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> And it seems that this has happened for a select few It's happened for anyone that owns housing without a mortgage in a wealthy country. Everyone else has t
by energy123 2y ago
> And it seems that this has happened for a select few
It's happened for anyone that owns housing without a mortgage in a wealthy country.
Everyone else has to work full-time to pay their landlord or bank. Given the housing stock is kept artificially low, all remaining money in the average paycheck will necessarily be eaten up by housing. It doesn't really matter how productive the economy is. If shelter is kept scarce, the cost of housing will keep rising to eat up the rest of the average paycheck.
- giantg2 2y ago"Given the housing stock is kept artificially low," I'm not sure I'd call it artificial. There are rational market forces at play. The real issue is that everyone wants to live in the same places, and the people there already want to preserve their lifestyle and investment.
- CapstanRoller 2y ago>The real issue is that everyone wants to live in the same places They want to live where they can survive, and survival is dependent on money. Many people (myself included) would be perfectly happy living in a quiet remote area with basic amenities.
- energy123 2y agoSan Francisco approves less than 20 new housing units each year. Nobody is allowed to build where people want to live. That's artificial.