4 ms·

The majority of people cannot afford their own home at today's prices. That is the simplest metric I've found for the intergenerational robbery taking place. T

by reedf1 3y ago

The majority of people cannot afford their own home at today's prices. That is the simplest metric I've found for the intergenerational robbery taking place. The government will try their best to keep housing pegged but it will blow the gaskets off commodities and the cost of living.

nonethewiser 3y ago
> The government will try their best to keep housing pegged Pegged to what?
- badcppdev 3y ago
  Assuming OP means, "The government will try their best to keep house price increasing" although I'm aware that the use of the word pegged is confusing. A common opinion is that governments feel that increasing house prices will keep the voters coming in as people work their butts off to get onto the housing ladder (escalator) and then want the bubble to keep expanding as it's their main form of savings. Western society is all in on the Ponzi scheme here.
  - TeMPOraL 3y ago
    I've heard it's less about voters directly, and more about the retirement savings being tied up in real estate so deeply that breaking the housing market would not only cost you votes, but probably turn the country into a humanitarian crisis.
  - mrlonglong 3y ago
    Pegging also means being buttfucked with a strap-on.
prepend 3y ago
I remember thinking the same thing 30 years ago talking with my friends’ parents. And they said the same about the previous generation.
- aziaziazi 3y ago
  Right, but the data goes worse [0] (uk-1980/2013). Some selected headlines : > Declining number of first time buyers > Decreasing numbers of younger homeowners Edit: data until 2021 [1] follow this trend. [0] https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/internationalmigration/articles/housingandhomeownershipintheuk/2015-01-22 https://www.ons.gov.uk/peoplepopulationandcommunity/populati... [1] https://www.ons.gov.uk/peoplepopulationandcommunity/housing/bulletins/housingenglandandwales/census2021#tenure https://www.ons.gov.uk/peoplepopulationandcommunity/housing/...
globular-toast 3y ago
We shouldn't forget the role of the financial industry in this. There's been an enormous wealth grab by the financial sector in the past 50 years or so. Those buildings in the City and Canary Wharf don't pay for themselves. They come from the money they hold back every time house prices rise.

by reedf1 3y ago

nonethewiser 3y ago

> The government will try their best to keep housing pegged Pegged to what?

badcppdev 3y ago
Assuming OP means, "The government will try their best to keep house price increasing" although I'm aware that the use of the word pegged is confusing. A common opinion is that governments feel that increasing house prices will keep the voters coming in as people work their butts off to get onto the housing ladder (escalator) and then want the bubble to keep expanding as it's their main form of savings. Western society is all in on the Ponzi scheme here.
- TeMPOraL 3y ago
  I've heard it's less about voters directly, and more about the retirement savings being tied up in real estate so deeply that breaking the housing market would not only cost you votes, but probably turn the country into a humanitarian crisis.
- mrlonglong 3y ago
  Pegging also means being buttfucked with a strap-on.

prepend 3y ago

I remember thinking the same thing 30 years ago talking with my friends’ parents. And they said the same about the previous generation.

aziaziazi 3y ago
Right, but the data goes worse [0] (uk-1980/2013). Some selected headlines : > Declining number of first time buyers > Decreasing numbers of younger homeowners Edit: data until 2021 [1] follow this trend. [0] https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/internationalmigration/articles/housingandhomeownershipintheuk/2015-01-22 https://www.ons.gov.uk/peoplepopulationandcommunity/populati... [1] https://www.ons.gov.uk/peoplepopulationandcommunity/housing/bulletins/housingenglandandwales/census2021#tenure https://www.ons.gov.uk/peoplepopulationandcommunity/housing/...

globular-toast 3y ago

We shouldn't forget the role of the financial industry in this. There's been an enormous wealth grab by the financial sector in the past 50 years or so. Those buildings in the City and Canary Wharf don't pay for themselves. They come from the money they hold back every time house prices rise.