Capitalism gone mad -- and as usual it's the middle class who got screwed. This is why houses are unaffordable.

[CrazyTrader55]

Translation "Look at that young guy talking about stuff he doesn't understand. But it sure sounds serious!"

That being said, pass a law outlawing firms like Blackrock from buying homes.
Wouldn't bother me one bit.

I'm not young, POPS. I'm in my mid 50's

I understand plenty about economics.

My dad bought a house in the mid 1960's for about $22k, and paid it off in about 15 years and lived mortgage free for the rest of his life. Now, that same house according to Zillow will cost the next guy $370,000 to buy it.

... not to mention the fact that insurance costs are way up, repair costs are way up, and, if you can't afford to buy.... rents are way up as well.

 

[CrazyTrader55]

If it's "capitalism" that's gone mad wait you see socialism take over NYC.

No argument there! NYC is dead.

 

[Woodznutz]

I'm having a little trouble adding all this up. How do you turn a $300k home into a $700k home and find enough buyers? And it's gotta be a heckuva lot more than 50,000 homes across the country, so where are all these buyers coming from?

It's called "panic buying".

 

[Woodznutz]

No Mr. Gekko, greed isn't good when it comes to housing.

 

[task0778]

No argument there! NYC is dead.

I feel bad for the people that can't afford to leave.

 

[Woodznutz]

I'm not young, POPS. I'm in my mid 50's

I understand plenty about economics.

My dad bought a house in the mid 1960's for about $22k, and paid it off in about 15 years and lived mortgage free for the rest of his life. Now, that same house according to Zillow will cost the next guy $370,000 to buy it.

I'm 85. The 50's sound awful young to me.

 

[rightwinger]

If my neighbor's home magically doubled overnight, it wouldn't
impact my affordability even one tiny bit.

The old retired couple can now sell their home for some fat stacks,
buy a nice condo and bank the rest.

Their kids can’t afford the house their parents bought at their age

 

[theHawk]

Thanks, Blackrock.
I'm not going to say much more, the tweet has plenty of details.

You will own nothing and you will be happy.

Housing skyrocketed because of all the illegals and legal immigrants. Boot them all out and housing will suddenly be affordable again.

 

[Woodznutz]

Debt service is the real villain.

 

[CrazyTrader55]

Housing skyrocketed because of all the illegals and legal immigrants. Boot them all out and housing will suddenly be affordable again.

That's a huge part of it also.

 

[drudge X]

Housing skyrocketed because of all the illegals and legal immigrants. Boot them all out and housing will suddenly be affordable again.

Legal is not the problem here. Blame greed by corporate buyers, the rich, and oversea buyers. Illegal aliens have an indirect cause. Counties must raise taxes to nurture them. Owners therefore raise the rent and priced out those who are renting while saving to but a house.

 

[Woodznutz]

The housing crisis is just one more problem that an irresponsible citizenry has brought upon itself. Just add it to the list.

 

[CrazyTrader55]

The housing crisis is just one more problem that an irresponsible citizenry has brought upon itself. Just add it to the list.

Exactly. Everything's a crisis these days.

And lefty is still crying about global warming!

While people can't even buy a house.

 

[the watcher]

Housing skyrocketed because of all the illegals and legal immigrants. Boot them all out and housing will suddenly be affordable again.

That's a part of it, families here are competing against multiple families jointly buying houses and favorable loans to the newcomers in cities. One house here had 4 couples coming to settlement as the buyer. Investment and speculating is also playing a role, as people with cash seek to diversify their holdings. land and property are better than cash and almost as good as gold. Investers are again, just playing by the rules Congress makes.

 

[Woodznutz]

Here's a solution.
Government subsidized/incentivized manufacturing plants locate in smaller cities that are 'dying'. Produce products that require only low wage labor but enough to afford the homes in those cities. Expansion of housing to be low cost tailored to the wages of the workers.

 

[Toddsterpatriot]

I'm not young, POPS. I'm in my mid 50's

I understand plenty about economics.

My dad bought a house in the mid 1960's for about $22k, and paid it off in about 15 years and lived mortgage free for the rest of his life. Now, that same house according to Zillow will cost the next guy $370,000 to buy it.

... not to mention the fact that insurance costs are way up, repair costs are way up, and, if you can't afford to buy.... rents are way up as well.

I'm not young, POPS. I'm in my mid 50's

The goof in the video doesn't know what he's talking about.

 

[Toddsterpatriot]

Their kids can’t afford the house their parents bought at their age

It's true, letting in 15 million new illegal aliens and restricting the building of new housing makes housing less affordable. Plus, our parents' houses were much smaller, government regulations that drive up land costs incentivize builders to only build much larger houses on their lots.

 

[rightwinger]

It's true, letting in 15 million new illegal aliens and restricting the building of new housing makes housing less affordable. Plus, our parents' houses were much smaller, government regulations that drive up land costs incentivize builders to only build much larger houses on their lots.

Sorry Dumbass
But illegal aliens are not buying up all the houses

 

[sealybobo]

Thanks, Blackrock.
I'm not going to say much more, the tweet has plenty of details.

You will own nothing and you will be happy.

Middle-income Americans have historically been a contested but important group for the Republican Party. In the 2024 presidential election, Trump won 52 percent of the vote among those earning $50,000-$100,000 compared to Kamala Harris' 46%, flipping support from a group that had been more favorable to the Democrats in the 2020 election—when Trump won 46% of their votes compared to Joe Biden's 54%.

The latest polls suggest support from middle-income earners may be slipping away from the Republican Party as the four-week government shutdown continues.

Their approval of his handling of the economy has slipped from 41 percent in August to 37 percent in October, while disapproval rose from 50 to 59 percent. Views on inflation were even more negative, with just 33 percent approving and 63 percent disapproving in October, compared to 33 percent approval and 57 percent disapproval in August.

 

[sealybobo]

Sorry Dumbass
But illegal aliens are not buying up all the houses

Someone said if Trump really was serious about fixing America for the middle class, he wouldn't have slapped tariffs on everything raising prices on the very people he claims he wants to help.

He would have lowered tariffs on countries that send us lumber and nails. He would have started building affordable housing.

I'm scared to give Trump the idea because I can just imagine how much of a kick back he's getting from the company tearing up the East Wing. I'm sure the Don gets a piece of that racket. So if Don told us he was going to build affordable housing, I'd worry what the final price tag would be to the US tax payers.

The new White House ballroom project is costing approximately $300 million

I mean come on! What the **** is costing $300 million dollars? I could build an entire ******* amusement park for that much.