What? Boomers with vacation homes likely doubled their net worth in like 2 years. All the houses doubled in value, and they have more than 1. Talk to any real estate agent. The only people buying houses are boomers rn. On the occasion it’s a younger person, they usually have help from their boomer parents or an inheritance from boomers. The scales were already tilted in their favor, and the pandemic response was to lower interest rates and let them buy more of the already scarce housing at unbelievably low rates or refinance their existing mortgage for a lower payment while first time homebuyers got outbid by people with more equity, and larger down payments. (See: boomers). They absolutely gained the most from the pandemic response, and if the high rates ever cause the correction it was designed to do, I won’t feel the least bit bad if they lose their ass and didn’t plan for it / have to go back to work (again).
Wow, that’s a whole lot of sugar coat of the actual problem with housing. Corporations bought up a lot of the apartment buildings to convert to short term rentals and price fixed the long term rentals, that’s why there’s a shortage of housing.
2 things can be true. Most boomers I know participate in rent seeking to some degree. Corpos buying up housing didn’t help either. Nor did foreign buyers. They also benefited massively from the low covid rates and were outbidding the families those rates were supposed to be helping with. The whole housing market is fucked, and our spineless, property owning politicians aren’t going to do anything about it any time soon.
What? Boomers with vacation homes likely doubled their net worth in like 2 years. All the houses doubled in value, and they have more than 1. Talk to any real estate agent. The only people buying houses are boomers rn. On the occasion it’s a younger person, they usually have help from their boomer parents or an inheritance from boomers. The scales were already tilted in their favor, and the pandemic response was to lower interest rates and let them buy more of the already scarce housing at unbelievably low rates or refinance their existing mortgage for a lower payment while first time homebuyers got outbid by people with more equity, and larger down payments. (See: boomers). They absolutely gained the most from the pandemic response, and if the high rates ever cause the correction it was designed to do, I won’t feel the least bit bad if they lose their ass and didn’t plan for it / have to go back to work (again).
Wow, that’s a whole lot of sugar coat of the actual problem with housing. Corporations bought up a lot of the apartment buildings to convert to short term rentals and price fixed the long term rentals, that’s why there’s a shortage of housing.
2 things can be true. Most boomers I know participate in rent seeking to some degree. Corpos buying up housing didn’t help either. Nor did foreign buyers. They also benefited massively from the low covid rates and were outbidding the families those rates were supposed to be helping with. The whole housing market is fucked, and our spineless, property owning politicians aren’t going to do anything about it any time soon.