6 ms·
Why even 2?
by themitigating 4y ago
Why even 2?
- xwdv 4y agoIt’s not uncommon to have a winter and summer home.
- nameless912 4y ago...I would say it's _quite_ uncommon to have a winter and summer home.
- ncallaway 4y agoWhile it may not be uncommon, I would say it shouldn’t be subsidized (at least until there homeless population is 0). The government should not be subsidizing anyone going for a second slice of cake, when there are lots of people who haven’t had a first slice.
- JumpCrisscross 4y ago> it shouldn’t be subsidized (at least until there homeless population is 0) Mortgage subsidies don't meaningfully affect homelessness. Someone putting down a deposit with a developer for a fifth property to rent actually expands housing supply. That tweaks only rent-versus-own ratios. What does skew home supply is vacancy. Whether due to offshore holders treating New York apartment as poker chips, seasonal vacationers, delusional landlords asking above market, or NIMBYs blocking development, vacancy decreases housing supply and thus increases housing costs for renters and owners alike.
- ncallaway 4y agoI think that's fair, and I was probably a little narrowly focused on summer/winter housing (which, I would assume would contribute to vacancy, unless used as short term rentals).
- quxbar 4y agothat's like saying the cause of death is lack of oxygen to the brain - technically true, but hardly insightful.
- JumpCrisscross 4y ago> like saying the cause of death is lack of oxygen to the brain No, it’s like saying someone will die from lack of corn. When they can substitute with grain. Shelter is shelter, rented or owned.
- xwdv 4y agoHomeless people’s problem isn’t that they can’t afford a home, it’s that they are too addicted to drugs and unhireable to ever really afford one. This has nothing to with mortgage subsidies and it’s disingenuous to use that as an argument against them.
- imtringued 4y agoLast time I checked 10% of homeless in SF have a job that pays roughly 50k USD per year. Thanks for the stereotypes.
- xwdv 4y ago10% is hardly a strong enough amount to break a stereotype.
- themitigating 4y agoEvidence of drug addiction being the main cause of homelessness in san fran?
- phinnaeus 4y agoIs it not? That seems like some extreme .1% stuff to me.
- JumpCrisscross 4y ago> seems like some extreme .1% stuff Second homes are top 5% stuff [1]. If you have a taste for the interior, there are gorgeous places where five figures buys a home, or less than $10k down and $1k/month. That's something more that just the rich can afford, particularly if the first home is in a similarly-affordable place. [1] https://www.statista.com/statistics/228894/people-living-in-households-that-own-a-second-home-usa/ https://www.statista.com/statistics/228894/people-living-in-...
- Arainach 4y agothere are gorgeous places where five figures buys a home, or less than $10k down and $1k/month .....such as? Prices have gone up everywhere. Tawas City, MI is hours from the nearest medium-sized town. There are no jobs, no social activities besides bars, very few restaurants, and no five figure homes for sale ($150K will get you 1450 square feet). Mesick, MI. Literally nothing but forest, and 1.2 empty acres is $125K. Clarion, IA. There is nothing beautiful about anywhere in Iowa. You can, however, get a nearly-falling down 1100 square foot house for $85K (everything else on the market, and there's a bunch, is 6 figures). Where are these gorgeous places where rich people haven't already bought all the homes?
- phonon 4y agohttps://www.propertyshark.com/homes/US/Condos-For-Sale/FL.html?location=Florida&PropertyType=CondoApartment&search_mode=location&page=1&sort_by=ASC_price&SelectedView=listings&LocationGeoId=32&location_changed=&ajax=1 https://www.propertyshark.com/homes/US/Condos-For-Sale/FL.ht...
- Supermancho 4y ago"Condos" in the url means "mobile homes", for anyone who wants to click on it.
- mhss 4y agoDo you mean not uncommon in your circle? I don’t ser how else you can call common to own two houses, and one of them just for the summer.
- kbob 4y agoBuy the new one before selling the old one.
- avmich 4y agoOr (like everybody else without the first owned house) sell the house, rent while buying another, then move from rented to owned house. A friend even had to spend a few weeks in a hotel (of a kind) with the family, while waiting for the house.
- pc86 4y agoThis isn't always possible.
- boruto 4y agoespecially if you have kids.
- ashwagary 4y agoThere are apartments big enough to hold kids. I dont buy this argument.
- themitigating 4y agoWell too fucking bad. You don't get government handouts to make it easier for you to relocate to your 2nd home.
- Frost1x 4y agoAs others commented, to give regular people some degree of mobility. Sometimes you need to buy before you sell to move and grab a job opportunity or get out of a place you're miserable in, so you'd need to have two mortgages at once for hopefully a short time. I'm personally not a fan of such a situation but it's a reasonable one in today's world.
- JumpCrisscross 4y ago> you need to buy before you sell to move and grab a job opportunity or get out of a place you're miserable in, so you'd need to have two mortgages at once for hopefully a short time The FHFA assesses up-front fees on second homes [1]. One could simply delay this assessment, for a fee, and not assess it if e.g. a year down the line the borrower only has one mortgage. (That said, it seems simpler to reduce the threshold to two from ten.) [1] https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Targeted-Increases-to-Enterprise-Pricing-Framework.aspx#:~:text=For%20second%20home%20loans%2C%20upfront,loan%2Dto%2Dvalue%20ratio.&text=%E2%80%8BThe%20Federal%20Housing%20Finance,11%20Federal%20Home%20Loan%20Banks https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announce...
- brooksbp 4y ago> I'm personally not a fan of such a situation but it's a reasonable one in today's world. Not a fan even in today's world. Example: The house next to mine sold for $300k 2y ago. Those owners put about $50k into renovations and sold 1y later for $450k. The current owner did nothing (didn't even mow the lawn!) and 6m later decided to pack up and move across country for a job. He put the house on the market for $650k. It's beyond insulting. That house is going to sit on the market for a long time unless he is willing to make no money or even lose money on the overall transaction.