Replies: 26
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CU Medallion [73569]
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All-In [42294]
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Re: RFK is the only candidate talking about the housing
Sep 3, 2023, 5:13 PM
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So do you want the federal government to step in and regulate it?
Very conservative.
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CU Medallion [73569]
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Yes, yes I do
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Sep 3, 2023, 5:21 PM
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Not everything has to be 1 side or.the other. And I'm not against regulation. I'm against over regulation
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All-In [42294]
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And you think the federal government is going to fix that?
Sep 3, 2023, 5:27 PM
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Especially if it's Dems calling that shot?
I mean, this just highlights how many of you who claim to be "conservative" don't really know what that means.
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CU Medallion [73569]
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I'm not sure why you're trying to pick a fight
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Sep 3, 2023, 5:34 PM
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Does everything really gotta be a fight for you?
When I see wrong, I'll call it out. Right or left. I don't give a ####
And I already have my forever house so this don't affect me. I just don't see how any new.buyer can afford any house.right now.
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All-In [42294]
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Sorry you think that's "picking a fight"
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Sep 3, 2023, 6:22 PM
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You've yammered for years about people being "left" or "liberal" if they don't agree with you, you suckled Trump's #### for years, and now here you are advocating for leftist regulation policies.
I'm calling you out on your hypocrisy. Maybe take it as a cue to stop claiming you're an authentic conservative and calling people leftist when they don't agree with you.
And for the record, I agree that housing is a problem, but no, government regulation won't fix it. It'll make it worse.
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CU Medallion [73569]
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Potentially. And I have no solution but all I know
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Sep 3, 2023, 6:33 PM
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Is real home buyers have been overpriced by corps.
Which has overpriced rent.
There is no way at all home prices should still be increasing but they are.
If u want to be your usual #### proceed. But I won't respond to it
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All-In [42294]
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You've responded three times.
Sep 3, 2023, 6:39 PM
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Oculus Spirit [97807]
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RFK's proposal is to have a governemnt funded 3% guarantee
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Sep 3, 2023, 7:36 PM
[ in reply to Sorry you think that's "picking a fight" ] |
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towards paying mortgage rates, meaning the buyer now at 7% gets a 4% effective rate, making the house affordable again. And while that sounds nice, it only ensures more inflation in prices as there is a market that has a supply problem, interest rates notwithstanding. And that still won't entice many more people to sell with an offset 4% mortgage rate anyway.
Not to mention this puts taxpayers in the mortgage business now worse than ever, even though Fannie and Freddie already underwrite most mortgages.
You don't unscrew up years of sub 3% rates. You can only wait it out until people are forced to sell, and builders build smaller homes, and people adjust. And that's not going to happen for many years. It will be a decade probably before the mortgage market settles down.
And BlackRock, etc. know what Powell knows, and that is a persistent labor shortage will keep supply of homes low, coupled with the rate issue, owning a home will be the ultimate leverage for big corporations long term. This is not stuff people really know about, but they will eventually.
And younger people will get screwed the most in all of this. The pandemic marks the inflection point where future generations will not have it as good as prior generations. Nothing goes up forever. Not standards of living, not income, not jobs, not stocks, everything must fall at some point. Recessions are healthy to prevent depressions, and worse. We've been avoiding them for decades now. And by spending decades avoiding any downturns, we're just enabling an eventual downturn that will be more and more severe.
The US is not the only country facing this problem. Many others are going through the same. Labor shortages, inflation, and eventually it leads to war. It's almost inevitable. It will start with a tyrant, pick the tyrant, doesn't matter. When their economy sinks, and they have a crisis, they will start a war as a diversion to maintain power and control. Because as a tyrant running a sinking ship, you can either go down with it with an internal revolution, OR start a war with an enemy where people will refocus their grievances on the enemy, keeping the tyrant in control. Happens all the time in history books. Democracies will be more prone to revolutions over wars, although they may well jump into war as well for much the same reasons.
What RFK is proposing sounds good n paper. It will endear him to voters I'm sure. But it does nothing to solve or remedy the overall problem. It's just another expensive band-aid of another flavor.
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CU Medallion [73569]
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Never said what is proposing is good or bad
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Sep 3, 2023, 7:42 PM
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But he is the only one even bringing the problem up.
I think his proposal doesn't.solve the issue but I give him props for at least talking about the issue and bringing it to the forefront.
It's my #1 issue, along with all of inflation which 7s more around 20-30% Rather than 8.
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Lot o points [156069]
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You arent 100% wrong, but you seem to be coming at this
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Sep 3, 2023, 9:11 PM
[ in reply to Sorry you think that's "picking a fight" ] |
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As if this is a market issue that needs to be sorted out by the market. I’d agree with you 10/10 times if it were a market issue caused by natural forces.
