How depressing is it that one of the most important issues of our time is only being discussed and analysed by a comedian and *a small number of outlets. We know why most mainstream outlets are silent... Props to Tim and Ben for talking about this awful aspect of the housing crisis and the institutional interests that will prevent any change. We are sleepwalking into feudalism and the only thing I can see spurring change is mass social unrest. People under 45 are having their futures and prospects robbed from them all across the developed world.
Wow! You listen to everyone ? I myself have seen several independent news outlets, like Convo couch, and others talking about it....don't know how you missed it if you know everything .
Matter of fact they were talking about this over a year ago, Tim's late, maybe you need another news outlet and you don't know everything ? Just guessing.
You’re correct, and unfortunately these are the very consequences of capitalist democracies that we claim are the golden standard for human life. We even go around the world trying to “liberate” 3rd world countries and force them to adopt it lol. Self interest and greed hollow the country to the core. Politicians are planted or paid for the interests of the wealthy. The wealth gap enlarges and with no redistribution of wealth, the rich then financially enslave the poor. When the poor and financially enslaved have had enough, they revolt. We are in a very very critical moment in history and we are speeding in the wrong direction with no intention of slowing down.
@@mericanignoranc3551 it just wouldn't be UA-cam without some retard interpreting one part of your comment in bad faith and putting words in your mouth to make a weirdly aggressive point. Only unhappy people do this to make themselves feel better. To clarify, I should have said *one of the only people who consistently covers this. A few outlets have put out one or two articles on this.
This should be illegal or highly regulated, just like how we shouldn't allow Chinese or Russian nationals to buy up real estate at alarming numbers. This just screams that we are headed towards monopolies in real estate.
@@sonjakozman1699 if 3 companies own 100 percent of the market in something and operate in the same exact way minus say the label going on the product and maybe logistics minuta they effectively are a monopoly to the consumer even though legally they aren't, so you need stronger anti trust laws then the 150 year old ones on the books
It should be illegal, but for that to happen you first need a government that wants to make it illegal. Given how America and its leaders are utterly bought-and-sold, and Blackrock managing nine trillion dollars in assets, which is equivalent to one third of the US' entire national debt, you'll never, ever see change. Just look at Nancy Pelosi! She'll be a billionaire on the stock market by the time she dies. They're exempt from insider trading laws, and a hot tip here and there from one of these megacorps can create generational wealth in one afternoon. There are people who literally buy and sell based solely on what her legally required disclosures are, and they're reliably beating Warren Buffett with old information. They'll never bite the hand that feeds!
The problem isn't antitrust laws. The eventual implication of 3 companies owning all the housing isn't stronger antitrust laws because the corrupt politicians that are in the position to make those laws are the reason for the lack of stricter laws in the first place. Wealth will do what it always does: collect at the top. It doesn't matter if the economy is more capitalistic or socialistic, so long as the system allows corrupt politicians to run around accepting money from large corporations, wealth inequality will accelerate until economic collapses. It won't be because of any single factor like housing or healthcare. It'll be an amalgamation of everything that worsened wealth inequality.
Heck, we're already stuck renting forever! Even if you "own" a home, you're stuck paying an annual rent to the municipal government and a monthly rent to a bank!
@@wedidntstartthefire1 sometimes. If you invest, and you're single, you'll need to use a calculator to determine if it's cheaper for you. I luckily don't have to pay property taxes
It’s near impossible for young adults to pay for rented properties it’s 1800 a month to rent a one bedroom studio never mind utilities and food for your family.
My wife and I gave up trying to purchase a home. We’ve penny pinched for years to save for a solid down payment but gave up trying to buy because we would always get out bid by a huge out of state investor that was willing to pay $40k over the asking price. After about the 15th time this happened we just threw in the towel.
Don’t give up. I’d love to know where you live at, but it’s definitely not where I’m from. You were also in the hottest market in history of buying and selling. It’s died down now. Try again.
Feel for bro, things could always be worse though, thank the lord you are american and not canadian like me, average home in my province sells 200k over asking, not an exaggeration.
@@albundy3929 I do. There are still opportunities out there with going this route. First hand experience. Also there is a small margin for profit still once the home is built. You have to do your due diligence and get the right piece of land. Take your passive aggressive reply and shove it. 🤗
@@albundy3929 land is a good investment. Ask the people all around me who build on plots of land all day long. All of them sold in a few weeks. I also did this recently with a plot of land on an island near by. First time. Suggest you research areas outside of where you live. You're terribly misinformed. You seem like a nasty person online I can imagine how you're wife must feel about you. 😐 buying land is awesome and allows for a better quality of life. Not everyone is interested in smelling their neighbors cooking. Of course a realtor doesn't want folks building their own places. They don't make any money that way. I live on three acres and I wouldn't want it any other way. Very beautiful.
Rent cost more than most mortgages do. I couch surf and live in my car so I can save money to buy a house instead of rent. I hope to be in a position by the end of this year to make a down payment on something modest.
I just bought Land Outright... Built a little temp cabin, and will build a small house myself (I use to work construction for years) and not pay all that interest or labor costs...
It's important to have your own land, so you can hide all the Bodies... Am I right, or am I right... You're more than welcome to stop by, just promise me you won't tell anyone where you are going...
@@randyross5630 I'd prefer to renovate than build from the ground up. I'm fairly capable when it comes to construction. The idea of jumping through the hoops for new construction in my area is absurd at the moment. Also, I prefer to bury bodies on property that is not mine though... Just saying ... :D
Oh yeah dude, sure. Citizens United and the further incest between government and private corporations that has resulted in atrophied anti-trust regulations are the result of the people “getting soft.” What a stupid take.
@@datboiisforreal the ideal used to be individualism with the common person prioritizing their religion, family, and country in that order. Now the priority is based on ideology, group identity, and career. This in turn created a new culture of nihilism with the thought that having children is a burden and buying a home makes for lack of mobility and freedom.
Did we ever truly have those core principles? I mean... just look back at history. I don't think people are all that much different fundamentally than they used to be. Shit changes of course and context changes; but you have an eventual collapse of all empires/people's/societies at some point. It's inevitable. It's nature basically. We have peaked... unless we get a common enemy to partially unite us again. Well, "unite" us in that we don't mind our differences as much because our enemies theoretically threaten our way of life. It's not like we didn't have extremes on both ends of the spectrum during whatever ideal time period we had core principles and were tough. It's not like our country hasn't always had an aire of hypocrisy to it in contrast to our supposed "principles." I don't know, I'm just ranting but I don't think it's so simple man.
Not really because unlike gold or fine art it's an asset that requires regular investment in the form of property taxes, mortgage interest payments, home insurance, security, HOA fees, constant upkeep, improvements, and maintenance, which are going to dig into its preserved value. At the end you will be lucky to come out even. Real estate is not a good investment unless you're doing it professionally and on the massive scale like owning a house flipping business or renting entire apartment buildings.
Tim, I know how we can fix this. All we need to do is to get the federal government to tell the mortgage lenders to lower the income qualifications for new mortgages and offer low rate ARMs so that everyone can own a home instead of rent. This plan is great. It's too big to fail.
@@albundy3929 they can convert it into Offices where zoning allows or sell the Homes at a capped of up to 20% profit + adjusted for inflation from where they built/bought them. Something like that.
They’ll turn everyone with a phone in to an amateur property manager too like Uber, Instacart, or Air BNB did for their respective “industries”. A legion of desperate mercs too divided to root out any corruption/oppression.
