A rant about the cost of living

[sartre play]

In California, the PG&E rates are outrageous. It is a case of price gouging by a monopoly.

Going up Every where.

 

[iamwhatiseem]

Here's how it's happening...

Blackrock and Vanguard (at least) are buying up homes at (hypothetical price) $400K...They then keep them vacant for a short period, as though they're being flipped...Then they "sell" the homes to one of their holding companies for (hypothetical price) $600K.

Now you have comps in the neighborhood, which artificially raises the prices of every other house in the area for sale....The massive hedge funds then rent out the houses at inflated rates and clean up.

We are dealing with literal monstrous corporate rent seekers.

And what made this possible??
Obama bailing out banks that allowed them to keep foreclosed homes.
Literally millions of homes became empty between 2009-2014.
These firms were bailed out 100 cents on the dollar, in other words - taxpayers paid the mortgages off - and the banks also got to keep the houses. WHAT A DEAL!!!
Banks do not want to own homes.
Corporations, like Blackrock, bought up 100s, and in some cases, 1000s of homes all at once in deals with large banks that now owned them due to 2008-2009 mortgage failures.
Since 2014, the number of corporate homes has gone down by about 15%, as the homes have been sold to more local investors or individual buyers well above what they paid for it.

But keep remembering - Obama was protecting the little guy.

 

[Toddsterpatriot]

These firms were bailed out 100 cents on the dollar, in other words - taxpayers paid the mortgages off - and the banks also got to keep the houses.

Taxpayers didn't pay off any mortgages.
Banks got expensive short-term loans, in exchange for preferred stock.
Home owners defaulted on their mortgages; the banks got the homes.
The banks paid back the loans; the government sold the preferred stock and made money.

Eventually, the banks sold the foreclosed homes.

 

[Missourian]

Trumpskies are so damn thick.

Well, we must be doin' somethin' right.

 

[Woodznutz]

This is a rant! The younger generation is really screwed these days with high costs for rent, housing, insurance, new and used cars, not to mention everything else.

She even has roommates, and still can't pay the bills.

I have a lot to say about this, and she's not completely out of line, but want to hear some other opinions.

Need more information.

How much does she spend on cigarettes?
How much on hairdo's, makeup (why deodorant??)?
Are roommates up on their share of rent?
Are car payments killing her?
Smartphone bill, internet bill?
Credit card bills?

 

[Woodznutz]

Or her newer car, jewelry, fake nails, fake eyelashes - unforgivably ugly glasses...

She does look "high maintenance".

 

[Oddball]

And what made this possible??
Obama bailing out banks that allowed them to keep foreclosed homes.
Literally millions of homes became empty between 2009-2014.
These firms were bailed out 100 cents on the dollar, in other words - taxpayers paid the mortgages off - and the banks also got to keep the houses. WHAT A DEAL!!!
Banks do not want to own homes.
Corporations, like Blackrock, bought up 100s, and in some cases, 1000s of homes all at once in deals with large banks that now owned them due to 2008-2009 mortgage failures.
Since 2014, the number of corporate homes has gone down by about 15%, as the homes have been sold to more local investors or individual buyers well above what they paid for it.

But keep remembering - Obama was protecting the little guy.

And the Fed buying up the distressed MBSs during the Bathhuse Barry years, which they are probably now selling off to the hedge funders.

 

[Oddball]

In my AO a .25 acre town lot is 90K+. There is noting built on them now that isn't 400K+.

That's just the way it is.....Adjust your lifestyle to the times or rent the rest of your life.

It really is as simple as that.

The hedge funders are driving up the prices, via the scam outlined in #43.

When I bought CA houses, the bank would not give a loan if value was not "right".

Not sure what you say blackrock is doing. A 50% increase in a short time to themselves? What about neighborhood comps?

The shell company pays cash....The scam is driving up the comps, upon which the banks use to lend.

It's a self-licking ice cream cone.

 

[whitehall]

So the "cost of living" is only an issue during republican administrations? Democrats did nothing but rant about the fake science of man made global warming while the price of energy went up. Trump is trying to fix it but he is met with junk propaganda like this.

 

[Toddsterpatriot]

And the Fed buying up the distressed MBSs during the Bathhuse Barry years, which they are probably now selling off to the hedge funders.

The Fed only bought guaranteed MBS.

 

[Oddball]

The Fed only bought guaranteed MBS.

Nothing is "guaranteed", bub.

 

[Toddsterpatriot]

Nothing is "guaranteed", bub.

 

[Oddball]

View attachment 1156823

Uh-huh....And you expect us to believe that the Fed isn't the greatest game of 3-card Monty ever devised?

 

[LAUGHatLEFTISTS]

inviro?

Enviro. Happy now?

 

[Woodznutz]

View attachment 1156823

Such investors help drive up the cost of housing. Everything that stabilizes society is being destabilized by investors and speculators.

 

[Missourian]

Home owning dont help much initially.
$10K property taxes on median home don't help. They would add it on payment with insurance + PMI if your down payment is low.

↑↑↑ This is why I don't move to Florida. My property tax on my house is $471 a year, and insurance is $700 a year.

My folks live in a comparable home in Florida. Their property is $7000 a year, and insurance is $4000.

That's like having a perpetual mortgage payment for life...on top of your mortgage payment.

 

[Missourian]

Need more information.

How much does she spend on cigarettes?
How much on hairdo's, makeup (why deodorant??)?
Are roommates up on their share of rent?
Are car payments killing her?
Smartphone bill, internet bill?
Credit card bills?

Today it seems like "frugal" is a four letter word.

Gotta have an Iphone, and Apple earbuds, name brand shoes, designer jeans, a new car...then they wonder why they're broke.

 

[Jarlaxle]

Under Biden, the housing/rent market rose at the fastest rate in U.S. history.
Believe it or not, home prices have actually been lowering since 2023.
But the highs were so insane by Q4 2022 - that there is a loooong way to lower before they can get back to trends.
One thing I can say - I pity the people who were dumb enough to buy a home between mid 2021 - 2023. You are now underwater in your loan. You likely owe as much or more than you can sell it for.
Hello 2008.

Prices may be down, but payments are not, since interest rates are higher.

Because you are paying for:

• The wholesale price of the food
• The wages of the McDonalds worker
• The transportation of the food from the farm (that's more labor)
• The utilities used in the McDonalds
• The insurance (that's through the roof also)
• Possibly, the interest on the loan on the property

You missed: the fact she's in Kalifornia.

 

[Mac1958]

Well, we must be doin' somethin' right.

Yes, a large part of the country thinks like you do, that's for sure.

 

[The Duke]

I feel bad for this younger generation and the generation before, but there is no escaping the fact that things are more competitive today and people are just going to have to play the game smarter if they want to get ahead. Spending 100K on a Transgender Studies Degree is going to be really hard to pay back on a McDonald's wage. Spending 100K on an Engineering Degree will pay for itself in a few years and then it becomes a major cash cow. That kind of stuff. More importantly, if one can't afford life, what are they doing posting on and viewing TikTok all day long?

No, **** that! It's wrong to not leave for future generations at least the freedoms and opportunities we were blessed with growing up in America. That's what MAGA is. We're gonna give it our best shot. A lot of damage has been done for decades. From Bush til Trump. The time to fix that is NOW.