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It's a huge game played by the banks to extract economic rent. Landlords are taking a slice and providing a risk buffer for the banks. I find the whole practice
by branchless 11y ago
It's a huge game played by the banks to extract economic rent. Landlords are taking a slice and providing a risk buffer for the banks. I find the whole practice, which as you noted in SF is taking up all spare income, disgusting.
Your comment is worded strangely also - I'm saying they are speculating on land. If they are buying and making a little just by providing a service I have less of a problem with them, but this simply isn't possible in the current environment of unlimited fiat issuance. The bank lending and endless speculation means wealth producers are squeezed to the limit.
- esja 11y agoIt's worth noting as well that houses don't disappear when landlords sell them. Most landlords don't build new homes to house people. More commonly they compete with owner-occupiers to buy existing property. Remove the landlord from the story and the renter may well become a buyer, at a lower price. p.s. Thank you for your comments in this thread and elsewhere - you have inspired me to finally read Henry George.
- branchless 11y agoReally truly do it. The best thing about Henry George is the way his love of fairness and humanity shines through. It's really rare now to read someone who is actually altruistic and an intellectual force. It's inspiring. ps you can tell he's a nice guy because he has utter disdain for rentiers, the enemy of all working people everywhere!