Everything that went on during the pandemic was not by chance. This was all by design and I say for the 1st year it went splendidly for the worlds elites.
Well politicians and WEF members all were continuously saying that COVID is the chance they need to beging a great reset. They've already blatantly said it's by design.
@@itheuserfirst3186 How exactly, is it ridiculous? If you've lived under a rock for the past 10 years and not seen how these people act and who we have "elected" now and how they treat people who step out of line, it comes across as a big failing plan. Why do we have media trying to force the world to go to war in Ukraine? Why do we have media mass pushing for "diversity" and woke shit across the board? Why are they using the current president as a puppet when there's no real reason they should respect him or his decisions due to his mental instability? Why do they call riots peaceful protests and peaceful protests in Canada racist, misogynist things? The world is ridiculous. You have to be insane not to see that. What's wrong with you?
the rent freeze was meant to cause this. the landlords were still charged their bills but couldn't make income. the plan was to help wall street buy up as much property as they could.
@@tomisaacson2762 the landlords i am referring to are the people who own a single house, maybe two, for rent. their property was essentially forced away from them and into the hands of wall street by the government. got it?
Yep, I own a few. Am I hurting? No. But one of my tenants immediately stopped paying rent as soon as the govt said we couldn’t evict anyone. So I was getting no income from that. A leak in the roof started on that same house. Tenant threatened to take me to court over it. I consulted with a lawyer and while the case was shaky, I was looking at years in court dealing with it and paying more than the fix for the leak would be. So I ended up paying to fix the leak (which obviously needed to be done. That said the wacky situation the government forced on me was I was forcibly housing a person against my will, and I was providing mandatory unpaid labor to them on top of it. Ridiculous
@@Clivetinker I charge my tenants $50/week less than market to keep them happy and on the best of terms and because i wasnt hurting i wanted to extend some love to some other poor souls in these mental times. But i cannot imagine if my Australian govt put out an edict like your own. I wonder what morals my tenants would demonstrate.
The quality of life has substantially ranked behind the scenes of this “pandemic” people seriously need to begin waking up and demand better this is getting insane
It is definitely a crisis. I am closing on my first home this Friday I feel very blessed but the lengths I had to go to get it is absolutely insane. I am 29 My hubs and I had to move in with my parents in order to save for it but we have a combined income of 180k per year!!! Why the fuck was it THIS hard it took 3 years for us to save for this home. How in the fuck is a regular average income family supposed to do this? Incredibly sad! My parents bought their home in Chicago my dad was not rich and mom only worked part time. What the hell is going on?
I think a huge piece of the puzzle people aren’t putting together is that we’ve backed ourselves into a corner where we have too much infrastructure and sprawling housing to sustain and fix them all. Not only are people being priced out of home ownership, they are being priced out of fixing them as well. This may be why they made that bet that most will choose to rent. We need to build homes that don’t rot in 20 years so you don’t need a $20,000 roof and $25,000 in new siding, and $10,000 in new Windows. Planned obsolescence has creeped its way into the housing market and it’s ruining the world. My house has vinyl siding from the 70’s and a metal roof and it still looks new. Meanwhile the 20 year old siding I repair for work was installed in 2001. It’s sad that more people aren’t calling this out
We have plenty of people for our infrastructure. Just no work ethic. I've hired 100's of employees. The old men outwork the young men 3 to 1. Those old men are retiring. So our labor is extremely expensive and unproductive today. Our 40 and under generation is extremely unproductive. We are addicted to stimulation. The older generation was addicted to work. My dad is 72, retired, and in the office every morning at 5:30. I stroll in at 10:30 and drink coffee. They are a different animal. Us younger consume more than we produce.
In Lexington, South Carolina 2 years ago you could buy a pretty nice house for 120. Me and my wife sold our house to try to move up un knowing we were thrown into this market. We’ve been in between homes for over a year now had to up our bids up to 250,000 and still can’t get into a house.
The cherry on top is that black rock is one of the only viable hands-off retirement investment options for blue collar millenial workers. Driving the knife deeper into their own backs by wanting to have a retirement. Good times
happening everywhere, vulture funds are buying land and property with the intention of never selling to control rent and prices. allot of the time the property's are sitting empty in a city with a housing shortage. Heinz got upset for being called a vulture fund for doing it around Dublin and ire, threatened legal action against the economist who called them out. we really need to re evaluate monopoly laws in every industry in every walk of life. the only win there's been in a long time was in Berlin were they got the rent froze with a chance to buy the property long term i think.
I bought my own home at 22, in feb 2020. My mortgage costs as much as it does to rent a two bedroom apartment now. But the school taxes are insane where I live, if you own you’re own shit they’ll just tax it until you can’t afford it and I live in a red state
Ava Woods I homesteaded it and it took 50,000 off the price they tax. The value has significantly gone up since 2020 and they built a new highschool in the area around that time. I don’t know much about lawyering stuff maybe I should look into it
The culture of multigeneration joint families in a single home that is out of fashion for the western world might make a comeback. Could be a good thing.
@@ruinedrx8 I disagree, we really only got away from it relatively recently, when big cities exploded in the industrial revolution, my grandfather was born in 1928 and his parents, and two sets of aunts and uncles lived and raised their kid in a single home, they were farmers and that’s what farm families did, even decades after the industrial revolution, prior to industrial revolution a lot more people were farmers as well, most of human history we have shared living spaces, only recently has society deemed it unsuccessful, and therefore unpopular
@@Brave_New_Tube you have it backwards. I know tons of Asians that continue living with their families until and sometimes after marriage. Many of them have gone to college, drive nice cars and make good money. So when they time comes, they’ve got deep generational wealth, compared to the western mentality of moving out at 18 and being poor for the rest of your life.
This is the same shit that happened before the 2008 housing bubble burst. They, and by they I mean govt entities and banking groups, buy up shit mortgages and then splice them with other, better mortgages are radically inflated prices. This cripples smaller businesses when the bubble bursts and drives prices insanely low, sp they can then buy them again and sit on them until the market corrects itself. Then, they start the process all over again. This is how it works.
These Companies need someone to tell them "no, you shouldn't name yourself like a James Bond villain's Organization." Honestly, what is it with these people?
Government and WEF are working together. By shutting off Keystone XL, inflation skyrocketed. One thing affects everything. People who own homes, can't keep them because of inflation. Others who couldn't afford them before, will never. Bringing jobs back to America, loosening up on regulations and taxes creates more jobs. Also improved schools. This holds the family unit together. The last furor created more jobs, and lowered unemployment for minorities than any other furor in history. They HAD to throw him out because he was getting in their way. Hate him all you want, but he was really bringing back the American dream faster that anyone else.
1) You don't think this might be one area to make an exception where a bit more regulation could prevent such a company from buying up so much property, thereby taking away the option for regular Americans to ever purchase it so they instead have to pay Blackstone rent forever? Is there some existing regulation whose removal would have prevented this from happening? 2) Corporations are only taxed on profit, which means after all expenses are deducted from their income. This includes money paid to employees. So it is virtually impossible for a company to not have enough money to pay existing employees, or hire new ones, simply because they paid "too much" in taxes. If a company wants to pay their workers more, they will. If they don't pay their workers more, it's either because they don't have the money because their business is not successful enough, or they just don't want to. Same goes for hiring someone new. Their future tax bill has nothing to do with paying employees in the present. The link between taxation lowering employment is a myth the corporations created in order to get regular people to believe that their employer paying a lower tax rate than them is good for them too. It's not. But congratulations, you fell for it. Lower taxes for regular loer income and middle class folks? Sure. But you said lower taxes create more jobs, so you were clearly talking about corporate taxes - and were completely false. 3) Improved schools. Yes. Great. You do know how schools are funded though, right? Tax cuts don't usually lead to better schools. It's not the low income families whose taxes are largely funding schools, it's the higher earning families. That's just the way it is. So when the last "furor" made those cuts that gave not just corporations but the upper middle class a tax cut, do you want to explain how that was going to lead to improved schools?
