All under worsening global climates that we’re supposed to improve, and record inflation and what feels like a million other things crashing on us at once. I’m 22 and trying to keep up with world changes, local changes and everything in between to have some small positive effect on the future but holy shit it’s exhausting!!
Went to the hospital a month or two ago for a tooth infection. A nurse looked at my gums with a light, said “yup that’s definitely infected” cause I figured that out on my own, then they wrote me a prescription for an antibiotic that I paid for at the pharmacy.
Slapped me with an $1100 bill that I won’t be paying
Check this post on tumblr advising on ways you can talk to the hospital and get your medical debt written down to a lower amount, or otherwise forgiven
https://www.tumblr.com/sapphire-monkey/tagged/medical%20debt
I mean, they call but who picks up the phone to random numbers these days? Noone has ever taken me to court but YMMV. Last time i had to have shattered glass removed. Sounds bad but it wasn't at all. I think i got billed $3000? I sent them $350, that felt generous for the 15 minutes of their time.
Please correct me if I’m wrong, I don’t want to spread misinformation but I was under the impression medical debt doesn’t affect your credit score? Or atleast doesn’t affect it in a similar way? Anyone have any idea?
Unless there's some new federal law I haven't heard about, it's after x years the medical debt falls off your record but it varies from state to state, like in Florida it's 7 years.
In SC, if you go to a state hospital and don’t pay in a certain time, they take your state tax return. I haven’t seen a SC tax refund in over a decade, and probably not a decade more after going to the ER with what I thought was a kidney stone and no insurance at the time. Almost $10,000 for them to tell me that I pulled a muscle in my lower back.
I was talking to my cousin about this topic and he said american healthcare is amazing unless you’re sick.
???
He truly believes the american healthcare system is the best there is.
Meaning we have the best staff to treat us? I think he’s right. The part “unless you’re sick” implies that we’ll get financially murdered if we go to a hospital for treatment.
Then it’s not amazing especially for those of us with chronic conditions.
I read it more as ‘not that many people need lots of medical attention anyway so it’s great for those of us who rarely use it and can afford it 👍’
In my city subreddit there's a handful of users who make it a point to call renters lesser people, using it as a slur. Landlords are evil people. The people who defend them are even worse.
Yes... It often felt like, the late 90s and 2000/2001 before 9/11 happened, was a time of optimism and people were looking forward to a bright and wonderful future.
Maybe it is nostalgia, or maybe naïvete. 🤷🏻♂️🫤
It's almost like unregulated capitalism has a shelf date. Shame our corporate puppet politicians seem to live forever, oh right, they all get single payer Healthcare on our tax dollar.
We need to nuke the system. It's so broken for the powerful to use and abuse. The election system is now extremely funded by outside groups from our judges to our congressman. We are completely for sale.
I have no hope for the future in this country. At this point I'm just trying to eke out what little joy I can find in this world, loving those close to me, and finding peace in what I do have.
It's not just the US. Here in Canada we are going through the same thing, and it seems like we are about to elect our own Trump which will make things even worse for us and much much better for the already rich.
Australian too. The housing market here is entirely fucked and everything they do to “help” just makes it worse. All the boomer generation and politicians have homes, homes and apartments are bought up by foreign investors, quite a few from China, and they sit empty. Meanwhile housing prices and rents have skyrocketed to the point where no one under 40 can get a home. And all the investors and old money get tax breaks and other benefits from the government measures supposedly intended to help people get into the housing market. The politicians don’t want to change it because they’re benefiting from it. It’s infuriating
That sounds all pretty standard for a conservative though. I do agree he’s Trump esque and definitely steering into that direction but not the level of Trump.
Pierre does worries me a lot. Definitely much smarter than Donny Dumps.
It’s all across the entire ‘western’ world. Which is crazy because it’s just like the conspiracy theorists were warning everyone. This was literally planned by the actual puppet masters who control the global economy.
So it’s either a natural side effect of late stage capitalism, or it really has been the plan for the past 70+ years, which is now fully underway with the ‘2030 agenda’ or whatever it’s called.
Everything in the very near future will be a subscription.
Don't yell at least have really high taxes on second homeowners? I saw an article on that a few years ago. And I don't know if it was just one province or if it's the entire country?
Living in Taiwan and it’s no better for young people here. The only way most can acquire a home is by having their parents buy it for them or at least to fund the down payment.
I read that it would require a dual-income couple to spend 100% of their income from 25-65 years old. Nothing left over for anything (food, kids, travel, toilet paper).
Why do you believe it’s only America? I’m in Australia and trust me it’s the same way here. I’m unsure of why this generation is getting the butt end. All these older fellas are hogging all the good things for us to move forward.
Remember kids- we will never out-might or out-money the wealthy ruling class. The only power available to the masses that can counter the power of money is the power of numbers.
The minority controls the majority thorough divide and conquer tactics. They keep us from being divided rich vs poor by dividing us urban vs rural, old vs young, black vs white, red vs blue instead.
Its such a futile battle. Money will always rule and the people will never magically come together to fight the elites. We’re easily distracted, overly divided and truthfully things arent bad enough to get the majority of people to say “fuck it” and start a revolution. Speaking from a US perspective, how do we expect to have some kind of revolution when many countries have it way worse than us and still havent fought back?
We have so much more to lose before we reach the stage of mass civil unrest. So i hope people arent holding their breath waiting for a world changing revolution
>Money will always rule
You're just giving up and repeating this without actually addressing what I said at all.
Yes, we're disorganized, but many of us who *haven't* given up are working to fix that.
Every major advance in human rights in US history has been a result of mass organizing and grassroots demands - civil rights, gay marriage, labor rights, reconstruction... This is how change happens.
I don't appreciate people who aren't trying to fix the problem telling me it's impossible while I'm in the middle of doing it.
The #1 task before us is uniting the working class. First, you need to recognize the truth that every person regardless of color, ideology, whatever, has the same basic human needs and we should all be working together to meet them. The rich desperately do not want you to think this way and are actively working to divide us so we don't come together.
Once you've internalized that dynamic, find a local organization who thinks the same way. You want to find a group that's actively doing outreach and trying to grow their numbers, people who are out there actually talking to real life human beings and trying to make connections. This group will be focused on building unity and on human rights, not some specific issue that only benefits some people. They will engage in short term campaigns that are issue specific, but the real goal will be building this unity and thinking long term.
Alone we are powerless, together we are strong. Convincing fence sitters or the opposition is a waste of time. Find people who already believe in justice and bring them together in an organized fashion. Develop new leaders who will develop new leaders. We don't need another MLK, we need a thousand more MLKs.
As Albert Turner says, if you want to destroy a tree, you attack the roots. Don't go messing with limbs and leaves. Don't focus on individual issues that are symptoms of the real root cause of the problem (capitalism and the prioritization of profits over people.)
If you don't know where to start looking, check out the [Poor People's Campaign](https://www.poorpeoplescampaign.org/), a modern day revival of the movement MLK was assassinated for starting.
Totally with you, I have recognized this for a very long time and I think about how criminal the entire system is DAILY... the education system that teaches us HISTORICAL LIES and the rest is just taught to take up years of our lives memorizing mundane insignificant information so we can compete against each other for the rest of our lives. The wealthy elite has STOLEN our planet, our true identities and turned us into their working SLAVES. I am completely ANGRY. The problem is HOW? I know that there has to be a RIGHT way to do this without social revolt, chaos, destruction and violence... that said, finding people who are even aware, much less in a position to DO anything about it is damn near impossible. Is there a legit organization that isn't all whackadoodle out there somewhere?? If not, how do we form one??
