Why Housing Keeps Getting More Expensive
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- Опубліковано 9 жов 2024
- The Real Reason Housing Is So Expensive - Second Thought
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Citations and Further Reading:
The financialization of housing
books.google.c...
doi.org/10.108...
doi.org/10.111...
doi.org/10.117...
www.tandfonlin...
doi.org/10.108...
doi.org/10.230...
www.jstor.org/...
doi.org/10.108...
doi.org/10.108...
2023 least affordable year to buy a home, home prices over the last 20 years, avg. home price
www.cnbc.com/2...
www.nytimes.co...
www.cnbc.com/2...
Record number of people paying more than 30% on rent
www.nytimes.co...
Avg. home price 1964
fred.stlouisfe...
Avg. income 1964
www.census.gov...
“More than half of all renters are paying more than the recommended 30% on housing and over a quarter are paying more than 50%.”
www.npr.org/20...
Minimum wage workers can’t afford simple 1-bed
www.cnbc.com/2...
Home prices have nothing to do with housing supply and demand, it’s about the supply of finance
www.taylorfran...
www.taylorfran...
2022 rent inflation and Jay Parsons quote
www.nytimes.co...
Millenial/Gen Z wages aren’t rising
doi.org/10.108...
Realpage, tactics and statistics
www.propublica...
www.propublica...
Realpage CEO quote
www.multifamil...
“In the first quarter of 2022, nearly a third of all single-family homes sold in the US were bought by private investors”
www.huduser.go...
Private equity buyup of mobile homes
pestakeholder....
US wealth in real estate + Robert Schiller quote
www.barrons.co...
books.google.c...
1980s government creation of mortgage-backed securities market
doi.org/10.111...
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reganomics: endgame
Can you please 🙏 Do a video about Section 8 Rent to Own homes 🏡? Is it a trap? Can any of you fine gentlemen or ladies help with this information? Is it the cure for homeless? Is this a chance for the American Dream? Can we have a discussion here and hopefully a video can educate us on how this is even possible. Thanks to all who read this and know legit info ❤
Yes this was a repost. I'm really serious about finding all information about this ❤
How do we oppose them? What can we do to change the inequity in society?
Yet again, you found a new sponsor
But Hakim is still stuck in your basement
#FreeHakim
Did you at least bring him with you when you moved?
The only "mom-and-pop" rentals you see on the market now are room rentals or a microstudio in someone's backyard. And they still cost as much as an apartment a few years ago
You don't seem them on the market because tenants of mom and pop rentals don't move out. My family owns one rental property and our renters have been with us for more than 10 years.
@@greg_216 this my mom got a mom n pop house as a rental we stayed at the house until the lady sold it so she could retire with her husband we stayed in the home almost a decade n even added personality to the house the eventually the new owner kept
That just isnt true. I live in Chicago and the majority of rentals are people with less than 5 buildings
damn, Reagan really screwed the world over huh
i just hope newer generations will know it started w/him. the current voting block hasn’t seemed to notice
frr every single time i wonder why something bad is like that in the us the answer is always ronald reagan
Its gonna fucking happen again if they let orange man win.
Leeja Miller has an amazing video called " Regan Ruined Everything" that really breaks down exactly what policies and how much they broke down America's economy.
Aww shucks wasn’t he just adorable,that’s what they kept telling the public back in the days
I'm stuck in burnout precisely because of BS like this. I can't 'progress in life' despite earning 1.66x the national average, having plenty of savings and still not being able to get any residency worth my while, EVEN OUTSIDE OF THE CITY.
Discussing explaining my qualms to my psychologist, I got told that _"we live in one of the wealthiest countries on the planet and should be happy with what we have"._ They're missing the point. I COULD afford a third rate piece of shit apartment at a quarter million bucks, but that doesn't mean that it's worth doing so.
In the end, this whole scheme is self-defeating and self-destructive. If people can't afford housing, the entirety of civilization will collapse within half a lifetime. Someone living on minimum wage can't afford housing, meaning they can't do their job, meaning that vacancy can't be filled, meaning no one will pick it up BECAUSE it's minimum wage and that doesn't get you anything, meaning the job that society is built upon will die out sooner rather than later, with all the dire consequences that comes with.
I do get really tired of hearing people spout the "you live in the wealthiest country" tag line. We live in the country that has the most debt, 35 trillion and counting. It is home to some of the wealthiest people that exists, but also home to the most in debt people that exist. Living in America does not mean you're rich, it in fact for an increasing number of citizens means you owe a lot of money while not actually owning anything.
@@Matok1 Thing is, I live in the EU, which is effectively a giant vassal state for the US. The 'Americanization' of the continent is nauseating...
I feel you. Systemic exploitation is hurting us all.
I've grown to view therapists with skepticism despite being pro-mental health help and talking things out. A lot of them pin the blame on individual people and refuse to acknowledge the inherent corruption in the culture.
@@badbabybear1 America has soul cancer. Other people are a threat. Tragedies are daily. Empathy is weakness. Your choice of products is the highest expression of self. We are forced to make shit we dont care about all day long and our compensation is divorced from our productivity. And all of this is daily told to us to be paradise, all the flaws in the system are simply failures of self. It is absolute madness.
@@badbabybear1 it's that way by design
They placate and medicated individuals so they can better cope in a sick society. Just like the medical industry it's about treating symptoms more than the root cause. I mean half the food industry is there to make u sick. I was thinking about honey and glycation... Honey is anti-bacterial and anti-fungal naturally (I saw it under a microscope no germs) because of the high sugar content. Your human gut needs healthy bacteria in order for your health to thrive. Therefore eating too much sugar would eventually kill all your gut bacteria and probably attack your cells because we have like so much bacteria and I really get diabetes now. Sugar also affects your brain as Alzheimer's is sometimes called type 3 diabetes. Sugar is one of the worst things you can over eat and it's probably in 70% of food in stores. Excuse my autistic rant.
An elderly lady owned the last apartment building we lived in. She never raised rents, and people had been living there for years. She passed and a company bought the building. All of a sudden we were billed for our parking spot, for water and trash that used to be included, and the laundry room was going to be removed so that the building could rent you a washer/dryer monthly instead of per use. Thankfully we were already planning to move out since we inherited enough from a grandparent for a down payment in a house, because our rent was about to increase from all of the nickel and dime crap the new owner was implementing. They still won since they remodeled our unit and were then renting it out for hundreds more than we were paying.
You had where to go, imagine the people who didn't have a choice 🥲
@@189Blake yes, I understand, which is why I phrased it as thankfully. I am aware that I was privileged enough that the sale of a grandparent’s house put me in the position to afford a home and that I am able to work remotely where I didn’t have to stay in a place where the rental market is that predatory. I vote for people who protect the livelihoods of those who need it most and have not become a NIMBY.
While I sympathize with the tenants, perhaps they can look at the flip side and be thankful that they enjoyed many years of below market rent?
