@BrookingsMetro @jenny_schuetz yes but this undiversified asset serves as a safety net upon retirement, rightly or wrongly
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Of course, so maybe.... we should have a different safety net that is not all in a single asset that causes ripple effects in all sorts of things like unaffordable rentals, educational segregation, inefficiently spent transit infrastructure dollars, lonely seniors aging in place.
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There should have been a policy discussion on this, and other issues related to the new global economy, to frame the latest tax law. But we know it really wasn't about doing the smart thing....
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I'd buy a diversified financial instrument that exchanges equity out of my house to smooth over Bay Area shocks. Financial engineering for the public good.
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I could not agree more ...
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Couldn't have said it any better.
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Soon baby boomers (the first largely pensioners generation) will be hit by the one-two punch of increasing longevity and poor retirement savings among their cohort. Hopefully, they'll sell their homes as they flock to new construction in warmer and cheaper areas.
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I'm just afraid that a lot of them won't sell the house as they don't want to incur massive capital gains. Govt would be wise to implement a plan whereby they can defer taxes (ex: one time IRA contrib) to induce sales and address housing supply shortage
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They're going to choose Pittsburgh aren't they? It just occurred to me and now it seems like the obvious answer.
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I agree. I've got $5 on Pittsburgh.
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