this post was submitted on 13 Aug 2023
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Now what happens when teachers, nurses etc can't afford it either.
Home owners loving those paper gains and won't realize it destroys the social fabric of their communities until it's too late.
Most home owners I know either
Don't want the gains, because they can't afford to buy a nicer place even if they sell their current place.
Are unhappy about growing mortgage payments.
Are worried about their kids being able to afford a place.
The gains only benefit people who can cash out and move away. Most homeowners (I know) wouldn't want to borrow against the house value because repayment is so expensive.
And interest rates are at least 2x what many homeowners currently have.