Buying a bunch of concert tickets to upsell them back to people: Scalper
Buying a bunch of homes to upsell/rent them back to people: Investor
Can we stop differentiating the two?
apparently it's scalping when it goes backwards but investing when it goes the other way around
Ticket master does the same and isn't called a scalper for some reason. And they raise the price of the tickets.
the scalper is just selling the same concert tickets back to people. the investor is renovating the homes most of the time to resell it which takes a lot of capital and time
@@jester_kun "renovating" in the cheapest way possible with subpar materials and shitty quality. it's a waste of time, money and resources. home owners tend more likely to renovate for livability and quality
@@jester_kun no, the investor is definitely not renovating newly built housing that they buy brand new to rent or upsell forward. Also, as shown in the video, the investor will also intentionally keep some of the supply entirely empty and evict their tenants more to raise the rents of the rest of their properties more. That doesn't take any capital or time, that just takes being a selfish asshole.
Rich people hoarding creating artificial scarcity in every industry.
Artificial scarcity is the only way to make profits.
"You need to spend your money to keep the economy going."
- Every billionaire hoarding their money
How is the scarcity “artificial” if we stopped building new housing 40 years ago but the population kept growing?
@@TohaBgood2Corporations and rich people will buy swathes of property to deliberately leave them vacant to artificially boost the value. There are millions of unoccupied residences. It's nuts
@@TohaBgood22:28 literally the first thing he addressed
Cities need to be taxing empty units. The street in front of that building costs the city money whether there are occupants generating tax revenue by living their life or not and every city spends a fortune dealing with unhoused people so an empty unit represents a liability to a city. Tax the sh&t out of empty units until the price of housing makes sense.
I love this idea. It's a bandaid but an effective one and even makes logical sense. Also f's those algorithms encouraging landlords to have higher vacancy rates.
This is a great idea. However, the tax rate would have to be high enough to offset the profits gained by leaving them empty, or else it has no teeth. Kind of like the laughable fines we levy against multi billion dollar corporations that break environmental regulations. They would rather pay the fines than pay to update their infrastructure or change their practices.
Ever heard of LVT?
Technically it only needs to shift the opportunity cost of doing anything else with it. @@RDHardy79
@@RDHardy79just tax the mean/average rent for that housing, whatever is higher
The mobile home grab will always make me angry. My grandparents were outpriced and pushed out of their trailer park, and ever since they've been floating between my family, my aunt, and my cousin. And they STILL vote conservative!
This doesn't even go into my own housing situation.
Leopards ate their face
Jesus... It almost makes it hard to feel bad for them. Insane that they can be so brainwashed that this shit can happen to them and they have no way of understanding the real reasons why.
Well, there is nothing materially different between "conservatives" and "liberals " they are both right-wing neolibs .
And voting progressive surely helped California - oh wait!
Americans have been too stoopido to live since TV saint Ronnie Reagan. Voted themselves out of existence. Mission accomplished
bro the NYC montage at the begining and the typography was fire, keep it up
I couldn't get section 8 housing when I was younger because I attended community college- going to community college or university disqualifies you even if you're poor.
Now I'm 29 and going to school, I still can't get subsidized housing because I'm "able-bodied without dependents."
There’s always something exclusionary,that’s what they kept telling me too
@@Maxry-v2y that's messed up
I'm from Canada. When I hear stuff like this, I just shake my head. They really do not want your population educated.
@@plantbasedsenior4240 yep
@@plantbasedsenior4240 yep
I just think it's not okay to exploit basic living necessities for profit.
It's funny because even Adam Smith thought landowners were leaches, and he wrote the Wealth of Nations, capitalism's bible.
Agreed
You think correctly. Capitalism is a dirty game. No honour in that system that we were born into without consent.
Do we dare have brave change? Well, dare to vote differently, dare to organize communally and broadly along common dreams.
Vote Green, Stein/Ware 2024 who support a Green New Deal and against the US-backed ge n-0cide in Gaza.
Organize locally, see ways it can be done from Library Socialism promoted by Srsly Wrong Boys and Andrewism to Zeitgeist Movement and Ubuntu Contributionism. There are ways out. If we choose them.
I thought I was the only one. I really can't stand people that gobble up housing at 3 percent rates just to lease it back to the populus. I seriously wish there were a reckoning of some sort where the government started taxing these hoarders.
@@Ryan_hey Don't forget who can kick you off your land if you don't pay taxes on it - the government. Do you really own your land if you can be evicted from it by the government?
as an african you guys pay a lot for a cardboard
Brutal 💀👍😂
I mean it is wild these are the conditions in the richest nation in the world. No wonder some of them buy houses in smaller countries and move, at the prices in the US you can buy a house 3-4x better and live comfortably if you have a remote job or just passive investments for income.
The quality only gets worse with newer housing too...I lived in a 2013 building where the entire apartment shaked just because my downstairs neighbor slammed their door...thought I woke up to an earthquake once. You can literally hear every footstep from the upstairs apartment. I go out of my way to live in older buildings now
@@nfzeta128 Well they choose to spend their money they've extracted from their citizens into their giant military which they use to "police" the world and extract more resources in which a very slim minority lives very well. Off the hard work of all the working people.
@@nfzeta128 you can rent an 100m² apartment in Brazil for $400/month and spend another $600/month for basic living expenses.
plus our walls are made of tack board and aren’t solid. our living spaces are extremely cheaply made
Quality has gone down as housing prices go up. Reinforces the point that it's the liquid asset that's valuable, not the physical one.
I’m paying $1100 for a half carport made studio in south Florida, only microwave I purchased, no furniture,made cheaply had too fix the plumbing 3 times, pay my own internet service,only air conditioner and its old
this is very bad with climate change exacerbating extreme weather events. the cheap houses built won't be able to withstand these stronger hurricanes.
yup....
there's not even insulation in the walls where I live. Few years ago they had to replace some of the drywall because it literally started falling off... and they could have easily thrown some fiberglass in there while the walls were already collapsed... but the landlord even then refused to insulate the walls of the apartment. So we boil when it's warm outside (because we also have no AC in here) and freeze when it's chilly
And we still pay thousands a month for this unit
I especially love when landlords label their paper thin walled apartments "luxury" when you can hear every little thing your neighbor does
And here's another side of this that's terrible: the existing housing inventory is being destroyed due to neglect. This is a hidden crisis unfolding in front of us. Housing isn't being treated as a place people live for generations and raise families in. It's now a commodity to be hoarded, traded, sold, and spun. It's wasteful to invest money in upkeep - genuine, deep, necessary upkeep.
The result is that existing homes and buildings are falling apart. Rotting from the inside out because banks, investors, slum lords, etc do not want to spend a dime more than necessary to keep these places barely livable. Even individuals who own homes, thanks to now looking at them as investments to eventually flip and trade up from, are not maintaining their homes like they should be. They don't want to spend when they're just going to flip the home and move out. At most they'll pay for a cheap surface renovation to make a property look fresh - but underneath it's decayed.