It’s not that though. This issue was caused in large part by powerful entities being flush with capital from a $3T+ (extremely unnatural) injection of cash into the market. That’s a genie you can’t just put back in the bottle. I don’t want additional regulation any more than any other conservative, and depending on the regulation maybe it’s a solution and maybe it’s not, but it’s not a conservative disqualifier to hypothetically discuss government actions as a means to minimize the negative effects from prior govt actions.
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Orange Blooded [4021]
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Orange Blooded [3227]
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All-In [27199]
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YIMBYs have been talking about the ruinous effects of
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Sep 3, 2023, 5:39 PM
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exclusionary zoning since...forever.
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CU Medallion [73569]
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Zoning is not.the problem
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Sep 3, 2023, 5:46 PM
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They'll just build.pos small.houses
Its big corp.buying.all the single family homes and inflating prices
I interviewed with a company no one's probably heard of and they own 20k houses. Overpricing the mkt and raising rent prices
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110%er [7163]
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Re: Zoning is not.the problem
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Sep 3, 2023, 11:24 PM
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These big corps that are doing this will be caught up in a bad renter’s market.
Rental rates will fall as middle income renters start facing the squeeze of lower annual salary increases, and thus find themselves needing to move to lower cost rental housing. The cost of borrowing for big corps who have been buying up over priced single family homes will not be getting the ROC for their home buying frenzy.
I’d watch carefully the big finance / financier type investments for excessive dependence on rental income.
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All-In [27199]
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Zoning is, in fact, the problem.
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Sep 4, 2023, 1:11 PM
[ in reply to Zoning is not.the problem ] |
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Whether corporations own the houses or people, without zoning reform and the ability to build more housing, you're stuck with a static inventory. Even a hot dog could figure that out.
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Legend [17327]
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So well regulated capitalism? Just in housing or other sectors?***
Sep 3, 2023, 5:42 PM
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CU Medallion [73569]
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Well regulated in all sectors
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Sep 3, 2023, 5:57 PM
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So libs love to say pubs want NO regulation at all. That's total.bullshit
I dont know anyone who thinks Pfizer should be able to dump.tbeir.toxic.shit in rivers. No one. At all.
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Legend [17327]
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OK dont disagree. Banks are another good example.***
Sep 3, 2023, 9:41 PM
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All-TigerNet [10933]
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The central bank system is what screws up the housing market
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Sep 3, 2023, 7:48 PM
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and the problem in this case is the sweetheart relationship between the investment firms and the central bank. It is yet again a fascist market where government control interferes with private property and voluntary exchange.
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Orange Blooded [4021]
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Re: RFK is the only candidate talking about the housing
Sep 3, 2023, 7:54 PM
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Do you support "free market principles", or do you want the federal government to control commerce?
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Hall of Famer [24207]
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Re: RFK is the only candidate talking about the housing
Sep 4, 2023, 11:00 AM
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The Dems actually have another choice. Not a great one but better than what they currently have, and he has no chance. This guy can at least stand up without falling, and I'm guessing he could probably read what they put in front of him.
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110%er [9056]
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property tax is higher so
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Sep 4, 2023, 11:26 AM
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i dont think local gubmint is interested in slowing it down
just own nothing and be happy
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Oculus Spirit [81188]
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Its funny who that was originally attributed to
Sep 5, 2023, 9:52 AM
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and who actually made it happen.
The "great reset" has happened too, and it wasn't what was originally promised.
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All-In [34119]
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Oculus Spirit [81188]
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Around here, at first it was co-ops of private investors
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Sep 5, 2023, 11:42 AM
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that started it (they had offers on 10 houses at once when I was looking for a house) but when their money ran out, we got double hit by REITS and other private equity firms like Goldman Sachs and Blackstone buying everything with a front door. They'd come in and offer anywhere from $20K to 2x over asking, and wiped out an entire group of buyres (like me) that were just trying to buy a house to live in.
I think it's gotten worse since 2022 in the tourist areas (Isle of Palms, Folly Beach etc). Houses there have doubled + in 3 years.
Here's one example I know because I put in an offer on this house. Initially they were asking $638k; I think I offered $650k, and it sold in 4 days for $685.
Whomever bought it did absolutely nothing to it--it looks identical to when I offered on it in '21. They rented it out for 2 years, and flipped it in June for $1.175 million. That's almost doubling their money in 2 years. IMO, looking at comps on the island now, it could be flipped again for $1.3-$1.5 million if someone wanted to make a quick couple hundred thousand.
https://www.zillow.com/homedetails/20-25th-Ave-Isle-Of-Palms-SC-29451/10936144_zpid/
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Replies: 26
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