My first apartment in 1994 was $350/month. Adjusting for inflation, that apartment should now rent for $744/month.
It actually rents for $1500. Greed and inflation are hurting the kids, not their Starbucks lattes.
It actually rents for $1500. Greed and inflation are hurting the kids, not their Starbucks lattes.
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And that is the least expensive available in the area.
It goes for $750,000 now. Based on REPLACEMENT costs alone.
Appraised at $99 thou in 2008
Now assessed at $187000
No major improvements beyond routine expected upkeep.
Or $2700 in Vancouver.
Americans are paying for this, and the worst part is that this strategy has penetrated politics.
That’s right. I wrote checks for $117.50 a month.
I predict it will be gone by the end of summer.
Becausw the system we live in is fundamentally anti-human.
It now rents for $1200/mo.
Even worse rents now.
Cities are unaffordable for middle class and working poor.
Real wages: stagnant or declined.
This is a formula for revolution. The 1% may have miscalculated what they can get away with.
Vast majority of housing price increases are due to high density development being banned in zoning laws
How many units per project?
How many *births* per project?
Almost certainly, the housing development is slower than population growth.
We need zoning reform way more than bans on corporate homes. But both will do.
New York City built 400 subway stations over about 20 years. Now, my city struggles to build 10 stations in the same amount of time.
Did not happen here, and I’m not shocked that “Free Market Solution!” failed once again, or that proponents fail to learn from it.
the poster child for “responsible” development to the center of corporate real estate investment and ballooning homelessness and ethnic cleansing as historic Black
communities are displaced.
Market-based solutions do not work.
The Justice Department was suing over this, but not anymore I expect.
The price of everything goes up yet the average Americans make barely enough to survive. Capitalism is only for the wealthy. It puts profits above the people. Resist ✊️
I have no idea why so many people just toss things to the side instead of building onto/upgrading/repairing what they have.
people be throwing money around like it's nothing
$7.50/hr today is like $3.75/hr in 1993.
And no.. companies could have done it then. But the surest way to keep ppl in low wages -> threats of layoffs.
Now look at the 1%..💅🏿
Pure greed and the need to always have a poor working labor force.
They like to punch down 🤬
i mean you can’t keep raising prices & holding wages stagnant….thats not sustainable on its face!
Please spare a thought for the 10s of millions of us who were struggling even before scump crashed our tiny 401(k)s. Bsky, a left-leaning site, is home to many of us. Thanks.
And then they determined how much they could raise rent each year and did that.
It's embarrassing to me, and it's a huge turnoff to potential dates, but what can I do?
This is all because of Trump and greed.
I had a full-time job that paid $375/month.
I was a college graduate.
You could grocery shop for a week with $20.
My family lives there @ ZERO cost, I don't.
Maybe more people need more than 1 house, not less!
Direct government intervention on both the supply and demand side are necessary.
As a general rule, there is no upper limit on the amount of profit an owner will extract from rents or labor.
All policy must reckon with this.
And while it is a decent system for rationing non-essential products, for housing, it must be seized from the market.
If I had my way, through massive public housing construction and purchases of existing properties to out compete private landlords and companies
I saw it for rent when I passed through town just last winter so I called the number, they wanted almost $3000.
I rented a 2 bedroom apartment back in 2002-2014 for $600 per month. Rent never increased!!!
Don't know how much it is now, but know it's not that cheap!!!
I was doing well & the RE Mkt wasn’t great.
That same apt is probably 6-8X a typical salary..
There were small apts for under $50K
Current & Future generations are screwed
A Parking spot can rent for $1000/month.
$200K-$400K to buy.
Today I’d need about $80k for the exact same lifestyle.
Current LL--monster!--who sd rent incr wd be abt 50/yr has price-gougd me from 1100 ('19) to 2000 ('24) & I've had to fight her down. Owns 1 bldg.
99% of LL are crap.
Where?
I can't go 5-10 mi on the road in any direction in a ~50-mile drive, without seeing "For Rent" signs.
Housing scarcity my arse.
It's people ripping others off and stepping on others, plain and simple.
But it’s because Boston added 3.3 jobs for every housing permit granted from 2002 to 2022
https://www.bostonherald.com/2024/05/25/massachusetts-housing-shortage-advocates-look-to-move-the-needle-on-production/
Vacant rate by me are at historic lows
Commercial conversions are harder than you expect
Do a little more research
What you're complaining about is lack of political will to ensure a flow of affordable housing. If everyone's
Making private owners alone pay for it is as distinctly greedy as you're complaining landlords are. FWIW, I'd accept higher taxes to increase housing stock
People vote for the policies that benefit them, and since Citizens United, the playing field's been tipped. The wealthy have always had more access, because lobbying works, and that takes money.
Blaming the wealthy for playing the game and winning
As it happens, only The Dems are even willing to think about such things. They've been allowed to slumber and grow peacefully old and self-indulgent in their sinecures.
$1650 a month.
#ElectionTruthAlliance
#SmartaElections
#GregPalast
No point in punishing the top 6.. dozen.. 100 most wealthy names behind it if we've still got 78 million people only too happy to vote Nehemiah Scudder in.
That $27,500 difference means that more ppl would not be spending 35% of their income on housing.
It also means builders could build starter homes for the national demand
Our problem is simply ppl are not paid enough money to cover the costs of housing
Adjusted for inflation the minimum wage should be over $14
The press has focused on cost/rents which is the WRONG side of the math formula
Incomes have fallen 20% behind the cost of construction since 2004
Builders would build MORE housing if ppl could afford to buy or rent
Higher incomes creates more supply for the working class
We do need higher densities to help but unless ppl MAKE enough to afford the cost of construction NOTHING gets built
Today affordable housing HAS TO BE subsidized for ppl’s wage profile
If ppl had more money the buildings wouldn’t be empty
We would also be building on more redevelopment land if it penciled out
I would really like to see the mental math on that one...
