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You ask, "do we want a country where as many people are responsible and take ownership of their lives?"
But your solution is to give the government control over how much people can borrow, and whether they can have second homes or not. I don't like all the "communist" labels that people throw around on this forum, but that really does sound vaguely communist.
If people want to have a second home, fine, but they can pay much higher property taxes. When did I say outlaw it. I didn’t. If you don’t want people borrowing more than they can afford, history shows us the banks will not care if they can make money.
Land is finite. Everyone should have an equal opportunity. Equal opportunity does not mean no government involvement. If a poor person has to compete with a wealthy person, they will be outbid. That is not equal opportunity for ownership and responsibility. That is not communist. That is common sense.
If you don’t like bubbles, stop inflating them and right now corporate America and entitle investors are the ones inflating the bubble they need to be deterred. What is your answer? Just let it pop and repeat the 07-08 recession because that worked so well for Americans?
Last edited by odinloki1; 08-16-2022 at 10:28 AM..
I hope the market tanks.
I’ve been holding off on investing in some properties because the prices(& competition) was just way too bananas, and basically a ripoff.
As I said in my post. High taxes on anything that is not your principal residence.
As I said before, we can have a country where we can have people taking ownership and being responsible for themselves. Or we can have a country where there is no theoretical limit to the wealth you can accumulate. We don’t have resources for both.
“Investors” trying to make money off people just trying to have shelter are some of the most entitle people there are. Time for them to find somewhere else to engage in rent seeking.
Those "high taxes" translate into high rent.
And I know that is going on now. Your plan make it worse, not better. You drive the small investors out. At the same time, you are fixing the price of the properties, so these corporations can buy them at 3% over the previous year's price, while anyone that needs a mortgage to buy, will not be able to buy at anything over 2%.
In other words, you are wiping out the corporation's competition. Did you ever consider that?
If rates continue to rise (not sure that's possible bc it would break the Federal budget to service the debt), then new homebuyers would drop off a cliff.
That sudden drop of new homebuyers would allow housing prices to fall, which would put pressure on all the home buyers that bought at the top in say, 2021/2022 to walk away from their mortgage, just as they did in 2007/2008.
But we all live in a fantasy financial woke world, and the Fed will just print more $ to offset the collapse of asset prices by creating inflation. Your house will be fine, but you're going to pay $10 for eggs.
The Fed Reserve is independent ,it wants to keep inflation at 2% so it would raise rate again very soon,yes,it will drive the housing market into a recession.
As for the government it would have to pay more for our money,it will raise our taxes.
To be honest,I never realise that we have been living in a 2% inflation environment,
hat sudden drop of new homebuyers would allow housing prices to fall, which would put pressure on all the home buyers that bought at the top in say, 2021/2022 to walk away from their mortgage, just as they did in 2007/2008.
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They would still need a place to live,unless rent comes down,
hat sudden drop of new homebuyers would allow housing prices to fall, which would put pressure on all the home buyers that bought at the top in say, 2021/2022 to walk away from their mortgage, just as they did in 2007/2008.
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They would still need a place to live,unless rent comes down,
A lot of the people that walked away in 2007/2008 had no, or little, money down. Anyone with a significant down payment, would be foolish not to ride out the wave, because as you said, they have to live somewhere. May as well pay the money to the one that’s holding your life savings.
Some of my ex neighbors bought the house from the builder back in 2005 with the help of HUD,if you income qualify,HUD will give you 10% if you buy a house less than 2 years old.
who has houses less than 2 years old and will take 10% down?The builders,
they did not last long.
,
wages are higher now,what is the starting salary of a college graduate?if couple both works,combined salary is easily $100K plus,but then there are 2 student loans to deal with,2 car payments and 2 credit card debts
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