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   Sexy Moon (moon@shitposter.club)'s status on Friday, 11-Aug-2023 04:17:37 JST Sexy Moon

   • mia
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   @chjara @mia I think the main problem to normal people with a housing crash is that typically a house normally costs more than you can pay, so you get a mortgage. you expect the value generally to go up over time, so the appreciation is part of the justification to spend the money on a loan. in a crash it becomes negative equity. if they want out they can't sell it and recoup, either because they lost their job or have retired and want someplace smaller and cheaper and so they are stuck. as far as I can tell every other "problem" is rich people complaining that their speculative investments are less valuable.
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     Sexy Moon (moon@shitposter.club)'s status on Friday, 11-Aug-2023 04:22:32 JST Sexy Moon

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     @mia @chjara I wonder if rents would go up or down in a housing crash? on one hand the landlord may want to recoup more on the rent since the value went down, but on the other hand they are now competing with someone just buying and paying the same or less in monthly mortgage payments. I don't know.
     
     I agree with you about renting. Landlords suck but the truth is that renting is good for many people's lifestyles. I think renting is okay there just needs to be renter legal protections.
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     mia@void.rehab's status on Friday, 11-Aug-2023 04:22:33 JST mia

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     @Moon@shitposter.club @chjara@meow.tuxcrafting.online i don't really care too much about people with mortgages cause they could easily afford to fall back on renting and survive. my dream is that the rent prices go down due to property values going down, and then some homeless people could get a place to live. cheaper rent would also help
     i mean who even has a mortgage anymore? i don't think i know anyone who does, everyone rents. what would a housing bubble collapse even do when people aren't able to afford mortgages

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     mia@void.rehab's status on Friday, 11-Aug-2023 04:26:32 JST mia

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     @Moon@shitposter.club @chjara@meow.tuxcrafting.online the thing with renting is. sure, it's worse than just owning. but nobody can afford to own anymore, so it's all people can do. and even then, renting is fine. it sucks, and landlords are leeches, but it provides shelter which is the most important thing

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     Sexy Moon (moon@shitposter.club)'s status on Friday, 11-Aug-2023 04:26:32 JST Sexy Moon

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     @mia @chjara sometimes what is called a "crash" ought to be called a "correction" lol. The early 2000s had a huge, government-caused housing prices bubble, completely unsustainable. In late 2006 it started to pop and prices got less insane. You had finance rags literally saying things like "how do we re-inflate the bubble?" as if the only purpose of housing is as an investment for rich people so prices must be as high as possible.
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     ロミンちゃん (romin@shitposter.club)'s status on Friday, 11-Aug-2023 04:30:52 JST ロミンちゃん

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     @Moon @mia @chjara
     >as if the only purpose of housing is as an investment for rich people
     Yeah? :l_heh:
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     Sexy Moon (moon@shitposter.club)'s status on Friday, 11-Aug-2023 04:32:50 JST Sexy Moon

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     @JAJAX @chjara @mia it's just funny because they want the money from it but they don't want to honor the value proposition to the buyer that makes it possible in the first place. fuck you just make number go up so I can buy another boat I don't care how.
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     JAJAX (jajax@clubcyberia.co)'s status on Friday, 11-Aug-2023 04:32:51 JST JAJAX

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     @Moon @chjara @mia >as if the only purpose of housing is as an investment for rich people
     Well that's kinda how everything actually is nowadays
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     Fediverse Contractor (bot@seal.cafe)'s status on Friday, 11-Aug-2023 04:33:55 JST Fediverse Contractor

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     What legal protections?
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     JAJAX (jajax@clubcyberia.co)'s status on Friday, 11-Aug-2023 04:37:54 JST JAJAX

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     @Moon @chjara @mia I mean... Well, yeah. I think watching numbers go up, for a certain personality, is as addictive as cocaine. I'm not saying that as some kind of literary flourish or a commentary on capitalism-- I mean that technically and literally.
     
     And I think that personality has gotten complete control over our economy. I don't think they have or want control over our politics mind you, that's captured by a different type of maniac, but all the boom bust cycles you see are set up just to satisfy a certain class' cravings to SEE NUMBERS GO UP.
     
     Kinda wish someone would introduce them to one of those mid 2010s clicker games to distract them from doing so much damage.
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     Sexy Moon (moon@shitposter.club)'s status on Friday, 11-Aug-2023 04:39:27 JST Sexy Moon

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     @coldacid @mia @chjara a lot of people don't want to take care of a house, it's a lot of work and I found out I don't really want to after having a house for about 8 years.
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     coldacid on 🔥 (coldacid@shitposter.club)'s status on Friday, 11-Aug-2023 04:39:28 JST coldacid on 🔥

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     @mia @Moon @chjara a market correction on housing doesn't tend to affect rents in a positive (for the renter) manner. Increased demand still ends up being greater than increased supply, especially in the short term when the crunch for units would be highest. (After all not everyone will be underwater, and banks will still try to recoup their losses by selling repossessed properties for as much as they can; add the cost of renovations and/or licensing the new owners go through to make the houses rentable...)
     
     The solution isn't kicking people out of their owned homes and forcing them to rent (which is always a long-run losing game for renters anyway) but to actually increase the supply of residences, both for ownership and rental. The attitude you have is both short-sighted and hateful towards those who have put in the effort and struggle to be able to have a home of their own.
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     coldacid on 🔥 (coldacid@shitposter.club)'s status on Friday, 11-Aug-2023 04:39:29 JST coldacid on 🔥

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     @mia @Moon @chjara at least with a mortgage, when it's paid off I don't have to keep paying a putative landlord ever-increasing rents every month
     
     Think of a mortgage as "rent to own" and it makes a lot more sense
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     mia@void.rehab's status on Friday, 11-Aug-2023 04:39:29 JST mia

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     @coldacid@shitposter.club @Moon@shitposter.club @chjara@meow.tuxcrafting.online yes, but i'd much rather people be forced to rent than go homeless

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     coldacid on 🔥 (coldacid@shitposter.club)'s status on Friday, 11-Aug-2023 04:41:16 JST coldacid on 🔥

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     @Moon @chjara @mia it is a lot of work, and I don’t like doing any of it (and indeed, much has slipped) but I’d much rather have my own shack than owe someone else for it

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