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Good. America needs to stop trying to make the existing rich richer by artificially propping up house prices, and therefore preventing those who want to build w

Good. America needs to stop trying to make the existing rich richer by artificially propping up house prices, and therefore preventing those who want to build wealth from being able to buy a house and start doing so. This would not be a problem if the entire US economy, right from nearly every tax incentive, to the schools you send your kids to, to the opportunities that are available to you and your kids, etc. wasn't based on home ownership and making home ownership the primary source of building starting wealth. The other alternative is to find a high paying FAANG or finance job and/or starting a company. The former is available to a select few, and the latter also is built on owning a home, because many people who start companies will often find funding to start, maintain, and/or grow their company by taking loans against their homes. Because, once again, the entire US system is built around rewarding home ownership, and so it's the only source of wealth building available to the vast majority of Americans.

aiisjustanif 4y ago
> therefore preventing those who want to build wealth from being able to buy a house and start doing so . . . . . . many people who start companies will often find funding to start, maintain, and/or grow their company by taking loans against their homes. Let’s stop pushing the idea that buying a house always builds or increases wealth. There are many good personal reasons to buy a house and many alternatives to getting debt for ventures. Your advice is only for those with a high risk tolerance.
bombcar 4y ago
The huge advantages to home ownership aren't an issue, if home ownership is available to all. Obviously you can't have everyone living in San Francisco, and you can't just hand out houses like candy, but it used to be that if you were willing to relocate and hold down a job, you could own a house somewhere in the USA, even on "minimum wage". That possibility is gone; houses in the Midwest are now a significant fraction of the prices of houses in California.

aiisjustanif 4y ago

> therefore preventing those who want to build wealth from being able to buy a house and start doing so . . . . . . many people who start companies will often find funding to start, maintain, and/or grow their company by taking loans against their homes. Let’s stop pushing the idea that buying a house always builds or increases wealth. There are many good personal reasons to buy a house and many alternatives to getting debt for ventures. Your advice is only for those with a high risk tolerance.

bombcar 4y ago

The huge advantages to home ownership aren't an issue, if home ownership is available to all. Obviously you can't have everyone living in San Francisco, and you can't just hand out houses like candy, but it used to be that if you were willing to relocate and hold down a job, you could own a house somewhere in the USA, even on "minimum wage". That possibility is gone; houses in the Midwest are now a significant fraction of the prices of houses in California.