I finally bought a house after renting an apt for 10 years. Not to sound like a douche, but I make really good $ and I’m single with no kids. I paid over 200k for a 1 bed, 2 bath in a “desired” part of my city. And I got lucky bc I found this house literally a day after it was listed. If I had waited at all, this house would’ve been snatched up. The house across the street, similar size with 2 beds, sold yesterday for $250k.
I’m not educated in the full aspect of economics. But, it seems to me that there should have been some sort of laws to stop corporations or companies such as black rock from buying houses to own and then rent to people. Even as someone who is in the lower middle class I was able to buy my first house based off my income, live in it for about 7 or 8 years, then sell for a bit of a profit. Then with that profit I got a bigger house in a nicer area that benefited my family. That process will soon be impossible for my kids it seems. This country is failing us.
Capitalism > socialism. America is proof of that. But it is reaching a point of entropy where BlackRock / Vanguard / Amazon / Google etc are just going to buy everything out. So now we have Klaus Great Reset scumbags to own everything by while we rent from them….. Time is nothing but history repeating itself. We had a great run while it lasted.
You don't have to rent. There's a really nice modular house with over an acre of land just waiting for so many Americans. And it costs half of what you might pay in a suburb.
That's 480 000 dollars on average per apartment, jesus...really puts things in perspective. This is what someone on a decent salary will take 30 years to repay in America, and they just bought 12 000 of these. I thought my parents were well of with their 1.25 million euros house + 700k condo in France (and they really are compared to most French people), but turns out it's a fart in the wind compared to what these banks can do. Financial institutions shouldn't be allowed to buy real estate, this is so wrong.
PMI is the biggest scam and it’s horse shit you have to come up with 20 percent to just not pay more I got a second job last year, saved like 85 percent of the money from it working the extra 20-25 a week. Housing prices went up even more this year and then my first job just laid me off due to corporate downsizing. Don’t know when I’ll actually be able to buy a house if ever.
Which is exactly why PMI exists. It’s insurance for the banks, not for you. They don’t trust you can pay back the loan since you don’t have enough skin in the game. And judging by your current situation you can see why they tack on that PMI.
@@OfficerPapi It exists to take more money from you and it's literally just a scam. I had enough for 20 percent. And they make you do it for two years regardless of how close you are. There's absolutely no point to it. You have 18 percent? Two years of spending extra just because. If you really support that, you're supporting stupidity. "Judging by your current situation you can see why they tack on that PMI" Look, if you're really going to be out here to simp for megacorporations who are making hand over fist instead of the working class and individuals literally just trying to live within their means, I really don't know what to tell you other than to actually look up what you're talking about other than to take to seconds to either look up the process or think. Renting is more expensive in almost every scenario. I still have a place to live and throw more money away on rent than spending less money on a mortage.
My two bedroom apartment is around 1,100. Our lease renewal was nearly $200 more for 2022-2023. We didn’t sign a renewal and the property management now has this unit online starting at 1500….
Cities at least on the west coast have systematically made it more n more difficult for individual landlords to hold on to their properties while creating a super highway of opportunities for large investment groups. Your local governments are the ones most responsible for this trend. I had to sell all of my properties in Portland because of the increasing risky environment for a small landlord. The big guys can easily pay the fines and lawyers if needed. Not me
I saved a down payment for a home and me and my wife began looking at condos for purchase. The condos in colorado have 4 to 500 dollar hoa fees on top of being priced at 300,000 for a thousand square feet. Then upon purchase or bidding of frankly a not very nice condo someone offers 30 to 40 over asking cash in hand
Even when you own your home and property you still have to pay property taxes. Certainly feels like rent. Don't pay it and see how quick you'll get thrown the fuck out.
Another problem is people don’t know how to work on houses. So they can only buy nice ones. It’s dumb. It’s a wood box with some wires in it. If young people would just learn to build shit it’s really hard not to build a home.
@@nightfighter7452 it works bro. my house was half the price becuse it was fucking rallied. but 6 months of replacing rotten floors and jacking up a foundation with a bunch of car jacks and making it level again plus a endless list of other shit and its back to matching the neighbors houses. there money I saved is fucking nuts.
My nuanced advice about the housing market is, and I've noticed this over time..... I'm not saying people didn't have houses that were More.... affordable back in the day, I'm just saying that I've found that it's never a good time to buy a house in the market.... In the 80s interest rates were horrific, you paid a lot of money to borrow money, basically your renting money to use it to live in the house. 2008 was adjustable and a pulse to qualify for a home, and now it's not enough homes being built. It's never a good time to buy a house, only ever a good time for you to decide when, how, and what type of house you want to buy. I have a small, very small home. That's how I got my get out of jail free card in this market. I would guess that a vast majority of people looking for a house wouldn't humble themselves enough to buy a tiny fixer upper home.
"Ownership" is already Americas biggest delusion. Home ownership? Nope, the Bank owns it for 30 years and you are responsible for its upkeep during that time. In States that have property tax, you never own it because if you can't pay your taxes (because a bunch of outsiders are moving in and raising property values) they will take your house. Car ownership? Nope, the Bank owns it for 5+ years. By they way, since Manufacturing has gotten so much easier, shouldn't Cars be less expensive today then the past? Nope they have been priced to force you into a Loan. What about all the cool stuff inside the Home I "own"? Nope, you bought that with a Credit Card. The American Dream? They should call it the American Pipe Dream, and the drug your hitting from that Bowl is Debt.
True, but when you sell that house, you make money. When you leave an apartment, you get nothing. I understand what you're saying. Everything is overpriced to create debt and its wrong. A scam.
@@JesseMessage Also true, but you have to factor in the cost of upkeep over years of ownership in addition to paying taxes. So when you sell the home and receive money, you have to compare it against the money that wouldn’t have been spent while renting on upkeep and taxes (though that is rolled into the rent price to some degree). That savings can be invested. There are multiple ways to look at the situation and everyone has different needs. There is no perfect solution, though I would say ownership in old age does have benefits when on a fixed income as long as the mortgage is payed off.
Idk I'm a capitalist but I think there should be a property cap on land and buildings so one entity can't own everything or els3 it becomes corporatism
Agree with both statements ^ Capitalism is a superior system but you have to put some guardrails in place so it doesn’t become a lopsided runaway train as we are on the verge of. BlackRock can bribe any sitting member of Congress they want so I don’t expect any worthy solutions to take place out of the D.C. swampland
@@albundy3929 prove me wrong then, innocent until proven guilty don't just say I'm wrong show me how. You could've easily said the "correct" stats but chose not to.... I wonder why?
Just a PSA for anyone who might see this. International adoption is difficult and very expensive. But you can get a locally grown rescue through the foster system almost for free. It's perplexing that everyone talks about adoption like you have to fly to ten different countries and spend $30k. I think it cost us less than $1k to adopt one of our foster kids and a lot of times domestic adoption through the foster system is subsidized (ie - the government pays you monthly until they're 18).
I've been waiting and waiting to buy, hoping for a housing correction -- it will not come. These investors have created a genuine shortage. They are not creating any more affordable housing for us.
