this post was submitted on 20 Oct 2024
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[–] came_apart_at_Kmart@hexbear.net 83 points 1 year ago (1 children)

i wouldn't say brewing so much as has boiled over and exploded all over the kitchen 15 years ago, dried, and now the entire place is sticky and smells like a sewage pipe backed up.

the phenomenon of "people can't live where they work" has metastasized and spread to hundreds if not thousands of small communities, where the provisioning of labor for essential services in a location does not pay enough for the people providing that labor to reside in that community. so there's a cascading effect of people who live in City A being served by people who live in Town B (with less functional services), who receive services from people in Town C with each town being more destitute and broke with worse services. and I don't even mean like just hospitality people which has been a problem for much longer, I mean like nurses, city workers, teachers, various professionals. All these people providing essential work to a place are commuting from outside the boundary, where there is worse infrastructure/services just so they can find affordable housing and attempt to build some kind of equity after a decade of working. all so they can feel like that equity provides them agency in how they might retire, because unless you "own" your residence, your ability to persists in a place is at the whims of someone else.

[–] SpiderFarmer@hexbear.net 34 points 1 year ago

I want to nail your comment onto buildings all over America.

posting

[–] Evilphd666@hexbear.net 49 points 1 year ago (2 children)

Don't worry everyone. All the green space in my neighborhood was just bought up by single developer who plans on building 1 room homes on 50ft lots and selling them for starting at $350k.

[–] Infamousblt@hexbear.net 30 points 1 year ago

Sounds like the school in my neighborhood that was bought so that it could be turned into luxury studios. 2500/mo for 650 sq ft and you can visit the coffee shop in the old gymnasium! This is totally normal and sustainable

[–] D61@hexbear.net 47 points 1 year ago (2 children)

Huh... who could have predicted that falling wages and increasing home rental prices would mean that lots of rental units would be sitting vacant for longer and longer periods of time?

Its funny, in the laugh to keep from crying in despair kind of way, that landlords as a group are inclined to keep posting higher rental prices for their units because no individual wants to be the first to "lose" money by reducing their rates to get somebody in the units.

Is the appearance of having something that could at some future date produce "x" amount of revenue more important that actually generating revenue?

Perfectly efficient economic system we've got right here. skeleton-motorcycle

[–] Belly_Beanis@hexbear.net 28 points 1 year ago (4 children)

landlords as a group are inclined to keep posting higher rental prices for their units because no individual wants to be the first to "lose" money by reducing their rates to get somebody in the units.

I was thinking about this the other day and how funny it would be if someone just destroyed the entire market overnight by cutting their losses and cashing out. Like maybe they have $10 billion invested into vacant homes, but decide it's better to lose $5 billion now vs. waiting another decade to try and get the full $10 billion. So they sell everything off at way, way below market rates. It's not a small amount either, so another investor can't just swoop in and get the $10 billion by buying this person out.

From there, it dominoes out of control where people are buying $500k homes for $200~300k. Competitors can't keep up with how fast the homes are sold to individual families, yet they see their current investments now at risk of losing serious amounts of money.

This would never happen because landlords wouldn't be landlords if they had the foresight to pull it off, but I can dream of China doing it to torpedo North America's housing market.

[–] invo_rt@hexbear.net 27 points 1 year ago (1 children)

but I can dream of China doing it to torpedo North America's housing market.

xi-button

[–] Dingus_Khan@hexbear.net 11 points 1 year ago (1 children)

Imagine the chud rage if China actually started buying US real estate en masse the way they already think is happening

[–] coolusername@lemmy.ml 2 points 1 year ago* (last edited 1 year ago)

Chinese (individuals) have been buying US housing before the recent bubble in prices, because they were seen as a good investment, and they were proven correct. Media says it's all corrupt "SEESEEPEE" officials trying to hide their money.

[–] D61@hexbear.net 14 points 1 year ago

is-this Is this crypto?

inshallah-script

Death to America

[–] infuziSporg@hexbear.net 7 points 1 year ago

A lot of it depends upon how much it costs to hang on to a stagnant asset. If you're not renting out a house, you're still paying property tax on it.

Cities can use this to a desired outcome by raising property taxes, in equal percentage points to an "Owner-Occupied" exemption. This is assuming that there aren't tax loopholes being exploited, or that those loopholes are closed.

Is the appearance of having something that could at some future date produce “x” amount of revenue more important that actually generating revenue?

That's not all, the future potential revenue can be even more important than their own lives, ask kulaks.

[–] DragonBallZinn@hexbear.net 37 points 1 year ago (1 children)

Maybe? Brewing? It's been here since like 2008.

Just tax land values and do the opposite of what wall street wants, problem solved.

[–] Thordros@hexbear.net 12 points 1 year ago

do the opposite of what wall street wants, problem solved.

It doesn't actually matter what the economic problem is, this is nearly always the solution.

[–] 2Password2Remember@hexbear.net 27 points 1 year ago (1 children)
[–] ahriboy@lemmygrad.ml 18 points 1 year ago

Death to Capitalism as a whole!

[–] viva_la_juche@hexbear.net 24 points 1 year ago
[–] peeonyou@hexbear.net 16 points 1 year ago

"alarms have not yet been raised"

oh yeah?