I've watched many new homes and buildings with "for rent" signs sit for months to years without occupancy.
There is no open market for housing construction because there is not enough volume of buyers to have open market competition
This leaves the building to the monopolistic builders who lock up land and use political influence
Incomes are 29-30% behind where they should be.
Higher incomes houses more ppl and higher incomes creates competition between developers AND pushes cities to rezone
SUPPLY is the problem that drives rents and costs
Builders CAN NOT build things that average workers can afford
That is the MATH of development
If more ppl could afford NEW CONSTRUCTION then the price/rents of existing would drop
I can take you to growing areas and that doesn’t happen
Rezoning for higher density helps but if ppls incomes are not growing they can’t afford to rent
It’s a simple math problem. Cost of construction vs Income
None of that is possible for HS grads since ~2005.
I’m 40 and just had to move me and my daughter back in with my parents. I’m convinced I’ll never own a home… I can’t even afford rent. 💔
For context, I make a decent wage working 19 years in healthcare and I don’t buy Starbucks anyway. The system is rigged.
Living at home is no cake walk (especially with trumpers), but I literally didn’t have a single other choice. I have a child to think about. 😔
Your oppression is their profession.
So, um. Yeah.
Same school, 15 hour tuition is $6000, one book can costs in the hundreds.
Unbelievable!
I didn't go to college and retired by age 50. It can be done.
Min wage would need to be around 36.00/hr to do it now.
Militarism
Patriarchy
White Supremacy
All run hand-In-hand
All are progressive
GeneralStrikeus#
Should be illegal to do that!
It’s a supply and demand thing. Homes aren’t affordable creating rental demand. And there just isn’t enough units for everyone.
Neither party has addressed these housing issues.
I think it’s a lot more likely that they’ve found ways to restrict supply* than that human nature has become substantially more greedy during this time
*zoning & NIMBY regulations
Neither party has done much about it.
These investors restrict their unit numbers to manipulate supply and demand. Big lobbyist group.
They have no incentive to build more.
But the government can help subsidize the building to encourage more supply.
https://research.upjohn.org/up_workingpapers/316/
Government needs to focus on affordability.
The same neighborhood, rent's are > $1000 today.
https://youtu.be/KzylWi0PlDQ?feature=shared
You're just deciding who to give that money to.
I sold it to people who work the land for their livelihood. Not to developers who will build shoddy houses or redundant shopping malls.
But thanks for your input, I guess.
My message was mistaken then, but my point was that it's not straightforward. Do you sell at an effective discount, or at market rate and do good things with the money?
Drink at home
The punch line is that "cut back on lattes" only works if you're somehow spending $4000 a month on lattes.
While it may not be anywhere near 4k a month, it does add up over the year, and especially if on say a 5 or 10yr plan
which was about the absurdity of the victim blaming attitude by boomers who think that nickel and dime spending habits are why millennials can't buy houses, and not that prices are whack
But don't cry how you can't afford things if you're eating fast food when supposedly broke
Makes you sound like you don't know how to adult shite
I studied at Columbia. Avg. cost PER CREDIT 2,000-2,500 depending on major. Disgusting.
I have neighbors that have grandfathered 2 bdrm rents under 1,000 mo. from 40 yrs ago - meanwhile, my 1 bdrm is 2,000.
BTW, I've been packing, to move in with my mother. I'm 57.
Tinkle down economics benefits us all!
Actually it just waters the peons.
Paid off in 5 years.
SAME APARTMENT BUILDING🤬
Thank god for subsidized rent.I'd be on the streets
And although the apartment hasn't moved, other business's have. It's now 'closer' to better work opportunities, and stores.
Really surprised the lawsuit against them is ongoing, but maybe it's part of an acquisition campaign?
So Maw and Paw letting out the upstairs bedroom can use the same system as Overseas Mega-Landlords Incorporated.. no variances to create instability.
Data says different for the USA.
The amount of space per person has increased.
The quality has also improved.
And Greed has always existed, it's not New in the US.
Note - it is New in China. They use to be full Communist. How has housing changed there?
And you?
Housing is actually actively worse for what most people need it for. It’s much farther away from amenities, requiring an expensive car to live there.
We have seen a hockey stick increase in housing prices over the past few decades. That’s what we are talking about.
Your technique reminds me of climate change deniers talking about temps 500MM yrs ago.
Greed just learns new strategies. Like using zoning to restrict the types of homes that can be built near you to only SFH. That kind of zoning covers more than 90% of residential zoning in most US cities.
And space per person has been artificially inflated by putting families of three people in 6000 square-foot McMansions 45 miles from the city center.
We need to build millions of more homes yesterday.
Why did everything get so much more expensive in 2022?
“Input prices are up 7%. But we raised prices 11%. So, that’s why our profits are now at a record. Yay!” 😉
If anyone complains, just look at them like they’re dumb and say “everybody knows prices are up”, then shake your head while walking away. 😒
The math isn’t working 🤦🏻♂️
40% of the population has income that is too low for them to even pay income tax.
In fact wages are so low that you can qualify for welfare even if you have a full time job.
The working class is collapsing.
sigh...
As prices always go up, the wages do not reflect near the same percentage
800sf, one bedroom apt I rented in 1998 was $400, it's now $1100. They look the same now as way back then. That was in Waukegan.
Mine was a basement apartment in 2003 that we were paying about $700 for a tiny two bedroom with no ceiling or working kitchen.