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Tayyab - d/acc
@tayyab
One of the biggest issues with housing is that we’ve sold housing as an appreciative asset when it’s really a consumptive good. We cannot drive down the cost of housing without eroding people’s wealth. There is not a popular solution. But the dam will break, inevitably.
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BrixBountyFarm 🎩
@brixbounty
Get to watch this play out in Canada first I reckon… I’ve held a similar view in that it pushed too much speculation into the market and didn’t leave enough resources in household budget for other expenses (read: decent food). Cost of housing will come down in saturated boom markets, much slower in New England and other locales which have significantly under built for decades. Homes that need updating and aren’t all that big listed and under contract in our area for ~600K. Very tough for young families…
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kripcat.eth 🎩
@kripcat.eth
Australia is in a very similar situation, under built for decades, large migration intake, tax incentives for property investors, rental laws that favour land lords and vastly diminished social housing programs. The only solutions offered are demand side that will push up prices further. First home owner grant, dip into your retirement account for the deposit, etc. Either it will all come crashing down catastrophically since the majority of the country’s wealth is tied up in housing, or we’re entering a new period of class based rental serfdom where you only have the chance to buy a home with equity from your parent’s home. Parents don’t have a home? Looks like you’re a lifelong renter.
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