You are not allowed to say this in polite society but -> Unfettered constant never ending immigration (aka trespassing) from south of the border also adds to the housing problem. It’s not the only reason but it is a factor
@@tatumstevens9109 To be fair, that group of people tend to stuff as many people into one unit of housing as possible, which mitigates a bit. My concern falls more on the enormous supply-side failure to incentivize and build starter homes, exacerbated by pointless lockdown supply chain disruptions. And then inflation, which Biden's Fed has STILL failed to react to. We have so many problems
Not me. I will be moving out of the U.S. and buy a $100,000 equivalent home that would cost millions here in the U.S. .... you're pretty free when you have a lot of money in the Philippines.
I used to do manual labor for a company owned by blackrock or stone, now they do real estate, pretty fucked up to think you can be working for a company just to pay to them rent
Ireland is going through a housing crisis at the moment, inflation is going up, you need to be earning the same as the top 15% of earners in the country to get a mortgage, rent is extortionate and American investment firms buy up large amounts of housing to rent back to the citizens. They want you to rent forever this isn’t a conspiracy
And what's sad is ALL of that is more expensive than ownership. Renting and leasing are far costlier over the long term. Just like if people could just get like 6 months to get ahead, put some money up, they'd have much easier lives. What is it, like 40% of American households can't meet a $400 emergency without help or taking out a loan? That's wild. Meanwhile corporations post record profits, year after year after year, pandemic or not. The richest like 8 Americans are as wealthy as the bottom 50%. That's INSANE.
Renting is good when you're young, it gives you experience living away from mom and dad. When you get on your feet financially, buy a condo or shit box house, preferably when the market tanks, fix it up and sell when the market is high. Paying someone else's mortgage when you're grown up past the dumb teen, early 20's age range is sure way to never save.
30y fixed Mortgage rates hit 6% by EOY, go to 10% next year, prices fall, corporations that make up 30% of purchases currently begin selling to cut loses, prices fall further, all these people who overpaid for houses in the last two years are underwater 100k or more, they walk away from the negative equity, prices fall even further, prices bottom out 3-4 years from now, prices stabilize, and then we start the ride all over again baby
Socialism and subsequent communism to create equality of outcome through taxation isn’t the answer, fixing the Keynesian monetary system is the answer.
Dude what??? Inheritance is the only way out of this mess for many young people. Do you know what an “estate tax” even is? I doubt it, your comment indicates you probably think it means “big house tax”
The entire middle class of this country is poor now. Our groceries, rent, and student loans have priced us out of the good life. Having a decent job is no longer enough, the American dream is dead.
Black Rock wants a return to serfdom
Never left it lmao
And while BlackRock is doing that, Bill Gates and his affiliates are buying up farmland at a rate of knots.
You will half starve and be happy too 😂
The Medieval age never ended. The technology just got better
@@bobjason7540 had a similar thought like this yesterday. Technology and language/communication has changed, but people haven't changed a single bit.
100%
Going from getting married and buying a home to renting and tinder dates. We are screwed.
It honestly seems like the west is finished.
@@Yttiwgnihtemos I agree.
This one hit home.
Well said.
How depressing is it that one of the most important issues of our time is only being discussed and analysed by a comedian and *a small number of outlets. We know why most mainstream outlets are silent...
Props to Tim and Ben for talking about this awful aspect of the housing crisis and the institutional interests that will prevent any change. We are sleepwalking into feudalism and the only thing I can see spurring change is mass social unrest. People under 45 are having their futures and prospects robbed from them all across the developed world.
Wow! You listen to everyone ? I myself have seen several independent news outlets, like Convo couch, and others talking about it....don't know how you missed it if you know everything .
Matter of fact they were talking about this over a year ago, Tim's late, maybe you need another news outlet and you don't know everything ? Just guessing.
As well as those truckers. Hey maybe the Ukraine is a distraction
You’re correct, and unfortunately these are the very consequences of capitalist democracies that we claim are the golden standard for human life. We even go around the world trying to “liberate” 3rd world countries and force them to adopt it lol.
Self interest and greed hollow the country to the core. Politicians are planted or paid for the interests of the wealthy. The wealth gap enlarges and with no redistribution of wealth, the rich then financially enslave the poor. When the poor and financially enslaved have had enough, they revolt.
We are in a very very critical moment in history and we are speeding in the wrong direction with no intention of slowing down.
@@mericanignoranc3551 it just wouldn't be UA-cam without some retard interpreting one part of your comment in bad faith and putting words in your mouth to make a weirdly aggressive point. Only unhappy people do this to make themselves feel better.
To clarify, I should have said *one of the only people who consistently covers this. A few outlets have put out one or two articles on this.
The gig economy in California is working splendidly. You can work 12 hours a day 7 days a week and not make anywhere close to minimum wage
You must be doing food delivery. An old coworker doing uber make about twice what he used to as a cashier at about 2 bucks above minimum wage.
Well, you get blackballed by Blackrock , nice ain't it ?
Figure it out, Richard!
@@Bonanzaking you must be a fentanyl casualty by now
Sounds like you need to get better skills that people will pay for. Blame yourself, esse.
Mainstream Media never had felt amount of pain they deserve for what they've done into our society
And the smart elite.. don't forget the expert's and celebrity's
Amen
You make this comment on every channel I watch lol
ABSOLUTELY CORRECT. But some at CNN are starting to feel it.
This should be illegal or highly regulated, just like how we shouldn't allow Chinese or Russian nationals to buy up real estate at alarming numbers. This just screams that we are headed towards monopolies in real estate.
Are there not antitrust laws to prevent this?
@@sonjakozman1699 if 3 companies own 100 percent of the market in something and operate in the same exact way minus say the label going on the product and maybe logistics minuta they effectively are a monopoly to the consumer even though legally they aren't, so you need stronger anti trust laws then the 150 year old ones on the books
It should be illegal, but for that to happen you first need a government that wants to make it illegal. Given how America and its leaders are utterly bought-and-sold, and Blackrock managing nine trillion dollars in assets, which is equivalent to one third of the US' entire national debt, you'll never, ever see change.
Just look at Nancy Pelosi! She'll be a billionaire on the stock market by the time she dies. They're exempt from insider trading laws, and a hot tip here and there from one of these megacorps can create generational wealth in one afternoon. There are people who literally buy and sell based solely on what her legally required disclosures are, and they're reliably beating Warren Buffett with old information. They'll never bite the hand that feeds!
It's capitalism you commies.
The problem isn't antitrust laws. The eventual implication of 3 companies owning all the housing isn't stronger antitrust laws because the corrupt politicians that are in the position to make those laws are the reason for the lack of stricter laws in the first place. Wealth will do what it always does: collect at the top. It doesn't matter if the economy is more capitalistic or socialistic, so long as the system allows corrupt politicians to run around accepting money from large corporations, wealth inequality will accelerate until economic collapses. It won't be because of any single factor like housing or healthcare. It'll be an amalgamation of everything that worsened wealth inequality.
God bless Tim for being strightforward af. This is a crisis
Def Tim will rant forever and like it
yup. 110% true
Heck, we're already stuck renting forever! Even if you "own" a home, you're stuck paying an annual rent to the municipal government and a monthly rent to a bank!
Still cheaper than rent and at least you build equity
@@wedidntstartthefire1 sometimes. If you invest, and you're single, you'll need to use a calculator to determine if it's cheaper for you. I luckily don't have to pay property taxes
It’s near impossible for young adults to pay for rented properties it’s 1800 a month to rent a one bedroom studio never mind utilities and food for your family.
