3 ms·
A lot of young people (in particular) are understandably despondent at the state of the world. Saddled with student debt, fearing medical debt and having no hop
by jmyeet 4y ago
A lot of young people (in particular) are understandably despondent at the state of the world. Saddled with student debt, fearing medical debt and having no hope of being able to afford housing in the current market. Some of these people understandably are hoping for some 2008-like crash as a kind of reset. It's their only hope other than winning the lottery.
It isn't coming.
There is now a confluence of interests to make sure that never happens. It's an alliance of homeowners and investment funds. Homeowners have a tendencey to become NIMBYs to protect their house values. For some this is now generational wealth they're creating. These presence of institutional investment funds are just adding to this to create a permanent renter class.
Some markets are soft but we don't have a vast amount of unqualified buyers. Nor do we have massive unemployment. These are really the only things that could drive a sharp fall.
This is the natural outcome of a capitalist organization of the economy. Every aspect of your life has become or is becoming financialized as the need for ever-increasing profits are going to extract every last dollar from you. Debt is quite literally built into your existence.