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If you want to use homeownership as a wealth-building tool, you need to: A) build new houses, and B) help low-income people to buy those houses cheaply. That is the only way it works.https://twitter.com/dhmontgomery/status/1064542316713644032 …
Of course, if housing supply actually matches housing demand, then house prices and home equity values won't increase much, so won't be very useful in building wealth....
That's not true, since home equity will still capture A) some of the value of rising productivity (due to locational externalities), and B) any future increases in location value due to increased clustering economies.
Sorry, @primalpoly has this one.
maybe the notion of housing as a vehicle towards wealth needs to be re-examined...
Possible counterpoint: landlord-in-residence is actually a really high paying job, but doesn't have many hours per person available. We'd be better off if more people did it.
There's a strong principle-agent problem around things like renters taking good care of their property, ensuring maintenance happens on time, etc.
Even if the value of the house doesn't rise in value, paying off a mortgage is still providing equity that can be used as collateral for another loan or extension of credit for other investments at a later time.
That's the paradox of equilibrium markets: you don't want a real market to be in one.
Yes and no. Paying rent doesn't build equity, so there's an opportunity cost issue that must be accounted for.
Because economies don't grow?
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