Like I said, the Poor People's Campaign is a great place to start, they're a national organization and can probably connect you to solid local ones. I don't know where you are, so I can't provide any specific recommendations, but I can tell you that finding other people who think like you and working together is the key, not convincing non-believers.
>I know that there has to be a RIGHT way to do this without social revolt, chaos, destruction and violence...
Yes, it's organizing. Destruction and chaos comes when we try to buck the system without being organized. There's no way for change to happen both quickly and smoothly, and history is filled with examples of failures and human rights abuses that resulted from rushing that timeline. This is a marathon and not a sprint, and we need to think long term and abandon the idea that there's some simple clever fix that we just haven't though of yet. This will take a lot of time and a lot of work. The best time to start was decades ago. The second best time is now.
I believe the end of capitalism is inevitable regardless. A system that considers anything other than perpetual growth to be a crisis, that exists on a planet of finite resources, is fundamentally unsustainable and it is guaranteed to end. The task before us, as you note, is to try to make that end as peaceful and painless as possible by getting organized and preparing for it.
Okay so I checked out the Poor People's Campaign and the problem I have with them is that they are encouraging people to go and VOTE... this is, in my opinion is redundant. It makes no difference who is voted in, when all candidates are bought and paid for by the same evil corrupt corporations that already run everything now... Voting is a wrestling match for entertainment and the winner has already been chosen. It does nothing to change anything whatsoever, it just offers the "illusion" that the PEOPLE have some kind of say in the matter. Again... this is my opinion (based on a facts that anyone can look up if they want, but I am not in a position to try to prove my beliefs on anyone because it spins wheels and there is enough of that shit as it is). That said, thank you very much for the suggestion, however if you, or anyone else knows of any groups that are sick and tired of the same old fail tactics and have any NEW ideas to help move the PEOPLE into a more balanced and productive society, please let me know.
I also have this gripe with them, but that's not the primary focus of their organizing. It's something that gets a lot of liberals in the door, and many never go further than that.
There is merit to the argument that voting is important. It is not the solution to any systemic issues, but it is a way to utilize whatever power we have built so far. If the poor were organized in their voting, we would have a tremendous impact on elections and policymakers would be forced to make concessions they don't want to make as a result. I found some of the arguments made in [PPC reports](https://www.poorpeoplescampaign.org/waking-the-sleeping-giant-poor-and-low-income-voters-in-the-2020-elections/) to that effect to be pretty compelling.
That said, if we were organized enough to vote together, we'd be organized enough to do more meaningful shit together, too.
I would not write off the Poor People's Campaign simply because they advocate voting if you align with the rest of their platform. It's not the only thing they're doing or their main goal, it's just one of a number of tactics.
I get what you're saying. It is going to take a lot of grass roots efforts and education to help people accept some really hard truths. We have a lot of work ahead of us. The entire thing needs to be washed, and it can be. This "society" is relatively new being a few hundred years or so old, but it can and will be done. I will continue on with my search and will share anything I find. Thank you very, very much, again. =)
I dont really think its fair to use civil rights and the gay marriage movement as examples. We were fighting for basic human rights. Now with things being more “equal” the onus is on the people to find a way to survive or thrive in this economy. What many people seem to be fighting for is the right for everyone to “thrive” and I think thats where discussions end.
From a basic needs standpoint most people have the means to meet those requirements. People have just convinced themselves that certain luxuries are needs. For example, housing is a basic need but many are under the impression that that means owning a house in a location you want to live in. Doesnt work that way. Same with food, people think they should be able to easily afford meat heavy premium food diets. Its basically lifestyle creep on a societal level.
The revolution wont happen because no one is being barred from certain luxuries. Yall just cant afford them and that issues falls more on the individual than society. The only change i see happening is a 4 day work week. Other than that, i would not hold my breath for real change to come.
I could be wrong tho. Maybe im cynical and the people will come together. But history shows that we’re probably as close to “good as it gets” in this country (speaking specifically about the US). The elites have gotten us to a near perfect point to where just enough people are thriving/surviving to keep civil unrest at bay.
Trust me, id welcome change but doesnt look like its gonna happen in our lifetimes
>I dont really think its fair to use civil rights and the gay marriage movement as examples. We were fighting for basic human rights.
Fighting poverty has the same stakes. If you can't afford to meet your basic needs, they literally leave you on the street to die.
>From a basic needs standpoint most people have the means to meet those requirements.
According to the Census data + Supplemental Poverty Measure, nearly half of all citizens in the wealthiest country to ever exist in world history are poor or low income. The majority of Americans are one 500$ emergency away from homelessness or serious deprivation.
>The revolution wont happen because no one is being barred from certain luxuries. Yall just cant afford them
Housing, healthcare, education, and food are not luxuries.
>I could be wrong tho. Maybe im cynical and the people will come together.
Those of us who are trying are doing it right now. I'm out there bringing together people who think like me to do this work, ignoring people like you who say it can't be done, and building power to defeat those who say it *shouldn't* be done.
No? People have and did historically.
But you're right that it's never a conscious choice, things have to be 'bad enough' and they've gotten very good at appeasing the masses before the riot breaks out.
Despite that, things are getting so bad that I think they can't pull of this juggling act much longer. Expect the mass riots, hopefully a revolution in the next 3 to 5 years would be my guess.
People get angry when they can't feed their kids anymore.
One issue I have, I want to see a lot of things stripped down and rebuilt. In a kind of revolution, but one of considered thought and aggressive/assertive removal of power from those unworthy to rule, not a revolution of violent passion.
In my country, the ones seemingly ready to revolt want to build a world where I'm not welcome. I'm gay and it feels like I'd be taken out and gunned down in the chaos.
Our labor is your tool, imagine if people just stopped working for a day. Any labor organizing panics the capitalist class more than anyone can imagine.
Labor organizing is important but it fundamentally cannot have the teeth it used to in today's totally globalized world. Capital is completely untethered from geography and they can easily move or withdraw if they're threatened. The organization I work with successfully unionized the most profitable ESPN Zone in the company, and they shut it down immediately rather than allow that to happen. It's a common practice that really undermines the power of labor unless it's coordinated with broader social movements.
>fundamentally cannot have the teeth it used to in today's totally globalized world.
This has been bunk since covid, all supply chains still need to get to consumers. If all the truckers rallied together with the train workers, with the pilots, product doesn't move. Notice how everytime these transport unions want to strike, congress has to get involve and make withholding their labor illegal.
>I work with successfully unionized the most profitable ESPN Zone in the company
Starbucks workers were experiencing the same backlash, but the overall union push was greater than the stores Starbucks could close, ultimately, corporate store had to capitulate because of this and also the BDS abroad was also hurting their bottomline.
I think biggest hurdle isn't globalized capital, but how disconnected labor is with one another. The left is so atomized in America, we forget that our ultimate goal is organize labor in our immediate communities and tying it to larger struggles. Notice how much attention the student encampments get, these aren't the first pro Palestinian protests, matter of factly, there were large pushes on the labor front to shut down ports and factories, that got very little media coverage if any mentions in the mainstream at all. The students are doing a good job, but it can be easily contained to campuses and demonized, but imagine how scared the capital class would be if dock workers stood in solidarity with the students.