The result is it's becoming impossible to find a home even at a premium price that isn't a wreck. If a home wasn't built within the last 20 years, it is probably a mess. But prices keep rising and we're looking at the prospect of "million dollar flop houses" being the standard.
I have experienced the opposite when it comes to house age. Modern houses are built with much more cheaper materials, and only last 25-30 years before needing to be completely demolished and start over again. When someone gets a 30-year loan for a house that lasts only 30 years, they are losing all equity; in fact, losing more than they put into it when accounting for the demolition bill. Houses that are 70s and older tend to have better quality materials, especially the wood. You still have to look out for, and replace, things such as electrical lines and ducting, but that is still worth the effort. I bought a house that was made in 1977 that everyone else passed over for newer houses; most people only look at how a house looks instead of how its made. After two years of putting in the DIY work, I now have a very presentable house for a fraction of the cost most people pay. And it is solid in build quality and safety, not just presentation.
You described my dad. Just say waiting for my childhood home to slide off it's foundation someday down the hill into the driveway.
And even if it was built 20 years ago or less, it was probably done as cheaply as possible and will start falling apart within the next 10 years if it hasn't already
When my mother posted my grandparents home for sale after their death she immidately recieved soooo many offers that were all cash and above asking price. She ended up selling it at the asking price to a very nice local veteran, his wife, and their toddler who bought it using a loan type that is a lot more work to figure out closing the property. She wasnt going to be a sellout. Unfortunately so many people wouldve rather gone for those easy, quick, and more profitable offers.
I really despise the concept of "starter homes," as if shelter isnt enough and that you have to constantly be striving for more and more. Ridiculous.
Agreed. Part of that is what I call house bloat. Case in point; my 1965 vintage house was average size when it was built and was considered a "starter home" when we bought it in 2001. It was more than adequate for a family of 4. No one put a gun to my head forcing us to upgrade to a newer oversized house. Now it's paid for and I'm not going anywhere.
It ties into another quaint concept of only buying as much home as you need. Families with fewer people don't need as large of a house. As your family grows, you move into a bigger house. Keep in mind, it was common to have more children, and that might mean a span of 12 years between the eldest and youngest of six children. At some point it would make sense for a growing family to move from a 3-bedroom to a 4- or 5-bedroom.
So, yeah, starter homes were less about upgrading than they were about meeting families' needs in the present. With today's smaller family sizes, that might be an outdated concept.
I don't know, I have a fairly big house with 2 people living in it, but my niece needed a place to stay after her divorce, so we let her move in, and it feels pretty cramped at times. 3 adults and 2 kids in a 4000 square foot house. First world problems, I guess.
But if we'd gotten the size of house we could actually get by with, it would be untenable in our current situation. My niece is going to move out soon after 2 years, and the house is starting to look like a pretty good size for the 2 of us and our pets.
@@imnotmike I honestly don't get how that could feel cramped. My family used to live in a 1,400 sq ft house and there was 4 of us + a new born + sometimes a grandparent would stay
Starter homes? A myth, just like starter jobs. Starter bills don't exist. Or starter taxes. Or starter medical expenses. Or starter insurance. Or starter groceries. Or starter utilities.
"Starter" anything is a myth -- except starter wages. We have *all* of the starter wages in this country.
No one can afford lawyers to fight the system in the lower classes
@@Maxry-v2y exactly.
I also don’t like this American culture where the parents force the children to move out as soon as they turn 18.
Also this mentality where people refuse to live as a joint family. My MIL could easily live with us in our house she in would save half of her income on rent but she’s been conditioned into mindset where she feels like if she moves in with us, she’ll feel she will no longer have her “freedom”
To be fair, it depends on the family. I lived with my parents as long as I could in order to save money, but I wouldn't go back to the constant yelling, physical fighting, my mom's hoarding etc.
making sure your children learn independence is the most important point of parenting. it is hard to overcome that hardwiring.
Living alone does not equal being independent. It just means you have to figure it out on your own, when it would be faster and easier to be able to learn from family. This is, of course, assuming you have a good, healthy relationship with your family, otherwise you're better off moving out, yeah. 😅 Plenty of cultures work just fine by encouraging multi-generational homes rather than insisting on individualism, even at the detriment of the individual or family. @@payasoinfeliz
I paid rent to my parents for years while I saved more than 50% of my take home pay for 9 years. I didn't get many dates but I did save enough to be on track to retire early. Also, my future wife still accepted me living at my parents because she is not American and found that this strategy made sense. Now we have a family in an affluent part of France and I don't make that much more than I did previously. It's just that I can relax because I already took care of my retirement be doing the very un-cool thing of commuting far from work and saving my money.
Hey second thought crew, I've been using some of your videos (Walmart planning, east Palestine, etc.) to my university students and I'd like to say thanks for the content you make. Hopefully I won't end up on a list 😂🤞🏾
Fingers crossed! So glad you’ve found our videos useful ✊😁
Great work exposing young minds to truth that is often suppressed on our mainstream airways. Have you also exposed them to the concept of Library Socialism (see Srsly Wrong Boys and Andrewism)? or TZM, Culture in Decline with Peter Joseph? or Ubuntu Contributionism with Michael Tellinger? Just a lot of different options out there that people should be aware of, then they can make their own decisions how to proceed once they know.
I was so desperate for a place to live I went to a trailer park..... the man asked for 1400 a month for a 1 bed 1 bath crack shack. I honestly think he just didn't want ME living there. You should have seen the trailer, it amazes me that it was even legal to live in, in that state of disrepair.
it probably wasn't, but most of the standards are only tested for if they try to rent to Section 8/housing voucher tenants. It wasn't personal. Someone who can't pass a credit check or make 3x the rent to live in a cleaner apartment will live there out of desperation. He's banking on that.
@@goldentreefrog18 it's always personal
Yup saw plenty of older slumlord apartments in my old college town expecting a few hundred less than new "luxury apartment" in the same area. It's so bad now that property managers will cancel scheduled tours because someone already got the apartment...cant even look at the place now.
@alexanderredhorse1297 I think it was personal because the price of rent wasn't listed online, only that it was for rent and to ask the landlord for more details. I had to find out how much the rent was when I got there... so I guess rent was on a case by case basis.
He saw me and thought "oh a college student... got'em"
@@GirtonOramsay fk America.
It should be forbidden to make a profit on basic necessities such as water, housing, food, energy. Or at least limit profits to a decent amount. The rich are getting into serious pitchfork territory. Update: add healthcare, education, ...
Cut out the middleman. Create well paying, stable, government jobs providing basic necessities, and do it more affordably than *ANY* private org could through massive economy of scale and no obligation to capture excess revenue for profit. You still keep all the benefits of a competitive luxury market competing on innovation, while ensuring universal stability, AND you don't give the free market idealists any room to screech because the gubmint is not setting price controls, it's just out-competing them.