Depends where u are, where I’m at 1,800 is a 5 bedroom house
I don’t know I’m 26 years old and I own my own house Central Jersey
@@johnappice4619 god bless, I'm 24 and saving for a home in central jersey as well. But the tax rates on these homes are basically a 2nd mortage.
Here rental of 2 bedroom apartment is $1700 a month unless you don't mind getting stabbed or getting cancelled for protecting yourself..
Where tf do y’all live? I got a 2 bed 2 bathroom for 860 a month utilities included in a gated complex. Maybe some of you should think about moving 😂
My wife and I gave up trying to purchase a home. We’ve penny pinched for years to save for a solid down payment but gave up trying to buy because we would always get out bid by a huge out of state investor that was willing to pay $40k over the asking price. After about the 15th time this happened we just threw in the towel.
Suggest you purchase a piece of land and go the route of just having one built.
Don’t give up. I’d love to know where you live at, but it’s definitely not where I’m from. You were also in the hottest market in history of buying and selling. It’s died down now. Try again.
Feel for bro, things could always be worse though, thank the lord you are american and not canadian like me, average home in my province sells 200k over asking, not an exaggeration.
@@albundy3929 I do. There are still opportunities out there with going this route. First hand experience. Also there is a small margin for profit still once the home is built. You have to do your due diligence and get the right piece of land. Take your passive aggressive reply and shove it. 🤗
@@albundy3929 land is a good investment. Ask the people all around me who build on plots of land all day long. All of them sold in a few weeks. I also did this recently with a plot of land on an island near by. First time. Suggest you research areas outside of where you live. You're terribly misinformed. You seem like a nasty person online I can imagine how you're wife must feel about you. 😐 buying land is awesome and allows for a better quality of life. Not everyone is interested in smelling their neighbors cooking. Of course a realtor doesn't want folks building their own places. They don't make any money that way. I live on three acres and I wouldn't want it any other way. Very beautiful.
Rent cost more than most mortgages do.
I couch surf and live in my car so I can save money to buy a house instead of rent.
I hope to be in a position by the end of this year to make a down payment on something modest.
I just bought Land Outright... Built a little temp cabin, and will build a small house myself (I use to work construction for years) and not pay all that interest or labor costs...
It's important to have your own land, so you can hide all the Bodies... Am I right, or am I right... You're more than welcome to stop by, just promise me you won't tell anyone where you are going...
@@randyross5630 I'd prefer to renovate than build from the ground up. I'm fairly capable when it comes to construction. The idea of jumping through the hoops for new construction in my area is absurd at the moment.
Also, I prefer to bury bodies on property that is not mine though... Just saying ... :D
Good luck my friend. Hopefully it works out for you ✊🏽
@@randyross5630 do you need land to bury bodies, yes or yes?
It's depressing and scary how accurate Tim is like WTF Bro.
Tim was beyond spot on, this country got soft and lost our core principles
for real dude. totally, totally right
Oh yeah dude, sure. Citizens United and the further incest between government and private corporations that has resulted in atrophied anti-trust regulations are the result of the people “getting soft.” What a stupid take.
What are the core principles of your country and by soft what is it that you mean, if i may ask?
I'm not a bad faith actor.
@@datboiisforreal the ideal used to be individualism with the common person prioritizing their religion, family, and country in that order. Now the priority is based on ideology, group identity, and career. This in turn created a new culture of nihilism with the thought that having children is a burden and buying a home makes for lack of mobility and freedom.
Did we ever truly have those core principles? I mean... just look back at history. I don't think people are all that much different fundamentally than they used to be. Shit changes of course and context changes; but you have an eventual collapse of all empires/people's/societies at some point. It's inevitable. It's nature basically. We have peaked... unless we get a common enemy to partially unite us again. Well, "unite" us in that we don't mind our differences as much because our enemies theoretically threaten our way of life. It's not like we didn't have extremes on both ends of the spectrum during whatever ideal time period we had core principles and were tough. It's not like our country hasn't always had an aire of hypocrisy to it in contrast to our supposed "principles." I don't know, I'm just ranting but I don't think it's so simple man.
Just think of the few families who became incredibly shit rich while we all fight over pronouns and where to shit??? I can’t wait for what’s coming
I'm a fifty something Christian mom who now listens to Tim and Russell Brand. It is the end of the world as we know it , and I feel fine!
Owning and taking care of a house is one of the few things that can raise your wealth overtime as it can hold significant value over time.
Not really because unlike gold or fine art it's an asset that requires regular investment in the form of property taxes, mortgage interest payments, home insurance, security, HOA fees, constant upkeep, improvements, and maintenance, which are going to dig into its preserved value. At the end you will be lucky to come out even. Real estate is not a good investment unless you're doing it professionally and on the massive scale like owning a house flipping business or renting entire apartment buildings.
Tim, I know how we can fix this. All we need to do is to get the federal government to tell the mortgage lenders to lower the income qualifications for new mortgages and offer low rate ARMs so that everyone can own a home instead of rent. This plan is great. It's too big to fail.
Another 2008 recession, lol
Was about to go off on you til I realized the sarcasm 😂
It should be against the law for corporations to own residential property
You might be on to something, but it might already be too late
The government is a corp by definition.
corporation
kôr″pə-rā′shən
Unless their Employees live there for free? Yeah I agree.
Why would they do that? They're the ones that write the laws in the first place.
@@albundy3929 they can convert it into Offices where zoning allows or sell the Homes at a capped of up to 20% profit + adjusted for inflation from where they built/bought them. Something like that.
Tim is America’s last hope.
Well...that's, not, good...
I love the way Tim always skirts the truth.
It always makes for the best comedy.
They’ll turn everyone with a phone in to an amateur property manager too like Uber, Instacart, or Air BNB did for their respective “industries”. A legion of desperate mercs too divided to root out any corruption/oppression.
Everything that went on during the pandemic was not by chance. This was all by design and I say for the 1st year it went splendidly for the worlds elites.
Well politicians and WEF members all were continuously saying that COVID is the chance they need to beging a great reset. They've already blatantly said it's by design.
Designs break. Especially complicated ones. And this was very complicated.
Oh, stop. Ridiculous.
@@itheuserfirst3186 How exactly, is it ridiculous? If you've lived under a rock for the past 10 years and not seen how these people act and who we have "elected" now and how they treat people who step out of line, it comes across as a big failing plan. Why do we have media trying to force the world to go to war in Ukraine? Why do we have media mass pushing for "diversity" and woke shit across the board? Why are they using the current president as a puppet when there's no real reason they should respect him or his decisions due to his mental instability? Why do they call riots peaceful protests and peaceful protests in Canada racist, misogynist things?
The world is ridiculous. You have to be insane not to see that. What's wrong with you?
@@bloodyidit4506 It's the whole 90's "New World Order" 2.0. Humans are boring, and predictable. Might I add, "corny" as well.
the rent freeze was meant to cause this. the landlords were still charged their bills but couldn't make income. the plan was to help wall street buy up as much property as they could.
This is what seems to have happened, but was it a conscious effort by the govt? I dont know
Lmao, yes the poor starving landlords needed to buy up all the land because they couldn't get rent for a few months 😭🤣😂
@@tomisaacson2762 the landlords i am referring to are the people who own a single house, maybe two, for rent. their property was essentially forced away from them and into the hands of wall street by the government.
got it?