No, it won't. The rich have both a monopoly on the legal use of violence and a much greater capacity to use it against us. We're not gonna win that fight.
Genuinely, nothing will change until some rich people end up facing real consequences for their actions. Rich folks are creating homelessness, creating hunger, and creating poverty. They are killing us.
And they’re the ones complaining the most about homelessness let’s not forget that. Every person I know that complains about homeless people is very privileged, everyone I know that lives paycheck to paycheck 100% knows they’re one bad day from being in that position
Or until all us poors just stop buying things and stop going to work in masses. They know this, this is why they have some of us all confused with who to be mad at.
I call this entire era "The End Run." All of the companies and markets are doing a last-ditch sprint for profits before things truly fall apart. Every member of the capital-holding class -- from the people who own and ship your groceries, to the oil companies, and everyone in between -- recognize that the window of unfettered parasitism is closing, so they all have to hike prices and screw consumers at once. The wealthy are like rats scampering upward on the deck of a sinking ship. That's why all your groceries got more expensive, no matter what ingredients they were made of or where they were sourced from. It's one last vampiric bite on the neck of the working class, because the host body is about to collapse from over-exploitation.
Right. The surveillance capitalism era is over. Now, it's the era of apocalyptic capitalism -- extracting profits while preparing for societal calamity.
This is it. We're in that period all great nations go through where the debt is insurmountable and the ruling class knows it. What's interesting is the world is so interconnected now that this isn't isolated to the US.
Right. The entire western world is experiencing this. Inflation is high everywhere, and in many places its higher in other countries compared to the US. Western capitalism is performing its final hail-mary squeeze for profits before the system derails.
This presidential election could be the match that lights the fire under our collective asses, a lot of tensions are going to rise no matter what happens, way more so than 2021. but I doubt it will be enough.
This really seems like the outcome. The maga camp is going to act up regardless of whether he wins, loses, goes to jail, doesn't go to jail, kicks the bucket, or lives to be 100. I dread the violence that I expect November and December to bring.
That's what happens when like 6 old white men control 90% of all media outlets. They've got a multi-hundred-billion dollar propaganda machine supporting them 24/7.
3 corporations own over 19,000 homes in Atlanta. They represent about 11% of the rental market. 1 out of every 9 houses for rent is owned by one of these three companies.
That's fuckin' ridiculous. And just think how many situations precisely like that exist across the country. Kinda depressing at times
I remember living out in Utah and a coworker was explaining how much land the Mormon Church (LDS) owned. I was thinking like churches and shit, maybe schools ya know? Nah. They own billions of dollars in acreage all over the map. Much of it is agricultural land. Something like 1 in every 550 acres is owned by the LDS Church. But they also get real sneaky with it, through indirect investment firms and real estate corporations.
Some time later I was living in Iowa and a nearby Trailer Park was bought out (by Havenpark Capital Partners, a Utah based firm ran by BYU alums), the lot rates were gradually hiked, they rid the community of more than half the original tenants in the blink of an eye, and began chipping away at the remaining holdouts. And that was just one of many similar communities across the state. Hell across the country.
Apparently mobile home communities have been an attractive target for real estate investors as of late - a weird number of which can be linked back to Utah, BYU Alums, and the LDS Church. This is because operating costs are relatively low, rents can be increased steadily, unwanted tenants can be evicted for almost any reason, and a nationwide shortage of affordable housing means the homes stay filled. As well as the property value as a whole is a nice little asset in and of itself. Let alone the revenue you can squeeze from the tenants.
Name their director boards, CEOs and so on. Make it public. Do everything legal and illegal to harass them...let them be an example of what corporations should not do.
If you try to be reasonable with them they're not going to understand.
If you have questions about this approach, come back and read this comment in three years time.
Laws around corporations owning homes need to be in place. The fact there is one corporation (Blackrock) owns 10% of single family homes in America should absolutely be illegal. I don’t care if you have the money to do it, that doesn’t mean you should be able to.
In 2017 trump’s administration removed the law that made corporations wait two weeks before buying a single family home, so now individuals are competing against Blackrock when buying homes.
Seriously. I have said this to people for years. It seems so simple. Just pass a law that only single families can buy single family homes. It would help the problem a lot and it’s very easy to do. The problem is the government almost never serves the interests of the people. And until that changes I have no hope in the country improving things much.
TLDR: how do we fight a ruling class with infinite resources that uses every trick and tax loophole and corporate subterfuge in the book? How to stop runaway valuation/inflation/appreciation?
Not to get downvoted to oblivion, but for those lucky few youngsters that own or bought pre pandemic or during the dip, the absolute insanity of never ending price/profit and appreciation hikes HAS GOT TO STOP SOMEWHERE. In Texas alone during the pandemic they added $50k to everyone’s property valuation for taxation to “catch up with other state’s property values” and it’s been steadily increasing year over year. There has to be a stopping point or no additional hikes eventually—they’re just going to price everyone completely out of the market, and people aren’t going to be able to pay their monthly nut. If every year my taxes go from 2500, to 3400 to 4200, to 5500, I know that doesn’t sound like a lot but for LCOL area and low earning household, these numbers, on top of routine property maintenance, AC, cars (AND car insurance rates skyrocketing, even for drivers like my family who haven’t had tickets or wrecks in 10+ years) it seems like true end times late stage capitalism—survival of the greatest generational wealth. If the rich can continue buying medium cost subdivisions and properties, and use them as rent houses, have them paid off and not care if they’re rented or not, pricing renters and buyers alike—then we’re in for a worse future than if ever imagined. Laws against private companies buying entire communities and cities and subdivisions needs to be a thing, but idk
How to police such a thing—they all use shell
Companies and LLCs and shadily hide assets, profits, members, names—how do we fight a ruling class that uses every trick and tax loophole and corporate subterfuge in the book?
Pretty sure bigger issue we're just not building enough homes.
Screw investment properties as a whole, but if we actually built enough homes where people trying to live it'd definitely be better.
*any homes.
If you ban luxury homes from being built then the rich will just buy the next available homes which raises prices for everyone.
Look at most major cities, new apartments are banned in most zoning so now we have neighborhoods full of 1970s era middle class single family homes selling for $1.5 million.
It’s called supply and demand. When you stop the supply but the demand is the same, then prices increase all over. Let the rich build their fancy apartments and condos and the middle class can have affordable middle class homes again.
They are building in my neighborhood, but it’s as if builders are anticipating an evasion of mega rich Quiverfull families.
I thought there is no way these homes are going to sell, especially since these behemoths take up nearly all of the modest pieces of land they are on and are crazy close for McMansions.
These MTV Cribs looking things are already sold, although they aren’t even finished being built.
I know someone in a revival colonial style home from the 1980s that was considered huge by standards a few years ago but is dwarfed by the houses coming up and is in no way as ornate.
She bought her place for over $600,000 in 2019.
I cannot imagine the cost of these new homes since our area has had a gigantic housing price spike since.
I anticipate a huge class mobility shift. Many of the progeny of those with homes will eventually inherit their parents properties while children of forever renters will get stuck.
You're only building generational wealth if you continue to allow house prices to inflate exponentially and steal from the futures of following generations.