Add in healthcare.......
It's not really a "free market" if it's a basic need since you're forced to pay. It's basically extortion at this point.
In order to do that you need special mechanisms that can be aplied everywhere but only affect certain sectors of the economy and life
That's why no government can solve the problem
This just won't happen. Americans are too conditioned or brainwashed to see that this is the only rational pathway. Conservatives and rightwing wired people will label it whatever word is scary to them at the moment (socialism, communism, Marxism, etc.) And that will end it. Meanwhile, they'll complain about all the homeless and "freeloaders". Then blame all of the problems caused by commodifiying basic necessities on immigrants, unions, taxes n big gubmint. The cycle will continue until climate change takes us all out or the right wing minded of humanity takes out humanity violently through war n genocide. It's unfortunate
There’s this 20 something in Australia who has come up with this incredible system… people just ‘happen’ to perhaps share the address of houses that have been empty for 2 or more years, or empty plots of land that have been unchanged for that long and those addresses miraculously end up shared to families who need homes… obviously we would never encourage breaking and entering, but if the neighbour who accidentally shared the address has a spare set of keys, that they drop in the direction of a single mum… well… wouldn’t that be terrible?
@@michaelward9201 Lighten up sunshine. Go back in time and look at how the wealthy, early settlers and Nobles/Aristocracy "got" their land. Squatting and having a King or Queen as a good mate was very enriching for some families, who still own huge tracts of land and buildings to this day. They never paid a cent for it, just took/stole it from someone else. This is no different, they are just using the empty land for now, maintaining it in a mint condition.
Guerilla housing. Love it.
It would not be a surprise if the same cruel CEO after this statement after 7:00 goes to his next official meeting declaring how diverse, eco friendly and social responsible his company is.
The core problem with capitalism is that everything becomes someone's capital eventually. Because it must. Capitalism requires that 'capital' always be increasing. And if there isn't a sufficient enough influx of new forms of physical or intellectual capital to achieve that necessary level of growth, it must turn some facet of society into capital instead. Healthcare. Education. Housing. Law Enforcement and Incarceration. Communications. Transportation. Governance and Regulations. There's a running list of foundational elements of society that capitalism has already cannibalized to continue fueling its insatiable need for growth. But there's very little left for it to turn to that it hasn't already devoured, because capitalists have already hollowed out the American society's accumulated wealth. It's why they're accelerating and getting increasingly aggressive in their efforts to extract what little wealth remains that they don't already control or can't easily liquidate. Because America's economy is primed for a total collapse, and the big capitalists running the show all know it. They're preparing for the last chapter in this twisted tale of greed -- capital flight.
Except this is the opposite of a "Free Market" the app algorithm basically makes it a monopoly as there's no room for disruption via competition. Things used to get cheaper because tech advances and things get easier and companies can compete with their prices and the consumer would take the best deal. wasn't until recently have we seen everything just raise in price simply because there was a cartel and instead of competing they started working together to keep prices high.
@@screaminseaman6121 Because it became someone's capital....
this description sounds eerily similar to a scheme...of the pyramidic variety
the median housing price where i live when my family moved there was $535,000 and now it is $1,400,000 😥. that is a change of 20 years
For me it was 250-350k 30 years ago. Now 1.2 million or more
Don’t forget the flippers are not helping. 2023 @ 1.2 and now selling for 1.6 million
Toronto, Ontario?
Where I live it used to be 100k for a move in ready really nice house. My parents house was 100k. 20 years later I’ve just bought my house in the same city and it’s a fixer upper in worse condition for 140k and it was the only thing I could afford. And it’s still 50% of my income, but it’s more expensive anywhere else… despite me making more than the average worker in my area. Shits wild.
@@ywlumaris Where I live, we bought a house for $355 K in 2003. We sold in 2020 for $1.2 million. So, you’re doing fine. BTW, the house is a simple 3 bedroom, 2 1/2 bath, no garage. For $140 K I think you can buy a parking spot here. Toronto, Canada
Ah capitalism. The best system on earth(which most people on earth can’t afford to live under)
people praise to capitalism cause they believed to live perfectly in the future. but everything is cracking in the world.
Have you been to any other country besides the US?
@@ThisDaniel yeah, I actually have
@@Themarxistinvestor Most people on earth don't live under capitalism
@@ThisDaniel hahahahahahahahahahaha yes they absolutely do you fucking moron
A yes the magic numbers that decides if I eat today or not.
Capitalism isn’t what you want, if you want democracy. 38 million Americans live today in poverty, and 60% live from paycheck to paycheck, while 9 of the 10 richest men in the world are United States (US) citize The US government is unconditionally supporting the genocide against the indigenous people of Palestine, against international law. Moreover, the US has consistently refused to comply with 42 United Nations’ resolutions demanding that it immediately return Puerto Rico’s sovereignty to the Puerto Ricans. Therefore, the US can’t be the champion of democracy. On the contrary, the US is the biggest threat to peace! Capitalism is plutocracy.
I'm not from the US, but I hear alot that Americans live paycheck to paycheck because they live on debt, for example buying things they cannot afford like expensive cars purchased with credit card.
Would things change if Americans live below their means? Correct me if I'm wrong please
The Jews are the indigenous people of Israel. They were forced to flee when the Romans were successful in committing an ethnic cleansing of the Jews. 600 years later, the people who now call themselves Palestinians settled in what was previously the Roman province of Palestina, and what was before that, the kingdom of Israel.
Edit: My intention with this was not to argue that the Palestinians deserve what is happening (they don't), or that Israel is right to do what they are doing (they aren't), I am merely stating history that is often forgotten, obfuscated, or ignored. Both Palestinians and Jews have a rightful claim on the land, but to call Palestinians THE indigenous people is just wrong.
We live from pay check to pay check for BASIC NEEDS.
@@zigzag321go600 years later, I'm sure European zionists Jews live there
@@zigzag321go what came before the kingdom of Israel?
Greed has & will always be the enemy of a civilized & developed society.
yeah just do nothing about it
Not greed, but capitalism
The will of the government/corporation is the will of the people. Anyone who disagrees is irresponsible of their action
@@Dave_of_Mordor what the fuck are you talking about. How high are you? What does this even mean
@@Dave_of_Mordor no, they get a girlfriend
I'm from former Soviet Union. Housing was people'r right back then, my father as a young specialist got one bedroom apartment after few monthts as he started to work (didn't pay a single dime for it). Nowadays it's animagianble for working people. Sucks that my country doesn't exist anymore
Instead of saying some kind of American criticism of capitalism vs socialism, I'll just say that I don't think anyone knows the real solution... or else it would be working right now. Best of luck to you and yours.
You mean the one that killed and imprisoned tens of millions of it's own people? Ah yes, the good ole days..
