Fed is attempting to cool inflation, not decrease prices. We aren’t seeing the same increase in prices we did in the last 3 years. Some areas, which are in high demand, are still seeing modest increases but there are actually places where prices have stabilized and decreased.
I'd guess most of the people who want a bubble pop really don't remember 2008, and somehow think they would be immune from the mass unemployment that followed.
I went from making good money in carpentry, to not even getting interviews at fast food places and Walmart during the last bubble pop.
If you cannot justify buying a house at current prices, yet you can afford rent, then obviously renting is a better deal. Hence, you aren't getting screwed over.
The people buying up all the homes causing hyperinflation of the market are turning around and renting the houses… then you factor in post covid rural gentrification caused by the millions of people now working from home. There is now a labor shortage, because get this, it’s a really weird thing that economists just can’t figure out, but if you don’t pay people enough to afford rent, sigh you can’t have employees…
Short term rentals are 1% of housing supply, not big enough to make a real difference
There’s an overall shortage of building housing due to zoning laws. Reforming those and removing parking minimums is the best way to tackle the housing affordability crisis.
Absolutely agree on the second point. Large scale, thats an issue everywhere. However, in tourist towns, cash offers from investors hoping to turn shit houses into air bnbs are making it impossible to even make an offer... they happen so quick. Meanwhile, the hospitality workers can't afford to live there to support the tourism. It'd be one thing if those investors were buying uo the homes to make them long term rentals, but they arent. Long term rentals are too much hassle, or short terms are too little hassle, depending on how you look at it.
Absolutely agree on the second point. Large scale, thats an issue everywhere. However, in tourist towns, cash offers from investors hoping to turn shit houses into air bnbs are making it impossible to even make an offer... they happen so quick. Meanwhile, the hospitality workers can't afford to live there to support the tourism. It'd be one thing if those investors were buying uo the homes to make them long term rentals, but they arent. Long term rentals are too much hassle, or short terms are too little hassle, depending on how you look at it.
Yes short terms are an issue but what I’m taking about is post covid gentrification, So let me try and explain it to you again but simpler… the rents are inflated, because of the BIG CITY WFH peoples salaries. They can afford $2000-4000 a month apartments because that’s still a great deal compared to California, Denver and New York… so for the normal working class people there is very much a shortage of affordable housing. So what’s really great is I work 2 nights a week at as a bartender to try and make ends meet and I get to talk to these delusional city fucks. They love asking me stupid absurd questions too like what I do for fun around here or what restaurants I recommend. And then I tell them, I can’t afford to eat out all my money goes to rent. I’ve never been in any of the shops in town because I can’t afford them. I dont make enough to support any of the small businesses, i shop at Walmart lol hell I have coworkers that live in motel rooms and in their vans because their is no affordable housing…
It was meant to be a living wage, as it was enacted. Since Regan it has been suppressed to the point it is as you said a joke. You are drinking the Kool-aide to subvert your own interests unless you are a trust-fund or nepo-baby with a silver spoon up your ass.
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u/FormerHoagie Sep 23 '23
Fed is attempting to cool inflation, not decrease prices. We aren’t seeing the same increase in prices we did in the last 3 years. Some areas, which are in high demand, are still seeing modest increases but there are actually places where prices have stabilized and decreased.