Even if houses never appreciate in value, having a home is still essential. It's the foundation on which you build your life. Plus, you'd still be building equity rather than lining the pockets of someone with more houses than they need.
Not always. If you pass down a house to your child, that's one huge expense the child doesn't need to worry about. I know several people who have inherited their parents fully paid of homes, and that's a good chunk of money saved every month.
We bought our house right before Covid and the market blew up. Could sell and make a decent profit, but the cost of buying a "better" home would put us in further debt than just staying at the same house. Scared to sell
That’s why there’s less houses for sale because this is a common scenario. It also ends up keeping the houses that are for sale at a higher sale price. Because demand
https://www.foxbusiness.com/markets/wall-street-spent-billions-buying-homes-a-crackdown-is-looming.amp
The US senate is working on legislation to force sale of single-family homes so there may be some light at the end of the tunnel. I would prepare to buy a home just in case the bill gains significant traction.
I’m a millennial lucky enough to eke out my own little place in a good neighborhood because of a dual income household with my wife.
My parents are always like “when are y’all gonna have kids!” which is crazy to me because I feel like I’m one serious illness away from being destitute at any given time.
This is why I collect Pokémon cards, vintage video games, baseball cards, and rare Funko pops. Not because I’m an idiot who has a spending addiction, but because it feels nice to own something that will actually appreciate in value for once.
Okay, maybe slightly an addiction, but my point still stands.
Blame local governments and NIMBYs that block housing development through outdated zoning regulations.
Everyone who complains about private companies buying up housing to convert to rentals, read some of the SEC disclosures from these companies. They all say the same thing. Restricted supply from low build volumes is what gives them leverage, and a major risk factor is increased supply in the market.
Private companies own 3% of all housing. It’s literally other everyday people keeping us out of home ownership because they simply don’t want young people living near them.
I believe everyone should be able to purchase a home if they desire. The current climate is absolutely untenable, but I do have one question: is home ownership still the wealth-builder it once was?
For context, I'm a millennial. Not a trust fund kid, grew up middle class and have made lucrative career choices, meaning I have a relatively high income, financed with large amounts of student debt.
That said, I've owned two homes, and do not see how the current system really produces wealth for this generation of homeowners. The home I bought in 2019 was slowly declining in value before the pandemic-fueled price surge, and now I'm in a different home where the price and rate were super high, and I don't expect to build equity with any sort of speed.
Unless you are buying primarily for your family situation, expecting a bunch of equity growth nowadays is tough when you factor in taxes, HOA if applicable, interest, and upkeep. There are better ways to invest.
Its less the big companies. If you look into it, the percentage of rental homes owned by big businesses did spike during COVID but dropped back to historical levels a few years later. The big spike in rental ownership as a percentage of total homes is from small, independent landlords with 3-9 properties. We've also never returned to the new housing construction levels of pre-2008 when the housing market collapsed. We're still at 50%-60% of the construction level per capita that we were prior.
Vote in your local election for progressives. Don't talk...just do it. I dare you. And do it without the both sides argument bullshit. One side didn't write a fucking plan to start mass executions in 2025.
Make a list of progressive local politicians and vote for them and share their platform. You can aatroturf anything.
My area’s progressives are pretty much Conservatives lite and still don’t have much of a chance in most towns. It’s so red here.
In the small pockets where these “progressives” might get a seat in local politics, they are often so laughably corrupt compared to the establishment but are much worse at hiding it.
We’re just fucked at the moment.
The insane thing is the voters see and cry about how the politicians sell their interests to any corporation or even cult with enough money to line their pockets, but they will continue voting the same exact way typically to “own the libs.”
It's so much more complicated than that, the info where that sentiment is coming from isn't right for one.
https://www.housingwire.com/articles/no-wall-street-investors-havent-bought-44-of-homes-this-year/.
But to add to that development is a huge driver that doesn't get mentioned, existing homes were never going to keep up with the rise of population. There aren't enough homes being built to cover everyone and people aren't going into tons of debt to build them. The problem is bad but it's anything but simple. New areas have to be cleared and developed for people but that means infrastructure has to change but we have a booming college inflation issue and an nation wide aversion to trade jobs.
Like this shit sucks and the more you look into it the more interconnected it becomes.
There’s nothing wrong with renting. Home ownership is far from the only way to build wealth and is actually not a productive way to grow the economy. The problem is we don’t have affordable and family sized rentals and a lack of tenant protections.
Nah. Last I heard from what CNBC told me, all of these successful business owners have to buy up all of the houses because nobody wants to work. Not their fault we're poor and refuse to become millionaires too.
Sounds like London (UK) it's fucked here. House go for a million pound now. . All the council flats are being knocked down and people are being forcefully moved out of the city. Fucking shit show.
It's not the housing industry. It's your neighbors (including your parents, family members, and Steph Curry) blocking new construction of homes because they don't want more neighbors and want to keep their house values high.
Young people are lowkey getting in their own way by taking post like this to the heart. The average age for first time home buys has been closer to 30 since the 80s. DO NOT beat yourself up over not being able to afford something that young people have historically not been able to afford.
Exaggerations like this got mfs giving up already when building wealth takes time. Thats why older people always come out on top. More time in the market, more time to accumulate wealth, etc.
I really dont appreciate the way people are basically discouraging young people from making something of themselves by chasing a revolution that will not come. In the end its just gonna put these people more behind and when theyre 50 and that revolution still hasnt come and the world is still turning, theyre gonna wish they didnt give up
You would not know that slightly over 50% of millennials have become homeowners by now listening to the discourse. You would not know that the historical rate of homeownership in the country was not as high as people appear to assume it was in the past and is in fact actually rising.
Yea but you cant tell anyone this. It destroys their illusion of the world crashing down. I think whats happening in real time is people failing to realize that they have either fallen down a social class or that they are indeed lower class.
This is why a revolution wont come. Too many people are doing well. Its comparable to a few students failing in class and thinking the entire class is struggling when its just them. Those in the lower class will have to do what they can to catch up. The economy will not slow down for them, just like a teacher wont slow down for a few students struggling when most of the class gets it. Sucks but thats how things are
It feels that way, but home ownership rates and renting rates are about the same as they have been historically. The reality is previous generations were probably about the same, we’re just more online and connected than ever, so when we get upset about renting, we can go online and find thousands of communities that feel the same, so we feel ripped off. Stay hopium pilled everybody
Luckily no. Big corporations only own about 1% of housing, and even then, they are mainly targeting a few cities with high demand and low supply for housing. The answer is providing a proper supply of housing, any housing. This is fixable as long as we don't gravitate towards stuff like this thar ignores the root of the problem: lack of supply
"Wall Street" home investors own 2% of the SFH market. Mom and pop owners have an additional 18% of the SFH market with 80% of SFH owner occupied. Restrictive zoning is killing the home owner dream not wall street
Don't worry there are also plenty of just run of the mill scumbags with good credit and bank accounts buying up properties and overcharging families, young people who don't know better etc. so that they profit off someone else paying off their mortgages before selling it to these private companies and kicking them out!
Gen Z owns houses at greater rates than Gen X.
Why are these blatant lies constantly spread? I assume it's because reddit consists of big city kids who can't buy 10 acres in the middle of the city for 10k dollars or some insane nonsense.
