3 ms·
Not in the US but have the same issue where i am. And because prices don't seem to affect supply, everyone getting money from parents is just pushing up the pri
by lawlessone 3y ago
Not in the US but have the same issue where i am.
And because prices don't seem to affect supply, everyone getting money from parents is just pushing up the prices for each other. The government doesn't do much about it because many of them own property or own multiple properties acting as landlords.. and older people with property still vote more.
The same older people complain their children or grandchildren can't afford to live near them. But the moment someone tries to build more houses or apartments in the area they'll be submitting objections to the local council because it will affect their property value.
The government did a "help to buy" scheme but that just made it all worse. Because the higher the price the more they paid (up to a certain limit). So you'd have people who can afford more getting paid more from the scheme.. and getting help from parents.
So if two of these people start bidding on a house they can both now afford to bid higher against each other. Pushing prices up at the expense of tax payers.
And then just to make all worse a huge number of properties being taken off the market to be used as Airbnb's. Forcing the government to utilize hotels to house refugees and the homeless. Which is then creating a need to build more hotels and push up the prices of airbnbs..
We're in some weird feedback loop.
- JumpCrisscross 3y agoDid you grow up in Cupertino by chance?
- lawlessone 3y agoNo but i can see the parrallels https://www.irishtimes.com/business/construction/over-700-objections-lodged-against-466m-dundrum-apartment-concrete-jungle-1.4887325 https://www.irishtimes.com/business/construction/over-700-ob...