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> The middle classes throw their weight around to prevent new houses being built Most middle- class folk I know are too busy cutting expenses to clear their mo
by dingaling 12y ago
> The middle classes throw their weight around to prevent new houses being built
Most middle- class folk I know are too busy cutting expenses to clear their mortgage sooner than to care about the ability of other people to buy houses.
Why would they care? You pay off your mortgage and you're done.
- jljljl 12y agoI'm guessing because: 1) A lot of middle class folk who buy houses see it as an investment, and they hope to seem some return on that investment driven by rising prices. 2) A lot of middle-class folk tap into their home equity to pay for major expenses (see HELOCs and 2nd Mortgages). Rising home values give homeowners more equity to tap into.
- TheOtherHobbes 12y agoPaying off your mortgage is a significant drain on resources when house prices have been driven through the roof by speculation and inflation. (See also the Bay Area.) Disposable income drives the economy. If people are cutting instead of spending everyone loses - except property loan lenders. Affordable housing frees up money for new businesses. Second to education, it's one of the strongest prosperity generators.