6 ms·

Speak for yourself, please. I sold my home in 2019. At the time there was already a frenzy, multiple bidders, buying on day one. Just like today. The guy wh

Speak for yourself, please. I sold my home in 2019. At the time there was already a frenzy, multiple bidders, buying on day one. Just like today. The guy who bought my house went 30% over asking. I wasn't willing to be rushed, so just sold and didn't buy. I'm in no hurry to buy - I've been enjoying traveling the country. But I don't enjoy the gouging I've been taking on rent, admittedly. Secondly, there are no zoning problems where I live. The problem is exactly Blackrock buying tens of homes per week. That and migration. A progressive property tax, or other limits on investment homes would alleviate the problems I've seen firsthand.

esoterica 5y ago
> I sold my home in 2019. At the time there was already a frenzy, multiple bidders, buying on day one. Just like today. The guy who bought my house went 30% over asking. I wasn't willing to be rushed, so just sold and didn't buy. Cool story, but what does that have to do the root causes of rising home prices? What exactly are you trying to argue here? > or other limits on investment homes Limits on investment homes makes renting more expensive, the same way limiting the production of cars would make cars more expensive. You are literally advocating shifting the supply curve further to the right. Every post you make further proves my point about people not understanding basic supply and demand.
- silisili 5y ago
  Why is this so hard to understand? Let's try a small example. In a city there are ten houses. Five are vacant, let's call them new construction. Five people are moving to the area. Everything sounds good, right? Blackrock buys 3 of the homes. Now 5 people have to fight over 2 houses. This drives housing price up as they bid with each other. The remaining 3 losers are forced to rent. Blackrock can now charge more money because a) house prices went up, and b) there are no other places to live. To be clear, this is talking about what's happening in -my- area. And based off your Nimbyism comments, I can assure you that it's not the same as your area.
  - throwaway6734 5y ago
    Blackrock isn't the only player in the market. If their rental prices are "too high" other rental properties will be listed for less.
    - brendoelfrendo 5y ago
      The problem is single-family homes being bought by investors to rent in the first place. People want to buy, but even low interest rates allowing my bank to offer me cheap money can't out-compete a large investor that has more more assets that allow them access to even more cheap money. I get that no one has a God given right to home ownership, but we've made a deal with the devil where home equity and housing appreciation are major stores of wealth for the middle class. Letting the investor class corner this market feels like kicking out the ladder for anyone not already on it.
      - WalterBright 5y ago
        Lots of people prefer renting. They may be in the area for only a short term. They may be unwilling to make the financial commitment necessary. They may be uninterested in the work and hassle of owning (like mowing the lawn, cleaning the roof, etc.). They may not want to deal with all the hassles and stress when selling.
        brendoelfrendo 5y ago
        Yeah, that's great and all, but there aren't enough houses for the people who want to buy. The fact that some people like to rent doesn't change anything about what I said.
        WalterBright 5y ago
        > there aren't enough houses for the people who want to buy. That's true of every item on the free market. It's why markets exist. Note that air is essential to life, but nobody is selling air. There's no marketplace for free software, either.
chrismcb 5y ago
Is a progressive property tax going to stem migration?

esoterica 5y ago

> I sold my home in 2019. At the time there was already a frenzy, multiple bidders, buying on day one. Just like today. The guy who bought my house went 30% over asking. I wasn't willing to be rushed, so just sold and didn't buy. Cool story, but what does that have to do the root causes of rising home prices? What exactly are you trying to argue here? > or other limits on investment homes Limits on investment homes makes renting more expensive, the same way limiting the production of cars would make cars more expensive. You are literally advocating shifting the supply curve further to the right. Every post you make further proves my point about people not understanding basic supply and demand.

silisili 5y ago
Why is this so hard to understand? Let's try a small example. In a city there are ten houses. Five are vacant, let's call them new construction. Five people are moving to the area. Everything sounds good, right? Blackrock buys 3 of the homes. Now 5 people have to fight over 2 houses. This drives housing price up as they bid with each other. The remaining 3 losers are forced to rent. Blackrock can now charge more money because a) house prices went up, and b) there are no other places to live. To be clear, this is talking about what's happening in -my- area. And based off your Nimbyism comments, I can assure you that it's not the same as your area.
- throwaway6734 5y ago
  Blackrock isn't the only player in the market. If their rental prices are "too high" other rental properties will be listed for less.
  - brendoelfrendo 5y ago
    The problem is single-family homes being bought by investors to rent in the first place. People want to buy, but even low interest rates allowing my bank to offer me cheap money can't out-compete a large investor that has more more assets that allow them access to even more cheap money. I get that no one has a God given right to home ownership, but we've made a deal with the devil where home equity and housing appreciation are major stores of wealth for the middle class. Letting the investor class corner this market feels like kicking out the ladder for anyone not already on it.
    - WalterBright 5y ago
      Lots of people prefer renting. They may be in the area for only a short term. They may be unwilling to make the financial commitment necessary. They may be uninterested in the work and hassle of owning (like mowing the lawn, cleaning the roof, etc.). They may not want to deal with all the hassles and stress when selling.
      - brendoelfrendo 5y ago
        Yeah, that's great and all, but there aren't enough houses for the people who want to buy. The fact that some people like to rent doesn't change anything about what I said.
        WalterBright 5y ago
        > there aren't enough houses for the people who want to buy. That's true of every item on the free market. It's why markets exist. Note that air is essential to life, but nobody is selling air. There's no marketplace for free software, either.

chrismcb 5y ago

Is a progressive property tax going to stem migration?