A bleak tale, fit for a Dicken's novel. As you say, the gains to owners have been capitalized (across both rented and non rented ownership). I don't see any viable path for those to be reduced by more reasonable mortgage lending policies. Is that not continued incentives for both SFR and apartments?
Yes. But, municipalities won't permit more apartments. The supply will then get redirected to single-family-rentals. But, I think the same motivations that lead to anti-apartment rules will then get triggered. "Single family homes are for families, not corporations!" But, until that happens, this will be the only outlet for marginal new residential investment.
"The lower your income, the more your rent has likely risen and the larger percentage of your nominal expenses it takes. That multiplies the distributional effects, and so which gray line you happen to fall on in Figure 1 is negatively correlated with income. The poorer you are, the lower your growth has been."--KE
Egads. Let's foment class hatreds by any means necessary.
Stop building infrastructure and housing, and import cheap illegal labor by the millions upon millions of workers.
Tell people they are better off than ever---and if not, that the other political party, or some non-PC group, is the reason things are lousy.
>The mortgage crackdown in 2008
This needs to be a link! What is the mortgage crackdown, how did it happen, what were the effects, etc.
I write about it a lot here. Here are the first and the last posts from a recent series of posts on the topic:
https://kevinerdmann.substack.com/p/the-moral-panic-its-perpetrators
https://kevinerdmann.substack.com/p/ok-one-more-moral-panic-post
I thought you might enjoy this meme:
https://substack.com/redirect/51f2ae2b-efbb-4fc3-a86e-8bc5059ab07c?j=eyJ1IjoiazMwdWgifQ.e0r5M9XGlZdo2mKVNCjm4sCpQvY3r8dGd_Sqi471q7E
A bleak tale, fit for a Dicken's novel. As you say, the gains to owners have been capitalized (across both rented and non rented ownership). I don't see any viable path for those to be reduced by more reasonable mortgage lending policies. Is that not continued incentives for both SFR and apartments?
Yes. But, municipalities won't permit more apartments. The supply will then get redirected to single-family-rentals. But, I think the same motivations that lead to anti-apartment rules will then get triggered. "Single family homes are for families, not corporations!" But, until that happens, this will be the only outlet for marginal new residential investment.
"The lower your income, the more your rent has likely risen and the larger percentage of your nominal expenses it takes. That multiplies the distributional effects, and so which gray line you happen to fall on in Figure 1 is negatively correlated with income. The poorer you are, the lower your growth has been."--KE
Egads. Let's foment class hatreds by any means necessary.
Stop building infrastructure and housing, and import cheap illegal labor by the millions upon millions of workers.
Tell people they are better off than ever---and if not, that the other political party, or some non-PC group, is the reason things are lousy.