[throw8383833jj]

this is part of the issue but not the entirety. If it was just the currency that was collapsing you would see wages spiraling out of control as well.

i think, what we're seeing here is housing has been made nearly impossible to build by regulation and zoning. Also, large imbalances between where jobs are and where places to live are, exacerbate the issue immensely.

Over the course of the last decade, I've come to accept that things are the way they are because many many people want it that way. There is large scale support for ever increasing housing costs among the voting population. this is because most voters own real estate and they simply want to those values to go up and up forever, regardless of the consequences to the next generations and the future of humanity. I had noticed this taking place in the US but I've been seeing this phenomonen happening all over the world in the so called "first world".

[nathanaldensr]

I realize I'm likely in the minority, but my property value has gone up almost 100% since 2019, and I don't like it one bit. I'm going to be burned by property tax increases like everyone else. Even if I did sell, there's nowhere to move--and I'd be paying stupidly-inflated percentage-based real estate commissions on both transactions.

[throw8383833jj]

In CA you can have your cake and eat it too. My property values have gone up 30% just in the last year and yet, with Prop 13, my property taxes will only go up 2%.

can you imagine the long term ramifications of such a taxation policy? the guy who made 2 million $ in equity gains over the last 20 years is paying 5 times less property taxes than the poor schmuck with 0 equity gain who just bought the same exact house at 4 times the cost. sure they're both paying a lot of property taxes but the one who just bought into the system, is paying a lot lot more.

[theluketaylor]

If you're in Canada (or at least Ontario) huge upticks in property values across a city don't result in higher property taxes. Municipalities set their budget and then divide by the real estate value to arrive at each lot's property tax (the actual formula is more complex, but that's the basic concept, plus MPAC values lag way behind actual sales). When everyone's property goes up by the same amount no one's taxes increase.

It's still a very bad thing property values have gone up so much. This isn't free money; the cost is being extracted from young people and new immigrants trying to enter the market and it's turning our economy into a giant real estate shell game.

[nasalgoat]

In Toronto, commercial real estate carries the largest property tax burden - single family houses are the lowest in the entire province.

[imtringued]

One of the most important realizations that you have to make as an adult is that there are no conspiracies. If there is one billionaire supposedly doing something on his own behind your back you can bet that there are millions of people who are doing the same thing and think it is perfectly okay.

People complain about black rock buying everything up but guess what, regular homeowners are in it for the speculation as well and they vote in a way that gives black rock outsized power because they want their own slice.

[cyber_kinetist]

Welp, though the assumption "most voters own real estate" is becoming less and less true everyday.