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Sure but the point is these already wealthy people gain all this wealth for doing literally nothing, while the people who slave away and actually keep the econo
by sybarita 5y ago
Sure but the point is these already wealthy people gain all this wealth for doing literally nothing, while the people who slave away and actually keep the economy going work hard all year for much, much less. And then of course workers end up having to hand most of that "cash" directly back to the land-owning classes for rent (among other things).
Homeowners could cash out on their investments and remain housed by getting jobs and renting, like the rest of us, which of course they won't do, because they recognize how exploitative the system is and that they earn more just sitting on property.
Anyway you look at it homeowners come out way ahead every time, for doing absolutely nothing.
- deleted 5y ago[deleted]
- lotsofpulp 5y ago> Anyway you look at it homeowners come out way ahead every time, for doing absolutely nothing. Homeowners in less demanded areas do not.
- sybarita 5y agoI mean sure, and some "workers" make 500k/year, but these are obviously exceptions to the rule when we've established that California homeowners made more money in equity on average than workers made in income. Also pretty sure there aren't many places in California where owning a home is such a liability that your annual losses would exceed those of one renting a comparable property. You might still have to work, but you're still ahead of someone who has to work and pay rent.
- deleted 5y ago[deleted]
- ethanbond 5y agoThey reliably come ahead of the laborers in those same areas
- iammisc 5y agoThe vast majority of homeowners work... You know that right?
- sybarita 5y agoI never said they didn't... The point is they don't have to hand over a majority of their income to pay someone else's mortgage. Even if home prices stagnate in their area and they can't sell for years, they get to keep a roof over their head for much, much less than someone renting a comparable place. More likely is that their property values are going up somewhat, so what they spend on property taxes/upkeep is likely preserved as equity. Renters pay more and keep nothing in the end.
- iammisc 5y agoWell I hand over about $12000/yr to pay for banker's interests, most of which I assume goes to pay for other people's mortgages.