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"I don’t get why housing should be a special carve-out " Capital and leverage. Wealthy and access to capital can build, rent and make giant returns. Students
by jollybean 5y ago
"I don’t get why housing should be a special carve-out "
Capital and leverage.
Wealthy and access to capital can build, rent and make giant returns.
Students paying off debt cannot even get the minimum down payment.
If everyone rented, and, if transition costs were very simple i.e. you could 'jump homes with ease' - then this would be less of a problem.
Also I would add stability. A government job which can be had for life, they will get a mortgage. A private sector worker or freelancer, may have blips in income, a bad blip means no mortgage payment which is very bad.
The consistency required for 25 years of paying off something lends power to the entrenched kinds of workers.
- tjr225 5y ago> Students paying off debt cannot even get the minimum down payment. This is huge. My wife and I are pretty privileged and own a very modest fixer-upper home on the very edge of a coastal metro area. We somehow managed this only after a decade of paying off ~150k of student loans that our parents encouraged us to take out when we were effectively children. I have friends who are software engineers who own big houses in the city who skipped a 4 year degree altogether or their parents were able to pay for their education. The difference between them and me? They were able to pocket that 150k as opposed to giving it to some useless university administrators and various federal lenders.