LogFAQs > #954854623

Sunroof posted...

Soon all money will be free. And by that, I mean the government will give out money to people who claim to need it, to the point where everyone will be receiving money without doing anything to earn it. My point being that if people cant afford houses, there someday will exist financial benefits that will go toward giving them money rather than actually addressing the root of the issue.

To be fair, Im incredibly jaded and biased. At work, Im investigating a $1,000,000+ unemployment insurance fraud scheme as a result of Covid benefits. This is money that these people had zero right receiving much less applying for.

I know for one thing, Joe Biden has discussed the possibility of having a $15,000 first-time buyer's credit on buying a home. Guess what real estate people expect that will do to housing.

Prices will go up about $15,000

The problem is that there's short supply. A lot of it is artificial. We probably still have more homes than homeless people, I know a few years ago it was about 6 times as many. Investors tend to aggressively price homes and some investors are willing to have empty units instead of dropping lower. This is common in LA because a lot of new housing is luxury housing that people can't afford, but if they reduce it, their returns aren't as good because the wealthier people would expect discounts as well. The costs of building units doesn't make anything other than luxury units profitable.

In all, this is a total mess.

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<D