Yep, I own a few. Am I hurting? No. But one of my tenants immediately stopped paying rent as soon as the govt said we couldn’t evict anyone. So I was getting no income from that.
A leak in the roof started on that same house. Tenant threatened to take me to court over it. I consulted with a lawyer and while the case was shaky, I was looking at years in court dealing with it and paying more than the fix for the leak would be. So I ended up paying to fix the leak (which obviously needed to be done.
That said the wacky situation the government forced on me was I was forcibly housing a person against my will, and I was providing mandatory unpaid labor to them on top of it. Ridiculous
@@Clivetinker I charge my tenants $50/week less than market to keep them happy and on the best of terms and because i wasnt hurting i wanted to extend some love to some other poor souls in these mental times. But i cannot imagine if my Australian govt put out an edict like your own. I wonder what morals my tenants would demonstrate.
The quality of life has substantially ranked behind the scenes of this “pandemic” people seriously need to begin waking up and demand better this is getting insane
Better help
Heading towards technofeudalism. In terms of real estate that means corporate landlord = Dukes. Renters = Serfs.
Keep the Mullen shout outs coming, keep that man alive as long as we can lol
Nick Mullen?
Im gay?
this is precisely perfect
My gay best friend?
I Dig Nick Mullen😘
It is definitely a crisis. I am closing on my first home this Friday I feel very blessed but the lengths I had to go to get it is absolutely insane.
I am 29 My hubs and I had to move in with my parents in order to save for it but we have a combined income of 180k per year!!! Why the fuck was it THIS hard it took 3 years for us to save for this home. How in the fuck is a regular average income family supposed to do this? Incredibly sad! My parents bought their home in Chicago my dad was not rich and mom only worked part time. What the hell is going on?
"What the hell is going on?"
You're no longer "being" enslaved, you are a slave.
I think a huge piece of the puzzle people aren’t putting together is that we’ve backed ourselves into a corner where we have too much infrastructure and sprawling housing to sustain and fix them all. Not only are people being priced out of home ownership, they are being priced out of fixing them as well. This may be why they made that bet that most will choose to rent. We need to build homes that don’t rot in 20 years so you don’t need a $20,000 roof and $25,000 in new siding, and $10,000 in new Windows. Planned obsolescence has creeped its way into the housing market and it’s ruining the world. My house has vinyl siding from the 70’s and a metal roof and it still looks new. Meanwhile the 20 year old siding I repair for work was installed in 2001. It’s sad that more people aren’t calling this out
We have plenty of people for our infrastructure. Just no work ethic. I've hired 100's of employees. The old men outwork the young men 3 to 1. Those old men are retiring. So our labor is extremely expensive and unproductive today.
Our 40 and under generation is extremely unproductive. We are addicted to stimulation. The older generation was addicted to work.
My dad is 72, retired, and in the office every morning at 5:30. I stroll in at 10:30 and drink coffee. They are a different animal.
Us younger consume more than we produce.
Exactly, the cost of maintenance in suburban housing plans is more than the tax base after year 25. The numbers simply don't work.
That’s cuz most people haven’t turned a wrench a day in their lives and don’t understand the concept your speaking of.
Interesting
@@SmartestDumbGuy that's not true.
I love this backdrop
In Lexington, South Carolina 2 years ago you could buy a pretty nice house for 120. Me and my wife sold our house to try to move up un knowing we were thrown into this market. We’ve been in between homes for over a year now had to up our bids up to 250,000 and
still can’t get into a house.
I'm 41 years old and I came to the conclusion that I'll never own a home.
Everyone's home flickin their bean 🤣 he is awsome!! I love Tim! Thanks for making this...this is serious shit and it's all true!
"Everyone's on OnlyFans" is what he said.
The cherry on top is that black rock is one of the only viable hands-off retirement investment options for blue collar millenial workers. Driving the knife deeper into their own backs by wanting to have a retirement. Good times
happening everywhere, vulture funds are buying land and property with the intention of never selling to control rent and prices. allot of the time the property's are sitting empty in a city with a housing shortage. Heinz got upset for being called a vulture fund for doing it around Dublin and ire, threatened legal action against the economist who called them out. we really need to re evaluate monopoly laws in every industry in every walk of life. the only win there's been in a long time was in Berlin were they got the rent froze with a chance to buy the property long term i think.
Very true. Love when you talk about important things with a funny twist. Keep up the great work
It's because once AI and automation take over more industries, renting out will be the last remaining source of income.
I bought my own home at 22, in feb 2020. My mortgage costs as much as it does to rent a two bedroom apartment now. But the school taxes are insane where I live, if you own you’re own shit they’ll just tax it until you can’t afford it and I live in a red state
Are you able to do anything to keep the tax rate from increasing? My mom has used a lawyer in the past to keep the rate from going up every few years
Ava Woods I homesteaded it and it took 50,000 off the price they tax. The value has significantly gone up since 2020 and they built a new highschool in the area around that time. I don’t know much about lawyering stuff maybe I should look into it
The culture of multigeneration joint families in a single home that is out of fashion for the western world might make a comeback. Could be a good thing.
Hell yes, keeping social mobility down! #progress
I disagree, we’ve gone away from it for a reason
@@ruinedrx8 I disagree, we really only got away from it relatively recently, when big cities exploded in the industrial revolution, my grandfather was born in 1928 and his parents, and two sets of aunts and uncles lived and raised their kid in a single home, they were farmers and that’s what farm families did, even decades after the industrial revolution, prior to industrial revolution a lot more people were farmers as well, most of human history we have shared living spaces, only recently has society deemed it unsuccessful, and therefore unpopular
@@Brave_New_Tube you have it backwards. I know tons of Asians that continue living with their families until and sometimes after marriage. Many of them have gone to college, drive nice cars and make good money. So when they time comes, they’ve got deep generational wealth, compared to the western mentality of moving out at 18 and being poor for the rest of your life.
This is not a good thing, unless you're one of these rich ass white dudes running the world. The transfer of wealth is horrible.
That's gotta be a size medium North face.
North Face? That shit is Mount Everest.
Tim going for the slim fit lmao
"The American Dream" has been turned into a nightmare
And it is not an accident.....
I haven’t heard “flicking their bean” in many years.
This is the same shit that happened before the 2008 housing bubble burst. They, and by they I mean govt entities and banking groups, buy up shit mortgages and then splice them with other, better mortgages are radically inflated prices. This cripples smaller businesses when the bubble bursts and drives prices insanely low, sp they can then buy them again and sit on them until the market corrects itself. Then, they start the process all over again. This is how it works.
TFW everyone knows whats going on and where it leads, but we are powerless to stop it
Quote of the segment: BlackRock BlackStone....same thing😆
These Companies need someone to tell them "no, you shouldn't name yourself like a James Bond villain's Organization." Honestly, what is it with these people?
It's a sick joke that I'm sure they did on purpose.
They hate you and they want you to know it.
5:15 "I need Schiff to come down at night so I don't pull the trigger and buy an ape."
-Tim Dillon
As a circular proposition, invest in REITs to pay for your rent, yes? Ensure you have ~10% growth built in so that you can keep up with inflation.
Government and WEF are working together. By shutting off Keystone XL, inflation skyrocketed. One thing affects everything. People who own homes, can't keep them because of inflation. Others who couldn't afford them before, will never. Bringing jobs back to America, loosening up on regulations and taxes creates more jobs. Also improved schools. This holds the family unit together. The last furor created more jobs, and lowered unemployment for minorities than any other furor in history. They HAD to throw him out because he was getting in their way.
