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But what about your property value? What about your net worth? Or are you one of those radicals who own a home to —shudders— live in it, rather than for its n

But what about your property value? What about your net worth? Or are you one of those radicals who own a home to —*shudders*— live in it, rather than for its natural purpose as a financial investment?

blindriver 3y ago
My property value in the SF Bay Area was reassessed for $700k lower than my purchase price. Sucks but it means my property tax dropped by over 20% and I also won't leave my house since my interest rate is 2.6%.
enahs-sf 3y ago
It seems unlikely that there’s another 10x return for me like my parents saw on their house from the 80s so might as well just buy to live in a place.
carlosjobim 3y ago
Your comment is sarcastic, but the reason home owners love the bubble is because they can borrow money against their house instead of working for a living. So if you were lucky in real estate you can slack off at an easy job while making your minimum mortgage payments and live a comfortable life on borrowed money, maybe get a new car and a nice vacation? Or if you're ambitious you borrow money against the house to renovate it and build it larger. Slack off at an easy job and you have energy to do renovations in the evening. Every 10 dollars borrowed to do renovations becomes at least 20 dollars in increased home value when the renovations are finished, and as a bonus you get to live in the newly renovated house. You don't need to sell, instead take out another loan against your now more valuable house - the bank is eager to help. It's called a "real estate career". Compare that to working for a living as your "career": Every 10 dollars of productivity you put in for your boss turns to 7 dollars in wages and after taxes you have 4 dollars. Not to mention the taxes and tributes as a small business owner or independent. Which is the smart move? Which is the fool's move? If you talk to everyday people, what is their dream? What would they like to achieve? Will they say they want to invent something? Create a huge business? Become best in the world or at least in their region in some sport or hobby? Very few will answer this. Most will answer: "I want to own a bunch of condos and live on the rent". That is the dream.
- mkoubaa 3y ago
  I find that dream to be selfish nonsense, and at best it should not be subsidized by taxpayer money. But I realize I'm in the minority
  - henry2023 3y ago
    America is one of those places so alienated from the fulfillment and joy of providing value to society through work that almost everyone wishes on the parasitic dream of just living without doing nothing.

But what about your property value? What about your net worth? Or are you one of those radicals who own a home to —*shudders*— live in it, rather than for its n

blindriver 3y ago

My property value in the SF Bay Area was reassessed for $700k lower than my purchase price. Sucks but it means my property tax dropped by over 20% and I also won't leave my house since my interest rate is 2.6%.

enahs-sf 3y ago

It seems unlikely that there’s another 10x return for me like my parents saw on their house from the 80s so might as well just buy to live in a place.

carlosjobim 3y ago

Your comment is sarcastic, but the reason home owners love the bubble is because they can borrow money against their house instead of working for a living. So if you were lucky in real estate you can slack off at an easy job while making your minimum mortgage payments and live a comfortable life on borrowed money, maybe get a new car and a nice vacation? Or if you're ambitious you borrow money against the house to renovate it and build it larger. Slack off at an easy job and you have energy to do renovations in the evening. Every 10 dollars borrowed to do renovations becomes at least 20 dollars in increased home value when the renovations are finished, and as a bonus you get to live in the newly renovated house. You don't need to sell, instead take out another loan against your now more valuable house - the bank is eager to help. It's called a "real estate career". Compare that to working for a living as your "career": Every 10 dollars of productivity you put in for your boss turns to 7 dollars in wages and after taxes you have 4 dollars. Not to mention the taxes and tributes as a small business owner or independent. Which is the smart move? Which is the fool's move? If you talk to everyday people, what is their dream? What would they like to achieve? Will they say they want to invent something? Create a huge business? Become best in the world or at least in their region in some sport or hobby? Very few will answer this. Most will answer: "I want to own a bunch of condos and live on the rent". That is the dream.

mkoubaa 3y ago
I find that dream to be selfish nonsense, and at best it should not be subsidized by taxpayer money. But I realize I'm in the minority
- henry2023 3y ago
  America is one of those places so alienated from the fulfillment and joy of providing value to society through work that almost everyone wishes on the parasitic dream of just living without doing nothing.