@@DistrustHumanz I don't want to be mean or cynical here but a lot of good solutions aren't being taken due to them harming profits, they are not working right now because they are not being done. Still hope you have a good day
@@DistrustHumanz Absurd. We know the real problem: the filthy rich bastards who steal from us and keep our wages low. C'mon man.
Yeah, it really sucks that an authoritarian shithole was replaced by a mostly authoritarian shithole.
Every video you release I am glad that I can afford to send you a few bucks on Patreon. Thank you for doing this.
You are feeding into the capitalist mindset by doing that. Patreon is a capitalist pawn.
As some who pays around 70-80% of their income on housing, the "recommended" 30% seems like an extremely privileged piece of advice.
how much you paying for housing?
The only time i paid less than 30% of my income on housing was when i was still living with my parents.
I am an architect who has been working on low income housing since graduating from Berkeley 40 years ago. My career in this area has taught me some things.
The software tools and Wall Street buying up houses absolutely play a role, but they are not the fundamental source source of the problem. If supply and demand had nothing to do with it, house prices in rust belt cities would be the same as in tech hubs.
75 years ago, detached single family houses, duplexes, and small apartment buildings lived side-by-side, in harmony, and everybody had a place to live. The older residential neighborhoods got down-zoned to detached single family residential only (and the duplexes and small apartment buildings got "grandfathered" zoning), and the newer neighborhoods never did allow denser housing.
The automakers sold us on this notion that everybody could have their own little English manor house and live like a rich person, even though they weren't rich. The problem is, if you are only building four houses per acre, or less, you run out of land that is a reasonable commuting distance from urban job centers. The result is a shortage of housing near urban job centers, driving prices up.
If we went back to zoning that allowed all residential areas to have at least small apartment buildings and build larger apartment buildings along major transit routes, we could fix our housing shortage and have affordable housing. That would really screw-up the pro formas of Blackstone etc because their investments are built on the current shortage.
If you want to stick it to Wall Street, become a YIMBY!
This!
Very good, practical advice. This is something that's actionable at the municipal level, and that's a level where a determined person or group can do good.
You totally missed the point of the video. Even if you built all the housing to solve any shortage it would still be unaffordable because supply and demand are not what is driving the cost of housing. I live in a city that has just built a LOT of housing but rent is increasing instead of decreasing like you would expect. Housing should not be treated as a commodity, but a necessity and not able to be used to create liquidity in the market. I am also old enough that I watched my parents get rid of the house I grew up in because "rent is so affordable, why do we need to own a home?" That was a terrible decision that caused hardship for my mom for the rest of her life.
@@lesdmark My point is the point of the video is wrong.
If we built 20 million new housing units in the US in the economically flourishing cities, do you really think the software tools and Wall Streeters would be able to prevent falling prices from surplus supply? There's software tools and Wall Streeters in the oil market. Prices still fall when there is surplus supply.
I live in Seattle. We've been building, building, building. Over 20 years my neighborhood has gone from old houses and a few midrise apartment buildings, plus a couple of the old 'grandfathered' towers, to five new 25 story apartment towers. Rents have still gone up, a lot, because even though the new apartment buildings are full (I see the people walking in front of their windows at night), it hasn't been enough. Most of Seattle zoning is still single family detached and a piece of land that is zoned for a small apartment building is worth a couple million dollars, because there isn't enough multifamily zoned land.
That's how deep a hole we are in, which is why the Wall Streeters can move the market. If we fix the supply problems, the Wall Streeters won't be able to make what they consider a reasonable return and will move onto new markets (victims).
@@alanthefisher omg I can't believe you're commenting this. I knew this one didn't sit fully right with me. Glad to see your stance though!
😭 and you got people thinking just anybody can afford these homes, people barely can afford apartments with multiple rent payers. we are living in unprecedented times
I actually bought my first house because I couldn't afford to rent. where i lived rent was about 2k for a one bedroom, but the mortgage for a small house was about 400 a month.
So basically apartments are now hotels.
Best way to solve the housing crisis is by answering the land lord question
As someone in their 20s who identifies as a conservative this video really had me thinking. Great video man
Glad you liked it! I’ve got a bunch more videos on the channel if you’d like your perspective challenged further
I was once a staunch conservative too, I know the feeling.
Good on you for taking other people’s perspectives seriously. That’s refreshing
18:50 BTW, a fun fact: the right to housings is included in the Constitution of the Russian Federation. But in reality, the housing is very unaffordable.😢
How can you say that this isn't "normal"? By this country's standards, it would be abnormal to behave in a way that brought in a single penny less profit for companies and landlord.
It's depressing how much power is piled in those plutocrats' putrid possession. They have no shame in Wallstreet, clearly.
Most of them have the same psychological profile as serial killers so it does make sense lol
The 30% on housing is part of 50% on bills rent and food, 20% for retirement, and 30% on living and fun (subscriptions, tv, trips, clothing, shopping, and furniture). I wish I had known that formula since highschool. Oh, and having a 1 to 6 months worth of basic bills, food, and utilities as an emergency fund in a high interest savings. That would have saved me some headaches.
I am so grateful to you. I am still in school, so I can't join your patreon, but I will when I am on my own. Your high quality videos never cease to astound me, and the information has always been amazing. I (like almost everyone else in the American school system) grew up knowing communism = bad, before I even knew what capitalism was. And my dad provided me with an upper middle class childhood, so I had no reason to truly question our system.
Due to being in the LGBT community, I've always watched more left leaning channels (because the only other option was being indoctrinated into hating myself), and I'm so glad that this is how it worked for me. This allowed me to ease gently into the leftist ideals. I was going down the leftist pipeline at a very slow rate until about 3 months ago, when I was radicalised. I have you and a few other creators to thank for this.
I don't know if this is what my ideals will be for the rest of my life, but I am so glad to at least be given the opportunity to see another perspective. So thank you. So very much. I know that you have brought a similar experience to many others as well, and I hope to see that continue in the future.
if you really understand the ideas of communism, it is foreve. To come to an understanding of communism = to come to a more holistic and true understanding of the world. Therefore, one cannot refuse more accurate knowledge, forgetting it voluntarily and consciously.
Communism is the highest level of social development of society and the individual.
It is very happy that there are more and more knowledgeable young people. Continue to explore the world. Thank you!
the school system tries to brainwash us to accept the capitalist system. people are starting to wake up with more informational platforms at our fingertips.
@kotassasinskiy3774 I cannot picture a world where I will no longer believe that something as simple as housing and food is nothing but a basic human right. However, for a very long time I could not picture something other than the capitalist society most of us live in today. I don't want to place myself into a box, and I will continue to stay up to date with information presented to me. A large reason I don't really want to say that I will always think this way is probably because of a trauma response, but I am not going to try to diminish this desire for change either.