Hate him all you want, but he was really bringing back the American dream faster that anyone else.
True
1) You don't think this might be one area to make an exception where a bit more regulation could prevent such a company from buying up so much property, thereby taking away the option for regular Americans to ever purchase it so they instead have to pay Blackstone rent forever? Is there some existing regulation whose removal would have prevented this from happening? 2) Corporations are only taxed on profit, which means after all expenses are deducted from their income. This includes money paid to employees. So it is virtually impossible for a company to not have enough money to pay existing employees, or hire new ones, simply because they paid "too much" in taxes. If a company wants to pay their workers more, they will. If they don't pay their workers more, it's either because they don't have the money because their business is not successful enough, or they just don't want to. Same goes for hiring someone new. Their future tax bill has nothing to do with paying employees in the present. The link between taxation lowering employment is a myth the corporations created in order to get regular people to believe that their employer paying a lower tax rate than them is good for them too. It's not. But congratulations, you fell for it. Lower taxes for regular loer income and middle class folks? Sure. But you said lower taxes create more jobs, so you were clearly talking about corporate taxes - and were completely false. 3) Improved schools. Yes. Great. You do know how schools are funded though, right? Tax cuts don't usually lead to better schools. It's not the low income families whose taxes are largely funding schools, it's the higher earning families. That's just the way it is. So when the last "furor" made those cuts that gave not just corporations but the upper middle class a tax cut, do you want to explain how that was going to lead to improved schools?
I finally bought a house after renting an apt for 10 years. Not to sound like a douche, but I make really good $ and I’m single with no kids. I paid over 200k for a 1 bed, 2 bath in a “desired” part of my city. And I got lucky bc I found this house literally a day after it was listed. If I had waited at all, this house would’ve been snatched up. The house across the street, similar size with 2 beds, sold yesterday for $250k.
Blackrock and Vanguard own pretty much everything
I’m not educated in the full aspect of economics. But, it seems to me that there should have been some sort of laws to stop corporations or companies such as black rock from buying houses to own and then rent to people. Even as someone who is in the lower middle class I was able to buy my first house based off my income, live in it for about 7 or 8 years, then sell for a bit of a profit. Then with that profit I got a bigger house in a nicer area that benefited my family. That process will soon be impossible for my kids it seems. This country is failing us.
Blackrock = government. Nothing will change. History is just repeating itself.
Capitalism > socialism.
America is proof of that. But it is reaching a point of entropy where BlackRock / Vanguard / Amazon / Google etc are just going to buy everything out.
So now we have Klaus Great Reset scumbags to own everything by while we rent from them….. Time is nothing but history repeating itself. We had a great run while it lasted.
You don't have to rent. There's a really nice modular house with over an acre of land just waiting for so many Americans. And it costs half of what you might pay in a suburb.
btw - this is the man who would know *and* blow the whistle in the way he does
I love how Tim introduces the audience to parts of the plan to move toward "Smart Cities" where no one will own anything . 👎
That's 480 000 dollars on average per apartment, jesus...really puts things in perspective. This is what someone on a decent salary will take 30 years to repay in America, and they just bought 12 000 of these. I thought my parents were well of with their 1.25 million euros house + 700k condo in France (and they really are compared to most French people), but turns out it's a fart in the wind compared to what these banks can do.
Financial institutions shouldn't be allowed to buy real estate, this is so wrong.
PMI is the biggest scam and it’s horse shit you have to come up with 20 percent to just not pay more
I got a second job last year, saved like 85 percent of the money from it working the extra 20-25 a week. Housing prices went up even more this year and then my first job just laid me off due to corporate downsizing.
Don’t know when I’ll actually be able to buy a house if ever.
I hope you find a good job my friend, good luck !
Which is exactly why PMI exists. It’s insurance for the banks, not for you. They don’t trust you can pay back the loan since you don’t have enough skin in the game. And judging by your current situation you can see why they tack on that PMI.
@@OfficerPapi 👆 correct
@@OfficerPapi It exists to take more money from you and it's literally just a scam. I had enough for 20 percent. And they make you do it for two years regardless of how close you are. There's absolutely no point to it. You have 18 percent? Two years of spending extra just because. If you really support that, you're supporting stupidity.
"Judging by your current situation you can see why they tack on that PMI"
Look, if you're really going to be out here to simp for megacorporations who are making hand over fist instead of the working class and individuals literally just trying to live within their means, I really don't know what to tell you other than to actually look up what you're talking about other than to take to seconds to either look up the process or think.
Renting is more expensive in almost every scenario. I still have a place to live and throw more money away on rent than spending less money on a mortage.
My two bedroom apartment is around 1,100. Our lease renewal was nearly $200 more for 2022-2023. We didn’t sign a renewal and the property management now has this unit online starting at 1500….
Cities at least on the west coast have systematically made it more n more difficult for individual landlords to hold on to their properties while creating a super highway of opportunities for large investment groups. Your local governments are the ones most responsible for this trend. I had to sell all of my properties in Portland because of the increasing risky environment for a small landlord. The big guys can easily pay the fines and lawyers if needed. Not me
I feel personally attacked 🤣🤣
what's the fucking point. I worked my ass off went to college , paid it all off just to live in a little apartment till I retire or die.
I saved a down payment for a home and me and my wife began looking at condos for purchase. The condos in colorado have 4 to 500 dollar hoa fees on top of being priced at 300,000 for a thousand square feet. Then upon purchase or bidding of frankly a not very nice condo someone offers 30 to 40 over asking cash in hand
Even when you own your home and property you still have to pay property taxes. Certainly feels like rent. Don't pay it and see how quick you'll get thrown the fuck out.
It's not even close to fucking rent. Also when you rent, you're definitely paying someone else's property tax
Yeah, but 2-3k a year is nothing compared to +1k a month
@@marudoethiopia then Buy a house
@@rickalarcon7988 I'm a homeowner. I'm saying you obviously aren't.
@@marudoethiopia wrong. Try again.
Not one minute spent debating regulating this behavior, but let’s send Ukraine billions of debt dollars
For a second there I thought it said You Will Rant forever.
Another problem is people don’t know how to work on houses. So they can only buy nice ones. It’s dumb. It’s a wood box with some wires in it. If young people would just learn to build shit it’s really hard not to build a home.
I hope you're right because a dumpy ass house is probably the only thing I'll be able to afford
@@nightfighter7452 it works bro. my house was half the price becuse it was fucking rallied. but 6 months of replacing rotten floors and jacking up a foundation with a bunch of car jacks and making it level again plus a endless list of other shit and its back to matching the neighbors houses. there money I saved is fucking nuts.
$1700 minimum for a 3 bedroom here, and it’s not even a big city🤦♂️
Fingers crossed for an asteroid! Make earth great again!
My nuanced advice about the housing market is, and I've noticed this over time..... I'm not saying people didn't have houses that were More.... affordable back in the day, I'm just saying that I've found that it's never a good time to buy a house in the market....
In the 80s interest rates were horrific, you paid a lot of money to borrow money, basically your renting money to use it to live in the house.
2008 was adjustable and a pulse to qualify for a home, and now it's not enough homes being built. It's never a good time to buy a house, only ever a good time for you to decide when, how, and what type of house you want to buy.
I have a small, very small home. That's how I got my get out of jail free card in this market. I would guess that a vast majority of people looking for a house wouldn't humble themselves enough to buy a tiny fixer upper home.
