3 ms·

Been hanging out on a lot of personal finance related communities. For people outside the tech bubble, this has been brutal. Rents have increased 20-50% in many

Been hanging out on a lot of personal finance related communities. For people outside the tech bubble, this has been brutal. Rents have increased 20-50% in many cases and wages haven't kept pace. People making otherwise decent income are being forced to shack up with roommates in their 30s just to pay rent. Worst of all, it has debased work. Idiots threw random dollar amounts on crypto memecoins and came out with hundreds of thousands. Degens gambled on memestocks and made millions. Anyone who did the "stable" thing of saving and investing wisely got left behind. The worker shortage isn't just because people suddenly became lazier. They've absolutely debased money. And in the process, debased work. Why work hard when gambling and speculation and straight up lying ("hustling") are rewarded way, way more? Anyone who thinks this is sustainable is delusional. And insensitive.

whimsicalism 4y ago
> Rents have increased 20-50% in many cases Maybe in some cases. Not on average [0]. Here is SF [1] > Anyone who did the "stable" thing of saving and investing wisely got left behind. Gambling has always been a thing. Lots of people lost big on crypto. > Why work hard when gambling and speculation and straight up lying ("hustling") are rewarded way, way more? If you actually think that, go ahead and make your millions. Efficient markets are not that easy. If you knew you could make more ahead of time, it would already be priced in. I suggest spending less time hanging in communities and hearing people spitball and more time looking at the facts. [0]: https://fred.stlouisfed.org/series/CUUR0000SEHA https://fred.stlouisfed.org/series/CUUR0000SEHA [1]: https://www.zumper.com/rent-research/san-francisco-ca https://www.zumper.com/rent-research/san-francisco-ca
- MisterMower 4y ago
  Yeah, last year’s rent was up 10%. Now do the past decade. Home prices in my middle of nowhere Nebraska town are up 50% over the past decade. Rents too. I don’t trust statistics saying “we’re not debasing the currency” from the very people who are currently debasing the currency.
  - whimsicalism 4y ago
    Are we in a housing crisis? Yes, of course. But the problem is not Californians or crypto bros. Did not realize these claims were over the last decade... rents are up 37% on average, which is 15% more than we would expect with a standard 2% inflation. And of course we return to the old HN bogeyman of shadow inflation. there are a number of independent academic researchers who track prices showing changes roughly in line with FRED cpi, but I'm sure those researchers are also part of the conspiracy.

whimsicalism 4y ago

> Rents have increased 20-50% in many cases Maybe in some cases. Not on average [0]. Here is SF [1] > Anyone who did the "stable" thing of saving and investing wisely got left behind. Gambling has always been a thing. Lots of people lost big on crypto. > Why work hard when gambling and speculation and straight up lying ("hustling") are rewarded way, way more? If you actually think that, go ahead and make your millions. Efficient markets are not that easy. If you knew you could make more ahead of time, it would already be priced in. I suggest spending less time hanging in communities and hearing people spitball and more time looking at the facts. [0]: https://fred.stlouisfed.org/series/CUUR0000SEHA https://fred.stlouisfed.org/series/CUUR0000SEHA [1]: https://www.zumper.com/rent-research/san-francisco-ca https://www.zumper.com/rent-research/san-francisco-ca

MisterMower 4y ago
Yeah, last year’s rent was up 10%. Now do the past decade. Home prices in my middle of nowhere Nebraska town are up 50% over the past decade. Rents too. I don’t trust statistics saying “we’re not debasing the currency” from the very people who are currently debasing the currency.
- whimsicalism 4y ago
  Are we in a housing crisis? Yes, of course. But the problem is not Californians or crypto bros. Did not realize these claims were over the last decade... rents are up 37% on average, which is 15% more than we would expect with a standard 2% inflation. And of course we return to the old HN bogeyman of shadow inflation. there are a number of independent academic researchers who track prices showing changes roughly in line with FRED cpi, but I'm sure those researchers are also part of the conspiracy.