Economy The Western housing crisis

[SakurabasEar]

Most US Households Can't Afford a Median-Priced Home
https://www.costar.com/article/266860380/most-us-households-cant-afford-a-median-priced-home

Spoiler: Article

The National Association of Home Builders said nearly 30% of all U.S. households, or 39 million, cannot afford a home priced over $150,000 without exceeding one-third of their total household income.

Another 25.8 million households are unable to afford more than $250,000. So combined, 64.8 million — or nearly 50% — of the 132.5 million U.S. households can only pay up to $250,000 for a home.

But the median U.S. home actually costs far more, at almost $426,000. And 70%, or more than 93 million of all households, cannot afford that amount based on their current household income, according to the trade group, indicating steady demand for apartments.

Ireland's housing crisis: Millennials, a generation sacrificed
https://www.euronews.com/2023/07/06/irelands-housing-crisis-millennials-a-generation-sacrificed

Britain is facing a mortgage crisis. There are no easy answers
https://www.cnn.com/2023/06/23/economy/uk-mortgage-crisis-banks-meeting/index.html

As Canadian housing crisis rages on, is ‘financialization’ really to blame?
https://www.thestar.com/business/op...s-on-is-financialization-really-to-blame.html

Why France is facing a 'property crisis'
https://www.thelocal.fr/20230602/why-france-is-facing-a-property-crisis

Australian Housing Crisis: The High Price We’re Paying
https://www.forbes.com/advisor/au/property/high-cost-of-australian-housing/

 

[Scerpi]

"Inflation" is transitory

 

[Fake Doctor]

Don't worry guys - immigration like this, in a country with 40 million people, does nothing whatsoever to add pressure to the housing supply and fuel a housing crisis. @Jack V Savage , explain it to these chuds. I'm sure you have a study handy.

 

[BIKES!]

Just open the borders that will fix it! You get what you vote for.

 

[D3thr0n3d K1ng]

Don’t let foreign billionaires buy property in your country and turn it into rentals.

 

[EL CORINTHIAN]

Don't worry guys - immigration like this, in a country with 40 million people, has nothing whatsoever to do with it. @Jack V Savage , explain it to these chuds.

And don't forget when they arrive here how much they enrich our cities:

It’s an emergency’: Officials meet to address refugees stuck sleeping on downtown sidewalk

 

[OneOfOne]

You will own nothing and happy

 

[Scerpi]

Blackrock - One the US's largest investment firms buys hundreds of thousands of homes for rentals.


BlackRock – led by billionaire Laurence Fink – is purchasing entire neighborhoods and converting single-family homes into rentals; while in cities like Houston, investors like Fink account for one-quarter of the home purchasers.

 

[EL CORINTHIAN]

Blackrock - One the US's largest investment firms buys hundreds of thousands of homes for rentals.


BlackRock – led by billionaire Laurence Fink – is purchasing entire neighborhoods and converting single-family homes into rentals; while in cities like Houston, investors like Fink account for one-quarter of the home purchasers.

And good luck competing with developers or massive companies like BlackRock as an individual or family looking to purchase. You stand no chance.

 

[mkess101]

Blackrock - One the US's largest investment firms buys hundreds of thousands of homes for rentals.


BlackRock – led by billionaire Laurence Fink – is purchasing entire neighborhoods and converting single-family homes into rentals; while in cities like Houston, investors like Fink account for one-quarter of the home purchasers.

So I think of the guy who got charged for buying up all the hand sanitizer at the beginning of Covid and then reselling it for crazy amounts. These companies aren't much different. Buying up massive amounts of a necessary commodity (MORE necessary than hand sanitizer) making it unattainable for a lot of the population. But because they have billions of dollars (and thus influence, lobbyists, and high priced attorneys on retainer) they can get away with it.

And I'm saying this as someone who's personally benefiting from it a ton (on paper anyway). My house that we bought 7 years ago around $450k is now worth around $800k. And I'm not in some major metro area, I'm in a midwest suburb. It's crazy, there will have to be a reckoning at some point. I see kids graduating college now and I'm like "Uhh...yeah. Most of you won't be able to buy a house anytime soon."

 

[Bunk Moreland]

 

[DoctorNick]

I'm sure this will be addressed soon, until then these broke college grad libs can live in tents and like it

 

[Renard]

The western world is overrated. It's essentially riding on its' coattails from when it was actually great 50+ years ago. Since that time there's been a slow, systematic dismantling and debasement of everything that once made it good. Unless people wake up and there's a drastic change of trajectory, eventually the fumes are going to run out.

 

[Ruke Doufus]

But guys, the economy is doing great! Don't believe these lies! The affordability crisis and the fact you can't afford a home is all smoke and mirrors to deceive you.

 

[Fluffernutter]

Let people build new housing.

As I've said here before, building new dwellings have been stagnant in our town because those in the cusp of retirement are fighting any new building. They are doing this under the guise of environmentalism. But, the reality is they are doing it to keep their property value artificially high. Then, they will sell and move to warmer climates when they hit 70.

 

[Fluffernutter]

Blackrock - One the US's largest investment firms buys hundreds of thousands of homes for rentals.


BlackRock – led by billionaire Laurence Fink – is purchasing entire neighborhoods and converting single-family homes into rentals; while in cities like Houston, investors like Fink account for one-quarter of the home purchasers.

As they are gobbling up more property, Blackrock (and other investment firms turned landlords) have changed their agreements with tenants. The newer agreements indicate that they won't even help the dwellers with basic maintenance and upkeep. They are landlords without doing any landlording.

 

[Fluffernutter]

Don’t let foreign billionaires buy property in your country and turn it into rentals.

...and how many of those properties are left vacant because they were purchased as a safety net for when their home country's economy sinks?

 

[Scerpi]

And good luck competing with developers or massive companies like BlackRock as an individual or family looking to purchase. You stand no chance.

Guess how much of Blackrock's money comes from Government and Union run pension funds...

So they're taking blue collar worker's money and then turning around a fucking them with it.

 

[Unknown Pleasures]

The western world is overrated. It's essentially riding on its' coattails from when it was actually great 50+ years ago. Since that time there's been a slow, systematic dismantling and debasement of everything that once made it good. Unless people wake up and there's a drastic change of trajectory, eventually the fumes are going to run out.

As someone who has to travel a lot, I think this is 100% true at this point. the gap has been closing economically, and culturally (all the good things in life that are non-GDP measured) I think the western world has fallen behind in many ways. One thing that really benefits the west is hollywood and it gives an impersonation that life in the west is better than it really is.

 

[Ruke Doufus]

...and how many of those properties are left vacant because they were purchased as a safety net for when their home country's economy sinks?

Insane to me that any government would allow a foreign national to own land despite not living or working in the country and deprive their own citizens of the opportunity or ability to purchase land for themselves.

It should have such a heavy tax involved it's not worth it for the foreign nationals to do without actually living it in and contributing to the local economy.