who lived there before sold it because they bought some land and were building a house. Basically the house was built so they were looking to get out. It was in 2019 they sold it for 122K. It's a decent house, on about .2 acre lot (it and the house next to it obviously used to be on the same property probably was like kids houses on an old farm or something that letter were divided into lots.
Anyway. the 2 houses with basically no land now are being listed for 230K and 370K. The latter being the one that sold for 122K in 2019. I know New Hampshire had a massive COVID spike in people moving from NY and Mass. But it's not so much of a spike that it should be tripling prices in 6 years. The bubble we're living on now is fucking wild. I wish I had the know how to know when to sell. So i can get out of this house then buy back in when it's cheaper. But I know fuck all about real estate and trends. I just can see something wrong when I see it.
I know this is pretty economically illiterate, but I think we need to go scorched earth on taxation for any residential properties owned by non-residents of that property. If our alternatives are 50-year mortgages and more subprime lending, you’d might as well just rip the band-aid off and let the whole house crumble.
I’d envision some sort of system to exclude existing properties, but yeah you’re obviously right. I just don’t know what you do about the housing market at this point. The consolidation of property and labor toward fewer capital owners is one of the market conditions I think you need to actively combat at the state level.
I agree with building more housing. But I still think you pair that with something resembling anti-trust enforcement. I think there’s too many financial gimmicks available for corporations to allow for an arms race that threatens the efficacy of any such push, but I primarily support that effort regardless.
chop2chip
Well-known member
Look at the regions where housing prices and rents have fallen and emulate them (Texas, Denver, Florida, etc.)
The answer is build more housing and tell the boomers whose entire retirement nest egg is tied up in their home value it’s time to sacrifice for the younger generation like their parents did for them
zitothebrave
Connoisseur of Minors
The crazy thing is that we're going to enter a housing crush when boomers decide to actually cash in those retirement properties. And it will SUCK to try to sell your house in that market.
Tapate50
Well-known member
Probably not. We will go through several cycles by then.
Construction costs aren’t likely to go down.
nsacpi
Expects Yuge Games
Yes. It doesn't really matter what kind of housing is built. Just add to the supply.