dumb thread full of assertions, but no argumentshttps://twitter.com/APhilosophae/status/1402434266970140676 …
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4/ transfer of capital FROM the big firm TO the land owners and small firms who build houses. So, if the firm is overbidding, YAY, transfering money from dumb rich to smart middle class. BUT ... if it's a fair price ... then the firm is not PUSHING the market price higher, >
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5/ it is DISCOVERING the preexisting clearing price. If some gas station is selling gas for $0.01 / gal, and you're thrilled, but then I come in and overbid you, telling the gas station owner that I'll pay him $2/gal, have I stolen the gas from you? No. $2 is the market price
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6/ Renting is a good option for many people. Owning is a good option for many people. The market supports both options. Renting is ESPECIALLY good for people who are transient, in flux, don't know where they want to end up just yet. Thus as US populations shift in the wake >
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7/ of covid, it is extra useful for people to be able to rent a house for a year or two, to find out where in the country they want to live. Also, the last few decades have seen a cultural shift where people prefer to consume services over assets, in many cases.
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8/ sometimes this is a true preference, like how many people prefer to consume restaurant services over investing in a kitchen, cookbooks, and skills (bc the restaurant service gives them variety, more free time, etc.), and sometimes it's a FINANCIAL preference, bc a firm can do
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9/ a thing less expensively than a person can, because of their ability to access capital, their ability to spread risk over many parallel situations, etc. so, housing as a service is a multi-thousand-year-old concept, and a lot of people love it, and it may very well be
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10/ a great idea when applied to suburban houses. or it may not. What this is NOT, however, is a "transfer of wealth", as the thread claimed. A privately owned firm is HANDING OUT CASH to builders and land owners. No guns are being used. No special laws are being passed.
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11/ bUyS aLL tHe fArMlAnDhttps://twitter.com/SlowNewsDayShow/status/1402712716926545922 …
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12/ There is 911 million acres of farmland in the lower 48. https://www.ers.usda.gov/topics/farm-economy/land-use-land-value-tenure/farmland-ownership-and-tenure/ …
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12/ Bill Gates owns 0.25 million acres of farmland.https://www.businessinsider.com/bill-gates-land-portfolio-biggest-private-farmland-owner-in-america-2021-1?op=1 …
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14/ This is a coherent analysis but ... what of it? Kubota can build tractors more cheaply than I can, bc of the economies of scale...and then I benefit, because they provide a tractor to me.https://twitter.com/HoodlumDoodlum/status/1402738325690138626 …
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15/ I am very glad that food is produced by huge farms with economies of scale. I am very glad that tools are produces by huge factories with economies of scale. Etc.
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16/ I disagree. There are huge numbers of reasons that large firms do things better than average people. One is that talent goes where it's rewarded, and large firms therefore have talented people. Another is specialization >>>https://twitter.com/HoodlumDoodlum/status/1402738735524073473 …
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17/ A real estate management firm is going to be much much better at real estate management, dealing with maintenance, etc. than I am.
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18/ I'm obviously not a fan of "too big to fail" politics, but that's far from the norm. Lots of huge companies lose lots of money, shrink, and shed assets.https://twitter.com/HoodlumDoodlum/status/1402739150952992770 …
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19/ very good insighthttps://twitter.com/KarlKGallagher/status/1402738778540855303 …
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20/ yes, agreed. I'm always willing to entertain hypotheses. I'm just not willing to be convinced until some good evidence has been presented.https://twitter.com/ded_ruckus/status/1402740780549115904 …
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21/ another very good insight fishing lures may or may not catch fish, but they MUST catch fisherman, or they won't sell / won't be madehttps://twitter.com/DJSchreffler/status/1402743044785545216 …
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22/ people want [ to own ] a home, not a rental citation needed do they? various people want various mixes of (a) a place to live, (b) an asset that appreciates, (c) flexibility to move do most people want the exact ratio of these implied by "own" ?https://twitter.com/NinePlusOne2/status/1403014958078627846 …
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23/ if you want someone to join you in hating bailouts, I'm here for you! ...but that said, show me any government that isn't in the business of bailing out the rich and powerful Men get famous so they can bed women. Politicians run for office so...https://twitter.com/Gormogons/status/1403013940880281604 …
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End of conversation
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