Yeah, this is an extremely good point. It's a 70-year old problem at this point, and we are maybe only now pulling away from it. But it was about lending more than it ever was living.
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And construction. So on a national scale, there may well have been big economic benefits to all this house-building and associated financing, paid for via promised appreciation (which does occur in a growing country).
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The rent is too high, but without having substantial solo, company, or coupled cash flow, it's hard to get a mortgage and lower payments. And so the poor are trapped paying too much. It's like the Sam Vines theory of shoes, writ large. I don't want a mortgage, I want lower rent
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This ducking website. Homeownership is bad but landlords are also bad?!
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There’s real tension between this and the “landlords are thieves” discourse. Detached single family auto centric development is a doomsday device, but condos are great and home ownership mediated through a heavily regulated type of long-term low-complexity financing is Good
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Like, non-recourse mortgages are one of the few times ordinary folks get access to the wonderful world of limited liability My mortgage is a 2.75% fixed rate 30 year. That’s barely inflation, and means my mortgage is less than market rate rent—and my risk is virtually 0
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I think a lot of people want housing security & know that renting doesn’t get them there. Mortgages don’t either, but still...
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I don’t want to be a homeowner so much as rent is just way too much and I’d like to lower my monthly expenses.
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We need better protections for renters nationally.
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