Thank you for your encouragement! I know that educating myself to new ideals is right, but I also don't love the fact that I feel the need to lower my voice when discussing such topics in public or even around certain family members. I appreciate the validation, and I will continue to learn as much as I can!
@@moomoocow73 Thanks for the answer. Good luck to you!
Greetings from russian comrades!
Expensive housing drags everyone down, except the landlords. The more money people are forced to sink into just having a roof over their heads, the less they have to spend on everything else - clothes, food, entertainment, local businesses, travel, etc. It drives people who otherwise might just be struggling into outright homelessness, pushing up all the associated problems like drug addiction and crime. It destroys the fabric of communities by turning a big chunk of the population into renters who are forced to move every few years when the landlords want to jack up the rent, thus giving those renters no chance or incentive to put down strong roots or feel invested in the community.
We would literally ALL be better off with more affordable housing.
Being able to save for future, house ,vehicle, tiny houses are in 65/180 thousand dollars
I’m been watching this channel since the lockdowns activated my villain arc shift from libertarian to socialist
I'm curious as to how lockdowns triggered a shift to trusting the government more?
@@trickydicky2
You really can't see how the pandemic demonstrated the many failures of unregulated capitalism?
*Redemption arc
@@trickydicky2 libertarian detected
@@trickydicky2Agreed since reichwing billionares of the corporate oligarchy and wall st *OWN* the Govt.
Benito called it *fascism* .
That part of the empty apartments is so true. Months ago, someone posted an article in Canada, about the "1.3 million empty Canadian homes". Since then , several different articles have been claiming the article was total bunk. But it holds true, because there are other articles coming out about empty condos in the major urban centers.
They're not units being held purposely to reduce supply. These were bought pre-construction, for sole purpose of a flip. The "investors" are now losing money on the sale, as well as having lost money, when their asset was delayed through the building phase. Some, have been reported to have lost half a million, because the sales have stagnated.
Canada needs system change, just like USA and the world, too. I would like to see community co-ops and mutual aid networks really take a coordinated effort together to rise up and build a new system, along the goals of Degrowth, Universal Basic Services, One Small Town Contributionism-type organization or TZM "A Viable Society" as proposed by Peter Joseph. I powerful mechanism for mutual aid is Library Socialism, talked about by Srsly Wrong Boys and Andrewism.
Thank you. I am an American citizen trying to seek Asylum in Finland. I have bounced between 4 states, in over 30 different properties, sometimes forced to sleep without shelter, due to lack of affordability and multiple, unfortunate, and tenuous, roommate situations. All I have for backup is my divorced parent's homemade trailer, which gets severe and traumatizing Elder Bug infestations, and dangerous indoor temperatures every summer; complimenting the constant threat of wildfires due to the incompetence of my state government. I shall be using this video to help support my case, while I seek medical treatment and psychological care for damage to my body beyond what I anticipated.
I guess, wish me luck. I know my chances are slim. America is deemed a safe country by EU standards. Still, I must try. My mother, also desperate in escaping the situation, is also struggling to find housing and work within the country itself. She has traveled West to East in search of stability with no luck. I am alone in seeking help beyond the border, but I refuse to suffer silently, as I watch everyone I love go deeper into poverty, losing what little they have due to the lack of interest in helping Americans like me.
God Bless America. Some of us desperately need it.
Another big part is the Bush and Trump tax cuts which funneled money to the top 1%, who can then use their additional $ to purchase a 2nd, 3rd, 4th, and 5th house as a financial asset.... Or invest their new money into the stock market which boosts large corporations to purchase more residential property.
Just Bush and Trump?
@@mgg7756well Chump DID add 8 trillion to the natl debt (1.9 trill to we the people so we'd still *spend* and help corps. 2 trill for tax breaks for millionares and up, 4 trill for "pandemic relief" for the Fortune 500, and ppp for Congress)
All We The People got was inflation spiking in 21 after Texas froze.
Then nowadays they also hire some corporation to control their real estate either in terms of rent or investments otherwise. Either way that's more inflation of the market, because those corporations now have to make some extra profit so that rent has to go up.
Just the continuation of the corrupted rot of the US.
@@mgg7756 Actually, Reagan did cut taxes massively on the wealthy and home prices went up about 60% during the 1980's which led to the Savings and Loans crisis... But the Bush and Trump tax cuts were what caused massive housing bubbles this century.
"Stolen..." "...with no more places to invest the money they've stolen." It's refreshing to hear someone else speak in these terms. I have always considered profit to be theft and the wealthy to be parasites. I've always understood that the only way to become wealthy is to steal, that all wealth is stolen. The accumulation of wealth is a crime, a disease, or at best, a symptom of a broken system. In any case though, the fact that some people are able to accumulate wealth and have more than others, is a sign that we are doing everything wrong.
Aye, New Yorker mentioned 🍻
As a New Yorker fighting for tenant rights and advocacy, it's disheartening how every passing year tenant's rights erode. NYC is pro-landlord despite what most have heard.
i had to leave the 5 burroughs. i don’t know how people do it
@@nutmegriot209 I'm almost there. Went from the Bronx to Queens, and now the Bronx has started to become unaffordable.
@@pest174don't know how they expect this to continue when people only have so much money. Eventually the bubble bursts.
ive found supposed "liberal" cities can be pretty conservative and pro-capitalism/social elite underneath the surface
@@badbabybear1 NYC is one of the most segregated cities in the States, so I believe it. Just look at the corruption scandal with our mayor.
Lack of market regulations is a serious disaster. Newer generations have been more screwed than anytime in history
of America. (And even then, the great depression was still worse overall.)
But yes, from the perspective of hope. This is the most hopeless I believe any Americans have ever felt.
Which begs the question. Is the newer generation going to organize as a class and fight for a better standard for everyone as their ancestors did?
Market regulations won’t do shit. Abolition of the “free market” is best.
Another reason for housing prices being so high because Indian Pa.jits going into other countries, settling there and buying houses which were meant for local people. Hence prices are getting increased.
India has almost 18% of world's population. There should be strict restrictions for them. Many Indians even have entered US n EU Illegally in last 3 years.
Another reason for housing prices being so high because Indian Pa.jits going into other countries, settling there and buying houses which were meant for local people. Hence prices are getting increased.
India has almost 18% of world's population. There should be strict restrictions for them. Many Indians even have entered US n EU Illegally in last 3 years.
Removing much needed public housing, in favor of privatized housing, is some proper late stage capitalism.
It's already insane enough that homeless people exist when there are so many empty homes.
Having a roof over your head should be a human right.
Bang-on video!
Content idea: I’d love to see some videos talking about viable fixes and/or alternatives to evolve into as a next phase. What is the better path in you see?
"Capitalism and democracy are not synonymous" - Immortal Technique
But but China collapsing housing market, right??? Right???
