Hey, here’s a thought: outside of banks holding the deed in the context of mortgages, corporations aren’t allowed to own residential properties for perma-renting purposes.
this post was submitted on 30 Sep 2024
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Basic, modern human needs such as housing, healthcare, education, nutrition, utilities (electricity, internet, water & sewage), and transportation should never be a means of profit. As with everything, there is a cost to maintaining these systems and to profit off of them inherently means diverting resources away from these systems that serve our society into the pocket of an individual.
It's affecting the working poor worse. the middle class can still afford rent far easier.
Middle class isn't real. Everybody (perhaps over a certain age) thinks they are the middle class. There are those who own the factories, farms, offices, etc. And there are those who go in and sell their labour to make a living. "Middle class" is a term invented to sow division in the second group.
What a dishonest argument.
There's a world of difference from someone barely getting by, living paycheck to paycheck, versus a middle class worker well into their career, able to afford minor luxuries and still squirrel away money for savings and retirement.
I am middle class. I am 20 years into my career. I make comparatively good money.
But due to not prioritizing buying property, I've pretty much missed my window. I can qualify for a mortgage, have the 20% down-payment, but the monthly payment would pretty much wipe me out, costing around $3k more per month than renting.
If I were at this point in my career 20 years ago, I could have easily afforded a house comfortably.
That is what we're talking about when we talk about the housing crisis for specifically the middle class.
Middle class doesn't mean anything. It's a term to pander to suburbanites.
The prices are set by banks. The only limit on what somebody can sell you a house for is what the bank is prepared to lend you.
If the interest rates go down, the price goes up. If the term lengths go up, the price goes up. Prevent lending, and the landlords will buy it up because normal people can no longer afford them.
The system has been fucked for way too long, and in order to fix it, you're going to have to upset a lot of people who have put their money into their home.
I don’t know where you’re from but in my European country the banks are actually verifying if you are able to reimburse and you cannot borrow above some threshold. Maybe that explains why the prices increases are lower here ?
In the UK there's a soft limit of 4.5 times your income.
This is the amount they're allowed to do with no oversight.
But 15% of their mortgages per quarter can be over that, and as far as I can tell there's no real upper limit, although they've been offering 6x mortgages in some places.
The entire economy has prioritised pumping mortgage money around, and so nothing will be done. The only real lessons from the last big crash was to limit bad borrowing a bit, and that is crumbling away too.
I don't see any short term fixes that wouldn't get their political parties booted out and replaced with a party that promises to pump the house prices again.
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