“The price of corn is not high because a rent is paid, but rent is paid because the price of corn is high.” -David Ricardo, 1817. I can show you plenty of places to live at a reasonable price.
I'm not prone to disgust, but the housing crisis *disgusts* me & I think it's because it violates a deeper recurring narrative reflecting a biological path-end: the old enriching themselves on the young, to the extent that they're crippled in the critical work of family-building.
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It’s cheaper to live on the Amalfi Coast than downtown Naples. There’s a very specific reason for that and it’s universally true.
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The NIMBY and "I've got mine, no room for you" movements have this aspect to them. However, "the old" did not universally decide to have ultra low interest rates. Low interest rates inflate asset prices (INCL housing), and decrease fixed income, forcing the old to work and save
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The old find it difficult in a low interest rate economy to retire and spend. They feel they have to keep working and saving. This reduces employment and advancement opportunities for the young. This also reduces consumer spending and economic growth.
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More than that, it's because it's so *preventable*. Literally all that's necessary is for people to GTFO of the way. There isn't any deeper issue than our inability to convince the old that the young have a right to live.
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The difference in investment is pretty gross too. It's a regulatory dispute where one group wants to keep gambling on a particular investment asset, and the other group wants someplace to live.
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Can I interest you in my agenda of "Nuke and rebuild at thrice the density", or NARATATADA (for chanting) ?
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This is also the case with “Medicare for all” The young and healthy subsidize the old now and will be additionally forced to provide for numbers of folks who make poor lifestyle choices. I support bad luck insurance.
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