In Japan, train companies can earn revenue from rents in surrounding station areas on top of fares. In CA, we can invest billions in infrastructure and subsequent spikes in nearby land/property values are captured almost wholly by the people who happen to own nearby property. https://twitter.com/dangillmor/status/1078168004360171520 …
Maybe if we didn’t have the cultural expectation that they should be a huge profit center, maybe consumers wouldn’t have leveraged themselves so much, maybe the banking system wouldn’t have created so many instruments of leverage etc etc etc.
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I think your view on this is distorted by living in the Bay Area. For most of the US, homes aren’t viewed as a huge profit center.
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Very true. Look at Vegas. Or Stockton. There a home is a loss center.
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There is plenty of blame to go around. I bought my current home in '81. Mortgages were straightforward. Like I said, the appreciation in value still shocks me. But after a while, my home turned into an asset that had to be considered part of my "portfolio." For me, dumb luck.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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