"Ownership" is already Americas biggest delusion. Home ownership? Nope, the Bank owns it for 30 years and you are responsible for its upkeep during that time. In States that have property tax, you never own it because if you can't pay your taxes (because a bunch of outsiders are moving in and raising property values) they will take your house. Car ownership? Nope, the Bank owns it for 5+ years. By they way, since Manufacturing has gotten so much easier, shouldn't Cars be less expensive today then the past? Nope they have been priced to force you into a Loan. What about all the cool stuff inside the Home I "own"? Nope, you bought that with a Credit Card. The American Dream? They should call it the American Pipe Dream, and the drug your hitting from that Bowl is Debt.
Yup
True, but when you sell that house, you make money. When you leave an apartment, you get nothing. I understand what you're saying. Everything is overpriced to create debt and its wrong. A scam.
@@JesseMessage Also true, but you have to factor in the cost of upkeep over years of ownership in addition to paying taxes. So when you sell the home and receive money, you have to compare it against the money that wouldn’t have been spent while renting on upkeep and taxes (though that is rolled into the rent price to some degree). That savings can be invested. There are multiple ways to look at the situation and everyone has different needs. There is no perfect solution, though I would say ownership in old age does have benefits when on a fixed income as long as the mortgage is payed off.
@@josephbrown9685 true, but you still walk out of an apartment with nothing
I don't want live in a rent based world
This is going to backfire. The prices for these rentals are way to high for people to afford
Idk I'm a capitalist but I think there should be a property cap on land and buildings so one entity can't own everything or els3 it becomes corporatism
Agree with both statements ^
Capitalism is a superior system but you have to put some guardrails in place so it doesn’t become a lopsided runaway train as we are on the verge of.
BlackRock can bribe any sitting member of Congress they want so I don’t expect any worthy solutions to take place out of the D.C. swampland
@@albundy3929 19%
@@albundy3929 prove me wrong then, innocent until proven guilty don't just say I'm wrong show me how. You could've easily said the "correct" stats but chose not to.... I wonder why?
@@albundy3929 that's what I thought
Love the look of the new studio! It's appealing and stands out *just right on the down scroll.
i will live in a tent outside mcdonalds
before renting
Just a PSA for anyone who might see this. International adoption is difficult and very expensive. But you can get a locally grown rescue through the foster system almost for free. It's perplexing that everyone talks about adoption like you have to fly to ten different countries and spend $30k. I think it cost us less than $1k to adopt one of our foster kids and a lot of times domestic adoption through the foster system is subsidized (ie - the government pays you monthly until they're 18).
I've been waiting and waiting to buy, hoping for a housing correction -- it will not come. These investors have created a genuine shortage. They are not creating any more affordable housing for us.
You are not allowed to say this in polite society but -> Unfettered constant never ending immigration (aka trespassing) from south of the border also adds to the housing problem. It’s not the only reason but it is a factor
@@tatumstevens9109 To be fair, that group of people tend to stuff as many people into one unit of housing as possible, which mitigates a bit. My concern falls more on the enormous supply-side failure to incentivize and build starter homes, exacerbated by pointless lockdown supply chain disruptions. And then inflation, which Biden's Fed has STILL failed to react to. We have so many problems
Not me. I will be moving out of the U.S. and buy a $100,000 equivalent home that would cost millions here in the U.S. .... you're pretty free when you have a lot of money in the Philippines.
That's why next month I'm moving to Costa Rica
You will live in the pod, you will eat the bugs, you will own nothing and you will be happy.
U will own nothing and u will be happy
Not spelling out _you_ lessens the impact of repeating this meme
I used to do manual labor for a company owned by blackrock or stone, now they do real estate, pretty fucked up to think you can be working for a company just to pay to them rent
Ireland is going through a housing crisis at the moment, inflation is going up, you need to be earning the same as the top 15% of earners in the country to get a mortgage, rent is extortionate and American investment firms buy up large amounts of housing to rent back to the citizens.
They want you to rent forever this isn’t a conspiracy
It’s hard to call it a conspiracy when they are telling you straight to your face what their intentions are
Welcome to serfdom.
I'm homeless but I rent on earth 2.0 does that count?
Um , no , "they" , Blackrock et al , don't even want you homeless, you take up space ,they want you dead , get it ?
I worked for a guy that was the head of a division at blackstone. Guy had unbelievable amounts of money and wealth
Blackstone also purchased several student housing properties as well…
We’ll see
Ben gained some weight; Tim probably stressing him out !
He ben eating good!
He’s been eating Tim’s splooge which is filled with calories
And what's sad is ALL of that is more expensive than ownership. Renting and leasing are far costlier over the long term. Just like if people could just get like 6 months to get ahead, put some money up, they'd have much easier lives. What is it, like 40% of American households can't meet a $400 emergency without help or taking out a loan? That's wild. Meanwhile corporations post record profits, year after year after year, pandemic or not. The richest like 8 Americans are as wealthy as the bottom 50%. That's INSANE.
You will own nothing but be happy
Tim you should move to Greenwich connecticut with these Blackstone freaks it be kinda funny to do podcasts from there.
If u cant beat em, join em; buy their stock. Blackrock and Blackstone are 2 different companies btw.
Renting is good when you're young, it gives you experience living away from mom and dad. When you get on your feet financially, buy a condo or shit box house, preferably when the market tanks, fix it up and sell when the market is high.
Paying someone else's mortgage when you're grown up past the dumb teen, early 20's age range is sure way to never save.
This advice is the housing equivalent of “Just go in with your resume, shake the managers hand, and ask him for a job.”
uh huh
It's about time the dumb came out of the closet. Bravo, bud! Way to be strong and let everyone know who you really are.
I've never owned a home yet have plenty of $$, could buy one today cash if I wanted...you can certainly save if you get good rents
At least we know you never majored in anything finance/Econ related.
Ben is a fantastic co-host. Very on point and attentive and serves Tim's rants perfectly without getting in the way. Great episode from the boys.
He isn’t a co host he’s the “tech” boy. Co host would mean he’s also hosting
Did Ben just get done covering a hurricane report from “in the trenches”?
Bahh haa😆
Be careful, you'll end up having to rent out those bedrooms, like they did in Russia.
"Everybody's flickin' their bean on OnlyFans." lmao
30y fixed Mortgage rates hit 6% by EOY, go to 10% next year, prices fall, corporations that make up 30% of purchases currently begin selling to cut loses, prices fall further, all these people who overpaid for houses in the last two years are underwater 100k or more, they walk away from the negative equity, prices fall even further, prices bottom out 3-4 years from now, prices stabilize, and then we start the ride all over again baby
10% lol
I don’t think so, but if they did, I’ll just buy some rental properties and make some of you pay my mortgage.
That doesn't go as planned with people paying full cash for these houses. I live in TX and Cali are dropping 50k over asking bc they can.
I have been renting forever and i do not like it.
If the US doesn't figure out an estate tax soon then the economy is done for good.
waaaaaaaaaaaaaaaaaaaaaaaaaat
Socialism and subsequent communism to create equality of outcome through taxation isn’t the answer, fixing the Keynesian monetary system is the answer.
Dude what??? Inheritance is the only way out of this mess for many young people. Do you know what an “estate tax” even is? I doubt it, your comment indicates you probably think it means “big house tax”
The entire middle class of this country is poor now. Our groceries, rent, and student loans have priced us out of the good life. Having a decent job is no longer enough, the American dream is dead.
Give her pickles and a tub of rocky road...im dead
Once covid + the boosters take some people out we'll be okay. LOL
Hahaha why am I laughing my you are describing my sister!