This is a grift that knows no bounds when we attempt this in LA. Our recently approved homeless development is at a cost of over 800k per unit - as someone that deals with construction and permitting in Los Angeles on a daily basis - gonna take a stab in the dark an absurd amount of waste/theft from taxpayers is occurring there.
Bought a condo for $128,000 (125 + 3 in closing costs) July 2020. Refinanced October of last year for a 2.99% interest rate at $163,000 appraisal. About $930 a month mortgage/ins/taxes and could easily rent it out for $1600-1800/month. Best financial move I’ve ever made.
At best, I live in a tertiary market (Chattanooga area) but prices are still crazy by our standards. The median home price just topped $300k. We put a place under contract in early September of 2021 but didn’t close on it until November. The sellers wanted to stay until then and we didn’t really care cause we weren’t selling our then-current home. I did a little cosmetic type work and we didn’t end up moving in until the week before Christmas. We were the first showing and made an offer like 30 min later. Thankfully no bidding war, just came in at list price. The sellers surprisingly ended up making several concessions (both financially and actually making some repairs) that I didn’t necessarily expect but we later learned that they had already bought another house and were wanted to keep us on the hook. We really lucked out. We had been looking off and on for a couple years and had made unsuccessful attempts to buy other places, both on and off market. I’m a commercial broker and had the impression the market was maybe loosening up a little bit. After recently speaking to a couple close friends who are legitimately good residential brokers, it is evidently even worse now. We could probably sell for at least 75k more than what we paid 5 months ago. I ended up renting my old house but it has pretty much doubled in value in the 6 years I’ve owned it.
Funny enough I was legitimately just asking his opinion. I work with a lot of affordable housing developers, owners, and operators. So I knew Blackrock had just created a division to focus on affordable housing and was curious what some people thought of it. I don’t work with Blackrock, but I understand intimately the affordable housing crisis.
I feel your pain, brother. We're having a helluva time finding affordable vacation property in Hawaii
We've got people in here claiming way sadder cities than Chattanooga are major (and Chattanooga is great). Plus, with VW there, the internet stuff years ago, etc., you're going to have a crazy market.
Fuck did all these shit posters come from???? The opinion that you can’t complain about being essentially locked out of ownership of a living space and essentially relegated to renting forever unless there’s a serious market downturn is just an elite shit take. Especially when the people locking you out are large corporations who’s entire intention is to do just that. Paste eater level comprehension of the situation as a whole. But not surprising considering the gutter trash bootlicking losers carry that water in here
you may be better served in this hell world by redirecting some of this passion into money making activities
“hey people are being fucked by corporations” “LOL SUCKS TO BE POOR” Very normal response to actual problems
https://www.realtor.com/realestatea...e-Village_KS_66208_M87543-33103?ex=2942147521 Jfc. This is what we paid for our 3 bedroom 2.5 bath, 2000 sqft, 2 car garage with a basement in 2015.
I keep hearing the biggest issue right now is there is a low supply. If home builders were to put up hundreds/thousands of new builds the market will level out. If that were to happen wouldn’t the these corporate landlords just increase the frequency at which they’re buying to match the increased rate of building? I just don’t see a solution to what we’re facing. Either the government puts a cap on number of properties an entity can own or ‘the American dream’ can no longer include owning real estate.
For anyone who wants to build, good fucking luck. Nobody decent wants any work and material prices are stupid. That’s everywhere. Buy in the Midwest tho srs. Much more affordable although obv not everyone’s cup of tea.
OTOH that’s mostly the only avenue for a lot of people to do any sort of multigenerational boot strapping.
yeah but that's not a good argument for keeping it that way with all the secondary impacts that break society
I’m cool with caps generally. I’m not as into the broader aim at lowering asset value for regular people. Sometimes they’re linked but you were pretty broad in your statement. That sort of broad brush goes too far imo
Disagree, get people other investment vehicles and have housing similar to vehicles would be a huge net gain for the country.
Also lead times are comical on everything now - I've basically had to double my overall construction timelines.
i also think intergenerational wealth is bad so i'm just from a wildly different vantage point in this whole thing. easier avenues to help social mobility.
There are lots of other investment vehicles available now that people don’t take advantage of. Things with huge incentives.
Agree to disagree here - I've had to put myself in mountains of personal debt to get venues open on three occasions - if I had any interest in having kids, I wouldn't want them to have to go through that if I had the cash to help. I'm not buying them a palace and a Ferrari but I would definitely buy them their first house or something.
Ostentatious generational wealth doesn’t hit. Going from poor to less poor is alright by me and something that we should encourage. Like, the actual American dream that we barely have anymore and all that
yeah i think the negative impacts of intergenerational wealth across multiple levels are insanely big but getting a kid a starter home or something isn't really reaching that level to me
yes i think intragenerational social mobility is great and we should create a society where it's possible generally vs how it's really not now
But this isn't what's happening. You're choosing not to purchase a home. It isn't that you can't actually afford to purchase one. To use the analogy from poster Lyrtch, you're the guy at the dinner table eating a hamburger complaining that you're starving because you're upset other people are eating steaks. So you compare yourself to the children actually starving to get pity on your hamburger eating situation. While you have every right to complain about the overall food market, you look extremely callous conflating your situation to those who are literally starving. You're making this issue about yourself instead of the overall problem.
But, to be honest, that's because of your perspective, right? If you didn't have indoor plumbing growing up, that perspective would be different. Where does that stop? Is it ok for you to be fine with passing along a house? Isn't that unjust? I understand your argument, but it seems very naive to me (much as it would be naive to let capitalism just run rampant).
i think we should work to create a system where no matter how wealthy your parents are it doesn't functionally determine outcomes for their kids we're in no stratosphere close to that now, best predictor of your wealth is your parents, social mobility is putridly low and declining. in that world buying your kid a house has marginal impact on their lifetime position in life because the kids without that advantage would still have security in housing
someone explain to me like a 3 year old why all these hedge funds and corps are buying up homes are they buying them up and just renting them out to people as a new revenue stream? long term rental or do they do the airbnb shit?
You don't think that if you worked your ass off your entire life to be wealthy that your children should have access to that capital for their ventures if they aren't dumbass ventures? I have no dog in the fight - just seems like an odd take to me.
I want you to do me and everyone else a favor and shut the fuck up. You're a fucking idiot and we don't give a shit about your dumb ass opinion Bootlicking cumstain Imagine defending institutional corporations right to drive up housing prices. Fucking loser
I'm not sure what exactly "leisure class" connotes - but I think you definitely have a semi-warped view of how hard the ultra-rich families are on their kids. I have multiple friends that grew up knowing their inheritance was on the line based on how successful they were on their own - it's not a monolith by any means
It would be better if it were the state laying down that rule, instead of parents that can change their mind about it
I don't think their parents should be the ones to decide that. It's really just lessons learned from the gilded age that we've lost and are re-living again how it breaks society.
My point was giving dollars into the state's hands would be a complete and utter disaster as we suck on that front
Compared to what rich kids will do with it? I'll take my chances with the state of California, thanks
Option 1. California grift to the exact people we deplore Option 2. Rich kids spending their money and maintaining a thriving service/retail/commercial industry - because that's where they spend their money
What I was trying to argue about Lyrtch's point is that state implementation of this is always garbage or inept. It's a good idea, but doesn't work. Incentivize charity. It's not perfect, but it's better than that.