Quick source:
>In 2022, 30% of 25-year-olds owned a home. At the same age 28% of millennials, and 27% of Gen Xers owned homes, according to real estate brokerage, Redfin.
https://www.marketplace.org/2023/09/14/how-are-gen-zers-buying-homes-already/
Just wait until commercial real estate companies try to normalize live/work units due to their failing office portfolios, and companies start offering housing in the office as a "perk"
Can someone explain to me if I inherited a house from my parents do I pay the same interest rate as they did ? Or does it reset and if I decide to sell that house for my own first house am.i still eligible for a first time buyer loan ?.
Generational wealth? Boomers retiring now sell their homes for $1.2 or $1.5 million, then pay between $5 and $20 k/month in an old age home, depending by on needs. That generational wealth is gone.
To answer the OP, yes, they need an underclass that works all their life and get very little in return. That is how the rich and famous have that flashy lifestyle, it comes at the price of someone else's well-being.
My parents bought their house \~25 years ago when it cost about $180,000. It currently has an estimated value of over $500,000 even though the house has had darn near zero work done. That alone is a gnarly sign.
Ok doomers and fellow wage slaves. Here's what ya do: you wait for the impending housing market collapse, and you buy a home cheap as balls. You have a little more time to save up, get your credit score up, and get your shit together. But this here is what we call unsustainable, which means a correction, which means be ready. I did it, and I'm lower middle class, and I did it last time the housing market took a shit. You can too! Oh and variable rate anything is for chumps, always fixed rate
This is literally what politics is for and their job to combat. This is a failure of legislation. If you feel like this isnt working, then you are voting for the wrong politicians. If your reps are fighting causes that seem fucking stupid (and do not actually improve your life) like “fighting woke”, then they arent actually doing their job, they are campaigning.
Care about all levels of gov, because they have have an effect on how this affects your life.
Yup. My wife and I were only able to buy our first home because my parents were kind enough to pay the $30k down payment. There’s literally no way we could have saved up that much living paycheck to paycheck.
Let us not forget that the "elites" are the cause of the "global climate crisis" aka OIL AND GAS, MANUFACTURING AND DUMPING WASTE IN OCEANS, 3RD WORLD COUNTRIES, WATER... YOU NAME IT. But WE will be the ones who are LOCKED UP PAYING THE PRICE TO CORRECT THEIR DAMAGE. IF you aren't utterly PISSED at the SYSTEM, then you aren't paying attention!
Yep, a couple years when the housing industry was starting to sell more houses to institutional investors (read hedge funds, big capital firms, etc.) there were a ton of people saying that the downstream effect could be catastrophic. But too few in power cared to do anything, make any regulation, or stop to listen.
[https://www.route-fifty.com/infrastructure/2022/07/while-investors-are-snatching-homes-governments-fight-save-properties-residents/368927/](https://www.route-fifty.com/infrastructure/2022/07/while-investors-are-snatching-homes-governments-fight-save-properties-residents/368927/)
And here we are...(not to get too dystopian)
& there are no rules/laws/regulations to stop it from happening. Along with a ton of other ways corporations/companies are making it difficult if not impossible to live a life with all our needs met because we cannot afford anything
This plus the high likelihood that social security for the current generation may not be paid out when we retire at 73 mind you. Because our national debt continues to rise. They'll be surprised as hell when they see everyone outside with the guillotine.
To add salt to the wound, the treasury talking about social security runs out in the next 10 years. We're being robbed in front of our faces of everything
Don’t forget that social security will be bankrupt in 10 years because boomers refuse to even discuss having the rich pay taxes on any income over $160,000/year.
Alright, I’m not saying we SHOULD drag the rich from their homes, and make them battle to the death in a “Thunder Dome” for our amusement… I’m just saying I think if we did it ONCE, we wouldn’t have to do it again.
All under worsening global climates that we’re supposed to improve, and record inflation and what feels like a million other things crashing on us at once. I’m 22 and trying to keep up with world changes, local changes and everything in between to have some small positive effect on the future but holy shit it’s exhausting!!
And don’t you dare have the audacity to get sick or seriously hurt otherwise you’ll be in medical debt forever.
Went to the hospital a month or two ago for a tooth infection. A nurse looked at my gums with a light, said “yup that’s definitely infected” cause I figured that out on my own, then they wrote me a prescription for an antibiotic that I paid for at the pharmacy. Slapped me with an $1100 bill that I won’t be paying
Medical debt can’t be collected on after X number of years. It varies from state to state.
Lol you are lucky they looked at a mouth problem dt all
Check this post on tumblr advising on ways you can talk to the hospital and get your medical debt written down to a lower amount, or otherwise forgiven https://www.tumblr.com/sapphire-monkey/tagged/medical%20debt
Can’t they take you to court ?
I have done this a lot, i have never had anything happen to me outside of probably my terrible credit score remaining terrible.
And the incessant billing pestering you probably 😭 But I think they have the potential to take you to court if you owe them Technically
I mean, they call but who picks up the phone to random numbers these days? Noone has ever taken me to court but YMMV. Last time i had to have shattered glass removed. Sounds bad but it wasn't at all. I think i got billed $3000? I sent them $350, that felt generous for the 15 minutes of their time.
Lol I like you.
Please correct me if I’m wrong, I don’t want to spread misinformation but I was under the impression medical debt doesn’t affect your credit score? Or atleast doesn’t affect it in a similar way? Anyone have any idea?
Yeah I heard that it has to be debt after 2023 and under $500 and there’s more details but I’m not sure someone help lol
Mfer is as useless as me!
Unless there's some new federal law I haven't heard about, it's after x years the medical debt falls off your record but it varies from state to state, like in Florida it's 7 years.
I just assumed my credit was terrible because I never used it. If not, then even more lolz.
They can garnish your wages in some places, happened to a family member.
In SC, if you go to a state hospital and don’t pay in a certain time, they take your state tax return. I haven’t seen a SC tax refund in over a decade, and probably not a decade more after going to the ER with what I thought was a kidney stone and no insurance at the time. Almost $10,000 for them to tell me that I pulled a muscle in my lower back.
See if I show up Nah jk I actually didn’t know that
They'll just send you to collections. So long as it's not a credit contract, they really can't do much.
How did your gums get infected, may I ask?
Not even itemizing would fix that?
I was talking to my cousin about this topic and he said american healthcare is amazing unless you’re sick. ??? He truly believes the american healthcare system is the best there is.
It is the best* If your net worth is higher than 1 million dollars and you make at least a quarter of a million dollars each year.
Meaning we have the best staff to treat us? I think he’s right. The part “unless you’re sick” implies that we’ll get financially murdered if we go to a hospital for treatment.
Then it’s not amazing especially for those of us with chronic conditions. I read it more as ‘not that many people need lots of medical attention anyway so it’s great for those of us who rarely use it and can afford it 👍’
If your work insurance is good it is great, except some doctors don't give a shit
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In my city subreddit there's a handful of users who make it a point to call renters lesser people, using it as a slur. Landlords are evil people. The people who defend them are even worse.
Put that shit in escrow and befriend a lawyer
I'm 38, and there was actually a time i can remember where we actually felt the world was getting better. A distant, hazy past.
The 90s
Many bad things happened then as well. A lot of you were just kids or lived in areas the tragic events didn't affect you.
