I was just talking with a friend last night about how my moral commitment to the first goal makes my purchasing a home seem like an ever more illogical act, given that the former would hopefully involve my asset depreciating.
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Excellent point. Homeowners have a vested interest in anything that could erode the value of their home equity, and they actively vote on local zoning that governs new low-cost development.
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The idea of residential housing as a “great investment” is a relatively new idea & destructive.
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Homeownership can be a sound savings method, even if runaway appreciation is stopped in its tracks. Prices rising at the rate of inflation preserves capital and affordability. Since 1900 houses have averaged 3.1% annual appreciation. We can get there again by building more.
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Of course houses, being relatively flimsy assemblies of lumber and drywall and OSB tend to decay over time and money constantly needs to be put into maintaining them.
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Homeownership can't be a good investment in any America where there's a dire & worsening shortage of good-wage jobs that can fund buying and owning homes! 43% of past five years college grads are underemployed ("Fortune" Aug. 2018) - so potential buyers are few getting fewer.
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Example: he created land trusts in Burlington when he was mayor back in the 1980shttps://slate.com/business/2016/01/bernie-sanders-made-burlingtons-land-trust-possible-its-still-an-innovative-and-effective-model-of-affordable-housing-today.html …
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Agreed. Wages have to grow faster than housing costs (even in growing cities) for decades on end to make housing actually affordable. I don't see how that can overlap with rising home values. Perhaps if many homes are redeveloped as apts, limited supply will prop their value?
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