Current Events > Economist explains it is Boomers Fault for the housing crisis and why

(+) Yeah! (+)

https://www.cbsnews.com/news/current-housing-market-expensive-real-estate-expert-blame-the-boomers/

It may seem paradoxical, acknowledged Barclays senior economist Jonathan Millar in a Thursday research report. After all, many would assume that an aging population would require fewer homes, but that's actually not the case, he noted.

Baby boomers are actually creating more households, putting pressure on housing demand and keeping prices aloft despite the highest mortgage rates in more than 20 years. Boomers are creating more households partly because they're separating due to divorce or death, Millar noted.

What is "household formation"?
The formation of households is one of the engines that drives the housing market. It occurs when a person who has been living in a home with other people moves out on their own, becoming the head of a new household.
That often happens when young adults move out of their parents' home or into their first apartments after college, and the data shows that there's a jump in household formation at age 25. But the trend then gradually rises until it peaks around retirement age and older, Millar noted.

"Among other things, this reflects the parenthood phase during prime age (25-54), the separation of adult children from the household, divorce and the heightened possibility of eventually losing a life partner to death," he wrote.

All of my problems are caused by boomers and zoomers

Naysaspace posted...

and zoomers

what have zoomers done to you?

Dont tell them, though

https://gamefaqs.gamespot.com/a/user_image/2/8/8/AAEqD0AAE1Jw.jpg

here is the guy and his credentials

also he appears to be a boomer himself

https://cepr.org/about/people/jonathan-millar

Jonathan Millar is a Director and Senior US Economist at Barclays in New York, where he contributes thematic research and plays a key role in developing the team's US macroeconomic outlook. From 2004 to 2018, Jonathan was an economist at the Board of Governors of the Federal Reserve in Washington, DC., where, among many other roles, he frequently coordinated the staff's macroeconomic projection. He was also an economist with the Organisation for Economic Development from 2014-2016 (where he focused on the US and Iceland), and has served shorter stints with the Bank of Canada and with the International Monetary Fund. Dr. Millar earned a PhD in economics from the University of Michigan, and also holds master's degrees in financial engineering (Michigan) and economics (University of British Columbia).

https://www.youtube.com/watch?v=15RfShueSAM

WingsOfGood posted...

what have zoomers done to you?

Zoomers won't stop killing him in video games.

A_Good_Boy posted...

Zoomers won't stop killing him in video games.

Fair

Homestead tax. I'll keep saying it. It's the only fucking answer, and it's the only thing governments will never try, b/c they secretly like the high home prices (more property tax money) and don't want to solve it.

If it's a single family home and it's not your primary residence, you're gonna pay a giant additional tax on it (20%? 30%? some large number). Put the hurt on corporations buying them up as investments, rich people buying 2nd and 3rd homes, foreigners (mostly China) buying up houses in the U.S., etc... Make that investment a financial anchor, and watch the sell off begin and the roaches don't want to be the last left holding the bag.
And then you know what happens? You can lower the interest rates, and the rich CAN'T exploit it to buy up houses, b/c they'd still be losing money. Middle class and poor people flood into the market to snap up the once in a lifetime buying opportunity. Long term, prices stabilize a bit lower than they are now, except w/ way more people owning their own homes.