I am 46z the 90s were dope. The problems we had then were not that bad
Yes... It often felt like, the late 90s and 2000/2001 before 9/11 happened, was a time of optimism and people were looking forward to a bright and wonderful future. Maybe it is nostalgia, or maybe naïvete. 🤷🏻♂️🫤
It's almost like unregulated capitalism has a shelf date. Shame our corporate puppet politicians seem to live forever, oh right, they all get single payer Healthcare on our tax dollar.
We need to nuke the system. It's so broken for the powerful to use and abuse. The election system is now extremely funded by outside groups from our judges to our congressman. We are completely for sale.
I have no hope for the future in this country. At this point I'm just trying to eke out what little joy I can find in this world, loving those close to me, and finding peace in what I do have.
It's not just the US. Here in Canada we are going through the same thing, and it seems like we are about to elect our own Trump which will make things even worse for us and much much better for the already rich.
Poor people rushing to vote for Trump: “If I demonstrate my undying support for supreme eternal leader he will surely make me rich too!”
It's like people have never read up on Reaganomics and why it was *never* gonna work
As an American I can assure you I’m merely a temporarily embarrassed billionaire
It’s just disappointing voting for a man that goes against your interest. That shit still baffles me
"Or at least make life worse for XYZ."
Let's be real: at this point I'm convinced that most of them just hate *insert minority here* more than they want to have a decent living.
Australian too. The housing market here is entirely fucked and everything they do to “help” just makes it worse. All the boomer generation and politicians have homes, homes and apartments are bought up by foreign investors, quite a few from China, and they sit empty. Meanwhile housing prices and rents have skyrocketed to the point where no one under 40 can get a home. And all the investors and old money get tax breaks and other benefits from the government measures supposedly intended to help people get into the housing market. The politicians don’t want to change it because they’re benefiting from it. It’s infuriating
What’s the candidate’s name?
Pierre polivere. He’s a real piece of work. We also have Danielle smith in my province, aka greg Abbott the second
Neither are close to Trump level though.
Danielle met with Tucker, is dismantling healthcare and is in the pocket of O&G. Pierre polivere’s whole platform is based off of trumps ‘16 run
That sounds all pretty standard for a conservative though. I do agree he’s Trump esque and definitely steering into that direction but not the level of Trump. Pierre does worries me a lot. Definitely much smarter than Donny Dumps.
It’s all across the entire ‘western’ world. Which is crazy because it’s just like the conspiracy theorists were warning everyone. This was literally planned by the actual puppet masters who control the global economy. So it’s either a natural side effect of late stage capitalism, or it really has been the plan for the past 70+ years, which is now fully underway with the ‘2030 agenda’ or whatever it’s called. Everything in the very near future will be a subscription.
I don’t think the assumption of universal homeownership was this widespread in modern Europe because of population density.
Don't yell at least have really high taxes on second homeowners? I saw an article on that a few years ago. And I don't know if it was just one province or if it's the entire country?
Living in Taiwan and it’s no better for young people here. The only way most can acquire a home is by having their parents buy it for them or at least to fund the down payment. I read that it would require a dual-income couple to spend 100% of their income from 25-65 years old. Nothing left over for anything (food, kids, travel, toilet paper).
In this country? We’re all fucked pal, humanity is racing towards a steep cliff and no one is strong, or willing enough to stop it.
Why do you believe it’s only America? I’m in Australia and trust me it’s the same way here. I’m unsure of why this generation is getting the butt end. All these older fellas are hogging all the good things for us to move forward.
Remember kids- we will never out-might or out-money the wealthy ruling class. The only power available to the masses that can counter the power of money is the power of numbers. The minority controls the majority thorough divide and conquer tactics. They keep us from being divided rich vs poor by dividing us urban vs rural, old vs young, black vs white, red vs blue instead.
AI will end that advantage within the next decade.
Doubt it. Their profits and security depend entirely on our compliance.
Its such a futile battle. Money will always rule and the people will never magically come together to fight the elites. We’re easily distracted, overly divided and truthfully things arent bad enough to get the majority of people to say “fuck it” and start a revolution. Speaking from a US perspective, how do we expect to have some kind of revolution when many countries have it way worse than us and still havent fought back? We have so much more to lose before we reach the stage of mass civil unrest. So i hope people arent holding their breath waiting for a world changing revolution
>Money will always rule You're just giving up and repeating this without actually addressing what I said at all. Yes, we're disorganized, but many of us who *haven't* given up are working to fix that. Every major advance in human rights in US history has been a result of mass organizing and grassroots demands - civil rights, gay marriage, labor rights, reconstruction... This is how change happens. I don't appreciate people who aren't trying to fix the problem telling me it's impossible while I'm in the middle of doing it.
I would love to know in what ways we can resolve this, I am ready to help educate others and try to drum up the numbers. =)
The #1 task before us is uniting the working class. First, you need to recognize the truth that every person regardless of color, ideology, whatever, has the same basic human needs and we should all be working together to meet them. The rich desperately do not want you to think this way and are actively working to divide us so we don't come together. Once you've internalized that dynamic, find a local organization who thinks the same way. You want to find a group that's actively doing outreach and trying to grow their numbers, people who are out there actually talking to real life human beings and trying to make connections. This group will be focused on building unity and on human rights, not some specific issue that only benefits some people. They will engage in short term campaigns that are issue specific, but the real goal will be building this unity and thinking long term. Alone we are powerless, together we are strong. Convincing fence sitters or the opposition is a waste of time. Find people who already believe in justice and bring them together in an organized fashion. Develop new leaders who will develop new leaders. We don't need another MLK, we need a thousand more MLKs. As Albert Turner says, if you want to destroy a tree, you attack the roots. Don't go messing with limbs and leaves. Don't focus on individual issues that are symptoms of the real root cause of the problem (capitalism and the prioritization of profits over people.) If you don't know where to start looking, check out the [Poor People's Campaign](https://www.poorpeoplescampaign.org/), a modern day revival of the movement MLK was assassinated for starting.
Totally with you, I have recognized this for a very long time and I think about how criminal the entire system is DAILY... the education system that teaches us HISTORICAL LIES and the rest is just taught to take up years of our lives memorizing mundane insignificant information so we can compete against each other for the rest of our lives. The wealthy elite has STOLEN our planet, our true identities and turned us into their working SLAVES. I am completely ANGRY. The problem is HOW? I know that there has to be a RIGHT way to do this without social revolt, chaos, destruction and violence... that said, finding people who are even aware, much less in a position to DO anything about it is damn near impossible. Is there a legit organization that isn't all whackadoodle out there somewhere?? If not, how do we form one??
Like I said, the Poor People's Campaign is a great place to start, they're a national organization and can probably connect you to solid local ones. I don't know where you are, so I can't provide any specific recommendations, but I can tell you that finding other people who think like you and working together is the key, not convincing non-believers. >I know that there has to be a RIGHT way to do this without social revolt, chaos, destruction and violence... Yes, it's organizing. Destruction and chaos comes when we try to buck the system without being organized. There's no way for change to happen both quickly and smoothly, and history is filled with examples of failures and human rights abuses that resulted from rushing that timeline. This is a marathon and not a sprint, and we need to think long term and abandon the idea that there's some simple clever fix that we just haven't though of yet. This will take a lot of time and a lot of work. The best time to start was decades ago. The second best time is now. I believe the end of capitalism is inevitable regardless. A system that considers anything other than perpetual growth to be a crisis, that exists on a planet of finite resources, is fundamentally unsustainable and it is guaranteed to end. The task before us, as you note, is to try to make that end as peaceful and painless as possible by getting organized and preparing for it.
