|
|
|
|
|
|
by collaborative
863 days ago
|
|
|
Sadly, nowadays the shareholder will sell the shares and buy properties to pass on to children. Land owner is fast becoming the only profession with inter generational prospects. That's why a property crash is the only hope for a return to a normal economy (where people run businesses, develop skills, do actual work) |
|
|
Well, let's not actively hope for a crash. Lots of normal people who run businesses, develop skills, and do actual work suffered greatly during the last property bubble of the GFC[0].
For what it's worth, outside of the major metropolises where a combination of supply restrictions (principally via zoning) and overwhelming demand (stoked by natural and economic advantages as well as policy that induces home purchases), people running businesses, developing skills, and doing actual work are able to afford to buy land and homes. My barber, for example, with no college degree and no inheritance, lives on 10 acres. The catch? It's in an area not fancied by urbane types, and his house on that land is a mobile home, though he is saving up to build a "real" one[1].
[0]: And with this, it's interesting to study the effect that government policy had on pushing loans to people who had no hope of repaying them.
[1]: In many areas, building codes and zoning place a floor on the minimum price of a house, and it can be argued that this floor is too high.