I’m not really sure how this does anything. those renters still have to live somewhere, its not like they were going to just live in a van down by the river if that house was owned by an occupant instead of a landlord.
Because a fixed rate mortgage is going to be way cheaper than 30 years of rent on the same place. Rent inflation is double regular inflation right now, and I expect it to continue to outpace inflation over the next decade - probably by more than it currently is.
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Right now I could rent a 1br apartment in my area for $1800/month or I could buy a small 2br home and have a mortgage for $1200/month. I’d much prefer the latter. But it’s incredibly difficult to do so because there are so few homes available, and of the ones that are a huge percentage of them are getting bought by corporations or rental lords like this dude. He’s removing good homes from the market for the forseeable future which is forcing more people into having to rent which is financially way worse.
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that’s a different problem, some people prefer renting regardless of the cost, whatever
if rent is going up that fast, we can guess that it’s very likely that there’s an even BIGGER issue with rental stock supply, doing this is just going to make the rent price hikes even worse, isn’t it?
Sure, some people do. But right now many (most?) people who would prefer to buy a house can’t, because the prices are being driven up by stuff like this.
Or the market is being cornered in some regions, and rent prices are going up based on what the renter will bear rather than in a typical response to supply and demand.
Saw this today and it kind of reflects the @CaffeineNeeded @commonWealth argument about the state of the economy and people’s perception of it:
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That was basically the debate from this thread in a video format. Almost to a T.
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I’ve had this exact argument with people since ~2012 pretty much every chance I have gotten. There are few things I find as interesting as understanding how the world works, and one of the most interesting things is that whenever you give humans metrics to achieve (that are achievable) they tend to achieve them. If they aren’t achievable they usually start lying in a variety of ways and sweeping things under the rug, but that’s a subject for a different conversation.
The reason why I am so fanatically opposed to all the big macro econometrics is that they make it very easy to overlook the entire story. I’ll give you guys one of the less obvious/common examples. The big econometric we’re talking about today is Manufacturing Output.
Manufacturing output is the net output of the sector after adding up all outputs and subtracting all intermediate inputs. It makes no accommodation for depreciation of fabricated assets or depletion or degradation of natural resources, which is a flaw but not the point of today’s tale of a metric totally obscuring that which it is supposed to measure.
If you look at US manufacturing output from 1997 to 2020 what you see is a generally up and to the right number on a graph of total billions of US$ worth of manufacturing output while the % of GDP that is manufacturing output falls from ~16% to roughly 10.5%.
This tells the story of a segment of the economy that is stable but becoming a smaller and smaller fraction of GDP as time goes on and other sectors do grow.
What’s happening in real life is that manufacturing has gone through multiple waves of offshoring that saw the sector lose ~5M total jobs and wages remain essentially flat in real terms from 1997-2024. The whole sector was a bloodbath. It’s important to note that only in 2024 did it actually get back to flat since 1997 and that’s after a series of major union victories in 2023. I also believe that for someone who made 12.99 an hour in 1997 and 27.31 an hour in February 2024 (and these are averages that absolutely include manufacturing workers in higher cost of living places) inflation and CPI both understate the rate of increase in your cost of living.
So how is it possible that despite all that carnage the line still goes up on manufacturing output? The answer is extremely short and extremely obvious: semiconductors. One container of semiconductors is worth thousands of containers of normal goods. Our nation is a major manufacturer of semiconductors and one semiconductor plant has the same manufacturing output effect as probably hundreds of median commodity factories.
If you were trying to gauge the health of the manufacturing sector in the United States the standard metric that a lot of economists use to tell them how that sector is doing at a glance would tell them a very different story than the one that is actually happening honestly not even very close to the ground. This one is a pretty wide miss across a pretty long time period.
This right here is the problem with letting economists actually make real world policy. They have no idea what they’re talking about most of the time. The science as a science is in it’s infancy. The big data being collected on all of us is going to give future economists a new tool that is going to make it possible to actually get answers to questions rather than just postulating wild bullshit and justifying it with made up variables and constants that sound right and calculate easily. Being an economist prior to the arrival of this data was pretty much the same thing as being a biologist before the discovery of the cell. You might have contributed something foundational, but in a century almost all of your ideas and theories are going to seem wildly funny.
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wait did he actually say “I’m jacked up joe biden” or is that an AI generation
Unclear, I found that while trying to find his most recent ad.
It’s real.
Really is pretty hilarious they went so hard on convincing country Biden was comatose that he gives a speech and now they having to imply he high on drugs and giving him badass nick names
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I’ve seen enough.
You heard it here first, Biden wins, vanquishes Putin and goes down as one the best presidents ever.
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Jacked up joe coming in hot
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jesus christ how am I THIS online and somehow I missed this???
(the squirtle content specifically)