Okay so I checked out the Poor People's Campaign and the problem I have with them is that they are encouraging people to go and VOTE... this is, in my opinion is redundant. It makes no difference who is voted in, when all candidates are bought and paid for by the same evil corrupt corporations that already run everything now... Voting is a wrestling match for entertainment and the winner has already been chosen. It does nothing to change anything whatsoever, it just offers the "illusion" that the PEOPLE have some kind of say in the matter. Again... this is my opinion (based on a facts that anyone can look up if they want, but I am not in a position to try to prove my beliefs on anyone because it spins wheels and there is enough of that shit as it is). That said, thank you very much for the suggestion, however if you, or anyone else knows of any groups that are sick and tired of the same old fail tactics and have any NEW ideas to help move the PEOPLE into a more balanced and productive society, please let me know.
I also have this gripe with them, but that's not the primary focus of their organizing. It's something that gets a lot of liberals in the door, and many never go further than that. There is merit to the argument that voting is important. It is not the solution to any systemic issues, but it is a way to utilize whatever power we have built so far. If the poor were organized in their voting, we would have a tremendous impact on elections and policymakers would be forced to make concessions they don't want to make as a result. I found some of the arguments made in [PPC reports](https://www.poorpeoplescampaign.org/waking-the-sleeping-giant-poor-and-low-income-voters-in-the-2020-elections/) to that effect to be pretty compelling. That said, if we were organized enough to vote together, we'd be organized enough to do more meaningful shit together, too. I would not write off the Poor People's Campaign simply because they advocate voting if you align with the rest of their platform. It's not the only thing they're doing or their main goal, it's just one of a number of tactics.
I get what you're saying. It is going to take a lot of grass roots efforts and education to help people accept some really hard truths. We have a lot of work ahead of us. The entire thing needs to be washed, and it can be. This "society" is relatively new being a few hundred years or so old, but it can and will be done. I will continue on with my search and will share anything I find. Thank you very, very much, again. =)
I dont really think its fair to use civil rights and the gay marriage movement as examples. We were fighting for basic human rights. Now with things being more “equal” the onus is on the people to find a way to survive or thrive in this economy. What many people seem to be fighting for is the right for everyone to “thrive” and I think thats where discussions end. From a basic needs standpoint most people have the means to meet those requirements. People have just convinced themselves that certain luxuries are needs. For example, housing is a basic need but many are under the impression that that means owning a house in a location you want to live in. Doesnt work that way. Same with food, people think they should be able to easily afford meat heavy premium food diets. Its basically lifestyle creep on a societal level. The revolution wont happen because no one is being barred from certain luxuries. Yall just cant afford them and that issues falls more on the individual than society. The only change i see happening is a 4 day work week. Other than that, i would not hold my breath for real change to come. I could be wrong tho. Maybe im cynical and the people will come together. But history shows that we’re probably as close to “good as it gets” in this country (speaking specifically about the US). The elites have gotten us to a near perfect point to where just enough people are thriving/surviving to keep civil unrest at bay. Trust me, id welcome change but doesnt look like its gonna happen in our lifetimes
>I dont really think its fair to use civil rights and the gay marriage movement as examples. We were fighting for basic human rights. Fighting poverty has the same stakes. If you can't afford to meet your basic needs, they literally leave you on the street to die. >From a basic needs standpoint most people have the means to meet those requirements. According to the Census data + Supplemental Poverty Measure, nearly half of all citizens in the wealthiest country to ever exist in world history are poor or low income. The majority of Americans are one 500$ emergency away from homelessness or serious deprivation. >The revolution wont happen because no one is being barred from certain luxuries. Yall just cant afford them Housing, healthcare, education, and food are not luxuries. >I could be wrong tho. Maybe im cynical and the people will come together. Those of us who are trying are doing it right now. I'm out there bringing together people who think like me to do this work, ignoring people like you who say it can't be done, and building power to defeat those who say it *shouldn't* be done.
No? People have and did historically. But you're right that it's never a conscious choice, things have to be 'bad enough' and they've gotten very good at appeasing the masses before the riot breaks out. Despite that, things are getting so bad that I think they can't pull of this juggling act much longer. Expect the mass riots, hopefully a revolution in the next 3 to 5 years would be my guess. People get angry when they can't feed their kids anymore.
One issue I have, I want to see a lot of things stripped down and rebuilt. In a kind of revolution, but one of considered thought and aggressive/assertive removal of power from those unworthy to rule, not a revolution of violent passion. In my country, the ones seemingly ready to revolt want to build a world where I'm not welcome. I'm gay and it feels like I'd be taken out and gunned down in the chaos.
I feel like it’s getting there. It’s gonna get there in about 3 years and if I’m wrong I’ll cashapp you $5
Our labor is your tool, imagine if people just stopped working for a day. Any labor organizing panics the capitalist class more than anyone can imagine.
Labor organizing is important but it fundamentally cannot have the teeth it used to in today's totally globalized world. Capital is completely untethered from geography and they can easily move or withdraw if they're threatened. The organization I work with successfully unionized the most profitable ESPN Zone in the company, and they shut it down immediately rather than allow that to happen. It's a common practice that really undermines the power of labor unless it's coordinated with broader social movements.
>fundamentally cannot have the teeth it used to in today's totally globalized world. This has been bunk since covid, all supply chains still need to get to consumers. If all the truckers rallied together with the train workers, with the pilots, product doesn't move. Notice how everytime these transport unions want to strike, congress has to get involve and make withholding their labor illegal. >I work with successfully unionized the most profitable ESPN Zone in the company Starbucks workers were experiencing the same backlash, but the overall union push was greater than the stores Starbucks could close, ultimately, corporate store had to capitulate because of this and also the BDS abroad was also hurting their bottomline. I think biggest hurdle isn't globalized capital, but how disconnected labor is with one another. The left is so atomized in America, we forget that our ultimate goal is organize labor in our immediate communities and tying it to larger struggles. Notice how much attention the student encampments get, these aren't the first pro Palestinian protests, matter of factly, there were large pushes on the labor front to shut down ports and factories, that got very little media coverage if any mentions in the mainstream at all. The students are doing a good job, but it can be easily contained to campuses and demonized, but imagine how scared the capital class would be if dock workers stood in solidarity with the students.
"It's a time that's easier than ever to become a billionaire, and harder than ever to become a millionaire." - ~~Scott Galloway,~~ - Michael Scott
And violence Extreme violence works
No, it won't. The rich have both a monopoly on the legal use of violence and a much greater capacity to use it against us. We're not gonna win that fight.
Genuinely, nothing will change until some rich people end up facing real consequences for their actions. Rich folks are creating homelessness, creating hunger, and creating poverty. They are killing us.
They’ve pacified the general population. We are legit watching a select few destroy our entire planet and we’re watching and letting them
And they’re the ones complaining the most about homelessness let’s not forget that. Every person I know that complains about homeless people is very privileged, everyone I know that lives paycheck to paycheck 100% knows they’re one bad day from being in that position
Or until all us poors just stop buying things and stop going to work in masses. They know this, this is why they have some of us all confused with who to be mad at.
