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1. cjd (cjd@pkteerium.xyz)'s status on Saturday, 05-Aug-2023 23:17:21 JST cjd
   The millennials are behaving 100% rationally. Why buy over-pumped housecoin when the people who own all of it are going to start dying and when they do, it's going to dump a SHITLOAD of inventory onto the market.
   • LS likes this.
   • LS (lain@lain.com)'s status on Sunday, 06-Aug-2023 03:33:49 JST LS

     in reply to

     • sj_zero
     @sj_zero @cjd it's not a zero sum game at all. If your house goes up, it's probably because living space got rarer, so it sends the signal to people that they should move in with more people.
     
     Of course in the real world, real estate is one of the most manipulated assets in the US so it's impossible to figure out what price things would have in an actual market.
   • sj_zero (sj_zero@social.fbxl.net)'s status on Sunday, 06-Aug-2023 03:33:50 JST sj_zero

     in reply to
     Housing is one of those things where I think you shouldn't treat it like a financial investment. Practically it has been, but I think morally it shouldn't be.
     
     Morally speaking, unlike most things it's actually a zero-sum game. If your house goes up in price, then that just increased the cost of living for the next person who buys it (and probably for you too if you intend to live somewhere after you sell it). It also increases rents -- Not because of the fallacious economic reasoning that says prices are a direct function of the cost to produce a thing, but because the landlords who aren't raising prices ultimately get run out of town by the ones who are.
   • sj_zero (sj_zero@social.fbxl.net)'s status on Sunday, 06-Aug-2023 03:42:11 JST sj_zero

     in reply to

     • LS
     The second part of what you wrote is really the key.
     
     Both real estate and debt aren't real markets, so they just keep doing things to raise the prices to make boomers feel rich and keep vooting, and all that means is future generations are stuck borrowing a career worth of cash (1 million in Toronto, 2.5 million in vancouver for a Single Family Home, but 800,000 canada-wide at the peak around 2020) just to have a place to lay your head at the end of the day.
     LS likes this.