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"But they are “really” rich and can easily access that wealth. They’d just prefer not to." Banks have lending limits. You're assuming the $2mm house isn't leve
by OldTimeCoffee 6y ago
"But they are “really” rich and can easily access that wealth. They’d just prefer not to."
Banks have lending limits. You're assuming the $2mm house isn't leveraged to begin with.
- bradleyjg 6y agoIf the house was worth $2 million when the owner bought it then they are rich or they’d have never gotten a mortgage. If they are fully leveraged because they’ve already pulled all the equity out—-well where’s that money? I’m sure you can find some obscure edge case somewhere but by and large people that own things that are worth a lot of money are rich and don’t especially need our sympathy. Let’s save that for all the actual poor people out there that don’t own houses, much less multi-million dollar houses.