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by merrywhether
1534 days ago
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If only the younger generations had more political power, there’d be no government intervention in the event of a crash. The older generations that bought houses and then pulled ladders up in order to politically engineer constant wealth growth should be left to deal with it on their own for once. The house of cards is going to completely collapse eventually, so the sooner the better. |
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Many young people put off home ownership specifically because we watched slightly older friends lose their shirts on their houses. I remember specifically one friend who had to save up to sell their house, not only was he selling for 20% less than he bought for, but he was making $20k in out-of-pocket concessions to the buyers. Popular opinion was that houses were too risky.
Plus, there was the issue of, we all either were laid off recently, or had friends who had been laid off. It's kind of hard to think about long term planning with that hanging over you head.
So when the house of cards collapses, young people won't be the beneficiaries. They will suffer long-term because they lack the experience and context to internalize concepts like business cycles. I remember my mom telling me to use the $8000 first buyer credit from the government to buy the house across the street from her for $78,000. That house is how worth a quarter of a million. But I didn't buy it because I was worried about layoffs or further market collapse.