@@Leo23XR it's a joke about western governments and their media lapdogs keeps running their mouths about how china is going to collapse any day now
It’s a joke about how people will still say China has it worse to fear monger communism even while thi nvm s in capitalism everything ny collapsing
@@Leo23XRthe Chinese government is purposely making their housing market crash because they plan on making housing a rights. But people in the west can't understand that and think the housing market collapsing marks the end of China.
China housing market is collapsing.
This statement has been fact checked by Falun Gong.
I feel like a foreigner in my own country after watching all your videos...
I'm lucky that I was able to buy a house recently, but goodness gracious the cost of everything is so much. People can be like "oh it's a saving money/budgeting issue" but however much you budget, sometimes it seems impossible to build yourself up again. Amazing vid as always, love having my lunch break with a dose of 2nd thought
Did you 'buy' a house, or finance a house, because there is a difference. If you financed, then the bank owns the house. Please excuse my criticism if it sounds harsh; not trying to be rude. The common misconception of debt as ownership is a major issue in mass social mentality.
@DistrustHumanz I financed, so yeah, technically don't own it for 30 years
@@marissahondros5141congratulations. 😊
I was a bit worried when, a few months ago, the channel lost all of it's sponsors, so I'm glad it has a streaming service again.
There’s always alternatives. Even when the sponsors flee, there’s always another way to keep producing content.❤
They didn't want second thought because he called Israel an apartheid state and that it was doing a joe bidencide
@@THEEN21nebula wanted him to compromise his morals to keep producing on it
Why sponsor from capitalist companies
5:35 That caught me off guard bro 😭
This Real Page software clearly needs to be banned, & wages need to increase if rent goes up regardless.
Honestly, makroeconomically it is preferable for rents NOT to increase. Because workers demanding higher wages will lead to higher production costs in EVERY sector at once, which makes the whole country less competitive.
This us exactly what happened here in Austria. When inflation hit, the land lords lobbied heavily for inflation adjusted rents.
Fast forward 2 rounds of collective salary negotiations and whooop di dooop, Austias industry is suffering heavily from too high unit labor costs.
That is just a perfect example of the owning class shooting itself in the foot.
But of course the media blames it on the unions "unjustifiably high wage demands".
So it is everybody elses fault that we refused to swallow the losses that landlords should have taken in times of crisis, and now everybody (including landlords) suffers. Good job!
It's absolutely collusion, just by a different name.
It won't be banned, it benefits the capitalist class, and they make the rules. In fact it would be a lot better for them if we neved even knew about it
Class action lawsuit, return all excess to renters, pay reparations to people who couldn't rent
@@overflow7276 Almost like providing your citizens with basic needs makes everything better, even the capitalists' precious economy, who would have thought...
I entered the workforce in 2008. I gave up on the idea of ever owning a home in 2018. I had no interest in getting into a lifetime a debt to a bank to supposedly own a house.
It is so sad how many Americans think having a mortgage and owning a home are the same.
I mean that also means you probably will never retire.
Wise choice. You get lifetime rent instead. You stop paying rent - your lifetime ends.
@@Ball.Daily11 That's a given whether I take on a median debt equal to 10+ years median income or not, though.
Especially when added to the 1-2 years median income debt required to even come close to approaching median income (often 5+ years after entering the workforce).
@@Ball.Daily11 owning a home doesn’t mean you retire either. You still have utilities, property tax, etc.. let alone, paying for all the damages and repairs the house will need
I never thought of eviction as an act of violence, but it's actually one of the crueler ones.
I just bought my first home (thanks to the gains the UAW got us last year) the couple I bought my house from turned down an offer that was $10,000 higher than what I offered. They said they wanted to give someone their first house and not sell it to a brokerage firm. I was lucky that there’s still some decent people in the world. But it is a horrible mess out there, the 3 other houses I put a bid in on are low all up for rent. Something’s gotta give!
It’s called “financialization.” It’s a phenomenon where in the last 20 years or so private equity firms and institutional investors have purchased increasingly large shares of homes and apartments. In some cities more than 25% of purchases are by institutional investors. This creates a scarcity of housing for owners and allows institutional landlords to charge basically whatever rent they want because no one can afford to buy.
The housing crisis in Australia is even worse, real estate agencies can make renter's bid for a rental with other renter's
As a renter in Atlanta, I’ve personally experienced rising rental costs over the past few years and am concerned about the allegations against RealPage and the landlords using its software to inflate prices. I’d like to know more about joining the class-action lawsuit. Can someone direct me to the legal team or resources involved in this case? I believe it’s important for renters to stand up against unfair practices, especially when they lead to such dramatic increases in the cost of living. Any guidance would be appreciated!
You are right. There are Plenty of houses on the market, and prices still barely go down. Economist were wrong when they said supply affects demand. It's true in a few cases but not always.
Nurse is another example. There is a huge demand for nurses (and labor workers) but their pay will not reflect their demand.
But housing demand is location dependent. People want to live where there are jobs, but housing isn't being built there
Economists were/are lying. They either act as zealous priests for the gospel according to market (e.g make the rich even richer no matter the cost to everything/everyone else), or they aren't employed.
@@موسى_7 thank you. This point is always missed because of the incorrect talking point of 'but there are enough homes'. Yeah dude, in rural Nebraska theres probably a house with your name on it
Watch the video again. It's entire purpose was -- and it did a damn good job at -- debunking that.
Housing is being built. Prices are not going down or leveling off. Housing is not and never has been a supply-demand issue.
@@FlyingDwarfmanwhat is the vacancy rate in the highest rent cities?. Housing is a supply and demand issue
1:27 The average American is making $80K? Damn. I didn’t realize how lower class I was until just now.
probably household income used to cover up personal income to make you feel poor and everything seem good
if the avg household is 2.5 ppl, that means the avg is like 25-30k
He was talking quickly so the actual headline was easy to miss. It's not that the average (eg add up all income and divide by all people) is 80k. It's the median.
One thing that is happening in the area I live in (Ontario Canada) builders will set a price and then will not budge, a new home could go on sale and just stay on sale for literal years. Builders will refuse to sell a house that they built in a cheaper market cause people simply will not pay that much for a home when you can get a existing property for 10-20% less. The fact that governments are willing to prop up builders and do not require builders to sell after a given time has lead to a situation where in many areas (little towns and big cities) where a builder is expecting a certain amount for each property and will not adjust the prices based on the market which results in entire neighbourhoods of new homes being vacant in communities with many people looking to purchase.
It's almost like leaving your access to basic shelter in the hands of private actors whose only concern is their own profits, is a bad idea.
it's a very easy problen to solve, bring in hefty taxes on empty property for corporate landlords and private landords with more than a certain amount of property.
5:58 they always say Capitalism is the best way of distributing goods and services, but every time the goods and services get optimized out of the equation.
Building a log cabin and going full Kasinski (minus the bombs) is sounding pretty good right now, NGL.
