It's extra fucked in California because the boomers passed a law to set property taxes at the time of purchase and only allow for small increases over the years. Rising home prices don't have corresponding rising taxes so the old farts are never priced out of their huge empty houses.
this post was submitted on 17 Jan 2024
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Corporations and foreign countries are buying up real estate like crazy and OP wants to blame retired people? STFU.
Not sure how common this is nationally, but around here it's also common for the older generation to maintain two properties a "home" in the city/metro area near their kids or grandkids and a "cabin" which is literally a second home somewhere else.
I think it'd be great to give up the home in the metro and downsize to a condo or apartment, but that's just me.
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Yeah, old people! Get out of your houses! Die in the street for everyone else's benefit!
Just like how you were supposed to die to vote for Trump in the Iowa caucus and die from COVID to help the economy.
The point is, this is entirely your fault and we hate you and go die. In a hole preferably, so we don't have to hear you moan about needing social security and medicare.
Sincerely,
Republicans
(P.S. Vote for us before you die! Kthx.)
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My 90 year old grandmother refuses to go to a nursing home (and honestly I can’t blame her) and actually just blew a ton of money getting her home remodeled. She has no plans to leave until she passes away, at which point the house will go to my father who has plans to sell it.
Meanwhile, my wife and I barely make the median income amount and, at 36, we’re never going to be able to afford a home.
And your dad will spend that money like it will never end, leaving you with nothing.
Mhm. He and my mother plan on moving to Alaska with my uncle.
Amazing. They got their shot and are still hoarding it. So sad.
If my parents invested a FRACTION of the money they have just thrown out into the world in their children, our lives would be so much better. They really have always just done whatever made them happy, hey, we're adults, right, they aren't responsible for us anymore or something.
No it's not. Hedge funds and banks and corporations are buying the starter homes. The homes boomers are in are not the starter homes.
This entire line of thinking is a red herring to distract from hedge funds destroying our housing economy.
I bought my first house in 2010, during the last dip in the housing market. Sold every asset I could for the down payment and end up with a mortgage payment I could afford. The value of the home has since increased 3x from when I bought it; I couldn't afford to buy the place today, let alone move someplace else. My major source of frustration has been property taxes, which now cost 1.5x more than my mortgage payment. I'm not entirely certain I'll be able to STAY in this place if they keep going up 20%/year like they have been.
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I feel like most of the thumbnails I see for news articles are AI generated now.
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Baby Boomers, Millenials, amd Gen Z account for.. 42% of homes.
Classic Gen X erasure aside... I have doubt Gen X owns the remaining 58% today. The article does mention 18% of gen X owned 10 years ago. And I am doubtful the Silent Generation is still clinging to their numbers.
And so under the most charitable interpretation: that is still a 20% gap of ownership by what I can only assume is a business enterprise.
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