Yes, local governments are all racist and/or out to screw your generation...a narrative that shows you can't objectively substabtsite your points.
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Replying to @pmohme @kimmaicutler
Let's not forget. Prop. 13 giving wealthy Seniors massive tax bresks. Putting tax burden on the young. Restricted zoning, making first homes unaffordable for young. Underfunded social security and pensions. Putting burden on young.
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Replying to @about_dave @kimmaicutler
I'm part of the younger gen you describe. My 'house' is a 1,300 s.f. flat that's appreciated about 4%/yr since I stretched to buy it. Instead of begrudging folks living in larger nearby homes who may be LT owners, I put my head down and work hard. Try it, you might be happier.
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Replying to @kimmaicutler
Yes, SF. Bought at the top of the mkt, right b4 the financial crisis. Underwater for about 4 yrs. Didn't walk away or whine about it.
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Replying to @pmohme
Ah so when things were $500-800/sqft not $1000-1,400/sqft
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Replying to @kimmaicutler
All I know is that compounded appreciation has been 4% p.a. at best...so it pisses me off to hear about the fabulous wealth in my home.
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Replying to @pmohme @kimmaicutler
That's been created at the expense of the next generation
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Replying to @pmohme
4% p.a. compounded is still a 50% increase over that long. Faster than median wage growth. Your RoR is below median though. SFs appreciation since the bottom is 75%?
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Replying to @kimmaicutler
So what? It's an unrealized gain on an illiquid asset. Subject to cap gains tax when we sell.
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Cash out refi was a major contributor to the housing collapse last time around.
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