I LOVE ECONOMIC BUBBLES, I LOVE A ESPECULATIVE ECONOMY
I love seeing a society where your access to the basic necessities of life(shelter, food, healthcare, etc) are artificially and perniciously paywalled to make the already wealthy slightly richer.
@@Praisethesunson That's what happens when a state doesn't own anything and only invests in its army. Why are people even paying taxes in the first place?
Good. Now repeat it 5 more times and SMILE. Or you will be sent to the next re-educatoon facility. After all, you don't want to be a heretic, right? 🙂
Lets goooooooo
You finally put citations in your description!!!! Yes!!!!!!
We do that every video, friend
Hedge funds have less honor than vampires.
Remember that the game of Monopoly ends when no one can afford to live on the board anymore
Whenever I hear about how bad the Soviet Khrushchevkas supposedly were I can't help but laugh. Sure, maybe they weren't luxurious, but they represent a government that made housing a human right, and built as many housing units as possible as efficiently as they could with what little resources they had in order to guarantee everyone had a place to live. I'd much rather have that than an equally mediocre studio apartment that I can't afford to live in anyway.
Shhhhhh…that’s top secret
What’s crazy is collusion is considered “bad practice” in capitalism but here we are seeing landlords use a program which literally is about getting the entire market to collude in the most efficient way possible.
I understand it’s one rule for them and another for us but that’s a whole new level of mad to me.
The only reason I own my house is because we used the rest of my father's life insurance to pay off the mortgage. I'd rather have my father.
I outright own my car. I have two jobs, one of which is at a school. It still seems like not enough. We need people to wake up to what is going on.
I'm sorry for the loss of your father.
And in Australia, something called 'negative gearing' makes it appealing to many upper-middle class people to hoard housing. As a Canadian who immigrated here, being a landlord to at least one other property is considered a life-goal for adults. Seriously. Almost every 50-70 something person I worked with at an office owned one or two extra properties, because they get massive tax breaks on them. That old saying about temporarily embarassed millionaires is especially true down under as they raise rents 100 PER WEEK every year now. I know this is a worldwide issue, but Australia is particularly heinous.
I just want to point out that on the other side of the globe, in Russia and Central Asia, the situation is exactly the same at 146%. Our rental prices are lower than yours in absolute terms, but they make up more than 50% of the average salary, and the cost of buying real estate is growing by tens of percent per year due to mortgages. Most have to work 2+ jobs to live comfortably. Capitalism is the same everywhere.
All these companies are price fixing. They're not competing for the lowest rents, they're colluding together, and competing for who can get away with charging the highest price.
Thanks for the quality, relevant content. This is a good channel
Capitalism is ultimately a predatory system
Only a few seconds into the video, but damn your editing is good JT. You've been making some very nice videos to look at lately, keep it up man
The median income in the U.S. is not 78k as stated by CNBC. That might be the median household income, but the median personal income in the U.S. in 2023 was like 42k.
This is, hands down, the best effort I've viewed here. We needed this. The 20s squeeze is pushing so many to the brink.
You missed something: mortgage backed securities can now be used by banks as a replacement for cash in their reserves. This further pushes up the value of those products, and pushes up housing prices the same way discussed at the end.
There still is a shortage of housing units though, especially in large cities that have stopped building much new housing. Smaller units are especially hard to find.
The views of those endless suburbs give me the creeps....
So does the cities to me (suburbs too, not a defence of them)
Not a sidewalk in sight. Just car infrastructure living in the moment.
As someone who lives in a rural area 20 miles from a major city and 7 from a smaller one, it is one of my greatest fears that soon suburbia will swallow my rural area. We're destroying millions of acres of pristine farmland and wild spaces for the benefit of corporations. It's a gradual ecological and cultural apocalypse.
What do you think of people who think that having things closer together "looks third world" or is otherwise "bad"?
@@1873Winchester I'm an urban dweller. Always been. I don't like the thought of having to take my car to do everything. There are good potential efficiencies in the way society can be organised in cities. Where I live I can do my groceries walking, my kids can go safely to school on their bicycles. Countryside life has its place, but isn't (and shouldn't be) for everyone.
This has been the best explanation I’ve heard so far on why housing has become so expensive. Well done Second Thought. Bravo
Hey I don’t think we pay enough for housing. Honestly, if I had it my way, I wanna pay $4,000/month for a broken down shack in someone’s backyard. Who wants affordable housing anyways?
8:55 Mobile homes? They're buying up MoBiLe HoMeS?!? I'm just in awe at the level of greed..
A very simple regulation that could be put in place, is force a higher TAX depending on the ammount of properties you own. First time buyers / people who own 1 property are taxed less on the property. So a bank or big entety owning 100 properties will see their tax increased significantly unless they offload some properties. People who are getting into the market gets their first home on what is basicaly a discount in todays standard.
Once enough landlords are using the same rental pricing algorithm, the program will essentially start using it's own outputs from precious surveys as inputs for the next survey. Like you said, it is a sort of automatic price fixing. But actually worse than that, because it is more like an accelerating price inflation machine.
Gonna make a prediction because I'm at work and can't watch this yet. I'll update later with whether my prediction was accurate. Prediction: housing is getting more expensive because the people who own all the houses are raising prices in order to get more money.
Well you're not wrong, but the video went a little bit deeper than that. 😂
The Real Reason Housing Is So Expensive
Before watching the video: Corporate greed
After watching: Corporate Greed!
I mean, at least we know more details now.
Corporate greed with extra steps
Mobile home parks in Mesa, AZ are charging $1000 per month for the lot fee. My condo costs $270 a month for the HOA. The government needs to crack down on lot fees. It's ridiculous.
It’s also worth noting that the US is a settler colonial project, so expanding housing across vast swaths of the US was incentivized (cheaper prices as a proportion of a “normal person’s” income) to settle the land. Once land is occupied however, housing can be treated as a commodity in this capitalist hellscape.
I'm literally trapped in my current house that I bought in 2018. Moving to a new town would literally consume any sort of raise I could hope to earn. Meanwhile, houses in my small, middle-of-nowhere town keep going up (right now all the listings are between $180-350k, but the average wage is $18/hr). Completely unsustainable.
Literally saying if you don't find some other cheaper place to go you either go in debt trying to get a house, have no children or just try to start a whole new industry in your area.
You always deliver unique content. Those who understand and are in the know won't do what you do out of fear from the operators of society's levers of power. You shine light 🕯️ on topics most people will never know about even with this platform limiting your impact. You are doing good work man. You are much appreciated. You speak well and present hard to speak about topics in an easy to consume fashion. Keep going 💪
Really well set out and explained. It can't be overemphasised that less government spending on social programs transfers debt to households, and that the commodification of housing coupled with systematised upward wealth transfer, without meaningful redistribution (and social spending), has entrenched class stratifications. This is the primer I will share with people who either don't know, understand or believe the reason they've been locked out of housing . Good job.