Discussion: Housing, Homelessness, Urban Development, Gentrification, and Other Housing Issues

[Erzengel]

If you purchased a house even 15 years ago, I'm sure it's 60-70% more than when you purchased it now.

So unless you downsize, any profit you'd make towards the house would just go towards a lateral purchase of something equatable to what you had previously had. Unless you moved from a densely populated area to a less densely populated area.

I passed some new multifamily units which are listed as "luxury rentals" in town that's off mass transit in my state. For a 2 bedroom, 2 bath unit, it's essentially $3k a month.

 

[squeekness]

I bought my house in '94 for 114K, I could probably get at least 425K for it now.

 

[Erzengel]

If you had a 30 year mortgage at least yours is paid off.

 

[MagnarTheGreat]

The housing market I think went to **** after the subprime mortgage debacle in the Bush years. With less borrowers available with more stringent requirements it help cause skyrocketing housing values and less housing to be built than would have been built before the subprime crisis. The pandemic marked another spike. Basically crises act as future pricing accelerant.

Things have improved slightly since 2022 but it ain't nearly enough.

Median Sales Price of Houses Sold for the United States

Graph and download economic data for Median Sales Price of Houses Sold for the United States (MSPUS) from Q1 1963 to Q4 2023 about sales, median, housing, and USA.

fred.stlouisfed.org

 

[DA_Champion]

My home insurance just went up 28%.

If you purchased a house even 15 years ago, I'm sure it's 60-70% more than when you purchased it now.

So unless you downsize, any profit you'd make towards the house would just go towards a lateral purchase of something equatable to what you had previously had. Unless you moved from a densely populated area to a less densely populated area.

I passed some new multifamily units which are listed as "luxury rentals" in town that's off mass transit in my state. For a 2 bedroom, 2 bath unit, it's essentially $3k a month.

Some of the easiest money in the past few decades was to buy homes on the cheap, farm them out to property management companies for rental, and use the proceeds to pay the mortgages. I think that gravy train is over, with too many people priced out and many paying 50% or more on their residences.

If I had been wiser, I would have bought a home in 2017, the earliest I could.

 

[squeekness]

If you had a 30 year mortgage at least yours is paid off.

We did. We bought well within our means and with some inheritance money paid it off in 11 years. We could have mortgaged more. I'm glad we didn't, paying off early allowed us to save enough money to retire early at 55.

 

[Erzengel]

Next year will be the 15 year mark for our mortgage but we have paid extra over the past few years and shaved a year and a half off the back end.

 

[blueharvest]

 

[blueharvest]

 

[MagnarTheGreat]

Ottawa hikes capital gains tax to raise billions for housing

Ottawa will raise capital gains taxes on businesses and wealthy individuals to help pay for billions in new housing spending. Find out more.

financialpost.com

Trudeau government proposes more taxes on wealthy Canadians to fund housing​

https://www.reuters.com/world/americas/canadas-federal-budget-likely-up-taxes-stick-fiscal-goals-2024-04-16/

 

[squeekness]

Let me guess -- Red states, the ones with fires, floods, tornadoes......

 

[blueharvest]

Let me guess -- Red states, the ones with fires, floods, tornadoes......

More than likely.

 

[DJ Kornphlake]

 

[blueharvest]

They need to go to jail over stuff like this.

 

[DA_Champion]

They need to go to jail over stuff like this.

They'll put the whistleblower in jail.

Or kill them like Boeing did.

 

[blueharvest]

New Legislation Would Expand Access to Disaster Relief, Provide Help With Titles for Large Number of Black Landowners

The bills come after ProPublica’s reporting on land passed down informally within families, known as heirs’ property. Representing about one-third of Black-owned land in the South, it can be ineligible for aid and vulnerable to forced sales.

www.propublica.org

 

[MagnarTheGreat]

CNBC - Wall Street has purchased hundreds of thousands of single-family homes since the Great Recession. Here’s what that means for rental prices (Feb. 2023)
Institutional investors may control 40% of U.S. single-family rental homes by 2030, according to MetLife Investment Management.

 

[blueharvest]

CNBC - Wall Street has purchased hundreds of thousands of single-family homes since the Great Recession. Here’s what that means for rental prices (Feb. 2023)
Institutional investors may control 40% of U.S. single-family rental homes by 2030, according to MetLife Investment Management.

Too bad stuff like this isn't illegal.

 

[blueharvest]

Florida homeowners are relocating in droves over insurance crisis

The skyrocketing cost of home insurance and changes in coverage are leading Florida homeowners to relocate to areas with stable premiums, a survey found.

www.newsweek.com

 

[blueharvest]

This New Biden Rule Will Save Americans $2 Billion On Utility Bills

The long-awaited move lays the groundwork for a massive overhaul in the way Americans build houses.

www.huffpost.com

 

[squeekness]

This New Biden Rule Will Save Americans $2 Billion On Utility Bills

The long-awaited move lays the groundwork for a massive overhaul in the way Americans build houses.

www.huffpost.com

Sounds good to me!

 

[Erzengel]

Not sure how it is in other states, but here you pay a standard rate for water. No matter if you use 1 gallon or 5 thousand gallons a month. I'm not sure what the max is. If you go over the max, you get charged more. I only bring this up because I know people who tried to conserve water and Water Companies found a system around that.

 

[squeekness]

Not sure how it is in other states, but here you pay a standard rate for water. No matter if you use 1 gallon or 5 thousand gallons a month. I'm not sure what the max is. If you go over the max, you get charged more. I only bring this up because I know people who tried to conserve water and Water Companies found a system around that.

In Massachusetts we pay by how much we use. A flat rate doesn't seem fair.

 

[blueharvest]

How Reaganomics Fueled America's Homelessness Crisis | Common Dreams

Forty-three years into America's Reaganomics experiment, homelessness has gone from a problem to a crisis.

www.commondreams.org