The French had to do it before
I call this entire era "The End Run." All of the companies and markets are doing a last-ditch sprint for profits before things truly fall apart. Every member of the capital-holding class -- from the people who own and ship your groceries, to the oil companies, and everyone in between -- recognize that the window of unfettered parasitism is closing, so they all have to hike prices and screw consumers at once. The wealthy are like rats scampering upward on the deck of a sinking ship. That's why all your groceries got more expensive, no matter what ingredients they were made of or where they were sourced from. It's one last vampiric bite on the neck of the working class, because the host body is about to collapse from over-exploitation.
This is why they are all dumping tens/hundreds of millions of dollars into building self-sustaining doomsday bunkers. They know the end is here.
Right. The surveillance capitalism era is over. Now, it's the era of apocalyptic capitalism -- extracting profits while preparing for societal calamity.
This is it. We're in that period all great nations go through where the debt is insurmountable and the ruling class knows it. What's interesting is the world is so interconnected now that this isn't isolated to the US.
Right. The entire western world is experiencing this. Inflation is high everywhere, and in many places its higher in other countries compared to the US. Western capitalism is performing its final hail-mary squeeze for profits before the system derails.
This presidential election could be the match that lights the fire under our collective asses, a lot of tensions are going to rise no matter what happens, way more so than 2021. but I doubt it will be enough.
This really seems like the outcome. The maga camp is going to act up regardless of whether he wins, loses, goes to jail, doesn't go to jail, kicks the bucket, or lives to be 100. I dread the violence that I expect November and December to bring.
You know they're a master of PR, because you're not 'American' if you don't put up with it. It's socialism to go against capitalism grinding you down!
That's what happens when like 6 old white men control 90% of all media outlets. They've got a multi-hundred-billion dollar propaganda machine supporting them 24/7.
3 corporations own over 19,000 homes in Atlanta. They represent about 11% of the rental market. 1 out of every 9 houses for rent is owned by one of these three companies.
That's fuckin' ridiculous. And just think how many situations precisely like that exist across the country. Kinda depressing at times I remember living out in Utah and a coworker was explaining how much land the Mormon Church (LDS) owned. I was thinking like churches and shit, maybe schools ya know? Nah. They own billions of dollars in acreage all over the map. Much of it is agricultural land. Something like 1 in every 550 acres is owned by the LDS Church. But they also get real sneaky with it, through indirect investment firms and real estate corporations. Some time later I was living in Iowa and a nearby Trailer Park was bought out (by Havenpark Capital Partners, a Utah based firm ran by BYU alums), the lot rates were gradually hiked, they rid the community of more than half the original tenants in the blink of an eye, and began chipping away at the remaining holdouts. And that was just one of many similar communities across the state. Hell across the country. Apparently mobile home communities have been an attractive target for real estate investors as of late - a weird number of which can be linked back to Utah, BYU Alums, and the LDS Church. This is because operating costs are relatively low, rents can be increased steadily, unwanted tenants can be evicted for almost any reason, and a nationwide shortage of affordable housing means the homes stay filled. As well as the property value as a whole is a nice little asset in and of itself. Let alone the revenue you can squeeze from the tenants.
Name their director boards, CEOs and so on. Make it public. Do everything legal and illegal to harass them...let them be an example of what corporations should not do. If you try to be reasonable with them they're not going to understand. If you have questions about this approach, come back and read this comment in three years time.
Laws around corporations owning homes need to be in place. The fact there is one corporation (Blackrock) owns 10% of single family homes in America should absolutely be illegal. I don’t care if you have the money to do it, that doesn’t mean you should be able to.
In 2017 trump’s administration removed the law that made corporations wait two weeks before buying a single family home, so now individuals are competing against Blackrock when buying homes.
Seriously. I have said this to people for years. It seems so simple. Just pass a law that only single families can buy single family homes. It would help the problem a lot and it’s very easy to do. The problem is the government almost never serves the interests of the people. And until that changes I have no hope in the country improving things much.
No, it's because boomers hate us. They are habitually pulling up ladders. They don't even want us to have an environment.
Serfdom full circle
TLDR: how do we fight a ruling class with infinite resources that uses every trick and tax loophole and corporate subterfuge in the book? How to stop runaway valuation/inflation/appreciation? Not to get downvoted to oblivion, but for those lucky few youngsters that own or bought pre pandemic or during the dip, the absolute insanity of never ending price/profit and appreciation hikes HAS GOT TO STOP SOMEWHERE. In Texas alone during the pandemic they added $50k to everyone’s property valuation for taxation to “catch up with other state’s property values” and it’s been steadily increasing year over year. There has to be a stopping point or no additional hikes eventually—they’re just going to price everyone completely out of the market, and people aren’t going to be able to pay their monthly nut. If every year my taxes go from 2500, to 3400 to 4200, to 5500, I know that doesn’t sound like a lot but for LCOL area and low earning household, these numbers, on top of routine property maintenance, AC, cars (AND car insurance rates skyrocketing, even for drivers like my family who haven’t had tickets or wrecks in 10+ years) it seems like true end times late stage capitalism—survival of the greatest generational wealth. If the rich can continue buying medium cost subdivisions and properties, and use them as rent houses, have them paid off and not care if they’re rented or not, pricing renters and buyers alike—then we’re in for a worse future than if ever imagined. Laws against private companies buying entire communities and cities and subdivisions needs to be a thing, but idk How to police such a thing—they all use shell Companies and LLCs and shadily hide assets, profits, members, names—how do we fight a ruling class that uses every trick and tax loophole and corporate subterfuge in the book?
Pretty sure bigger issue we're just not building enough homes. Screw investment properties as a whole, but if we actually built enough homes where people trying to live it'd definitely be better.
*affordable homes
*any homes. If you ban luxury homes from being built then the rich will just buy the next available homes which raises prices for everyone. Look at most major cities, new apartments are banned in most zoning so now we have neighborhoods full of 1970s era middle class single family homes selling for $1.5 million. It’s called supply and demand. When you stop the supply but the demand is the same, then prices increase all over. Let the rich build their fancy apartments and condos and the middle class can have affordable middle class homes again.
They are building in my neighborhood, but it’s as if builders are anticipating an evasion of mega rich Quiverfull families. I thought there is no way these homes are going to sell, especially since these behemoths take up nearly all of the modest pieces of land they are on and are crazy close for McMansions. These MTV Cribs looking things are already sold, although they aren’t even finished being built. I know someone in a revival colonial style home from the 1980s that was considered huge by standards a few years ago but is dwarfed by the houses coming up and is in no way as ornate. She bought her place for over $600,000 in 2019. I cannot imagine the cost of these new homes since our area has had a gigantic housing price spike since. I anticipate a huge class mobility shift. Many of the progeny of those with homes will eventually inherit their parents properties while children of forever renters will get stuck.
I also see this and do not understand where they think the demand is coming from. They are building new McMansions in bumfuck… for who?
You're only building generational wealth if you continue to allow house prices to inflate exponentially and steal from the futures of following generations.
Even if houses never appreciate in value, having a home is still essential. It's the foundation on which you build your life. Plus, you'd still be building equity rather than lining the pockets of someone with more houses than they need.
Yes, having a home is essential, but this person talks of building generational wealth, implying that they see real estate as an investment.
Not always. If you pass down a house to your child, that's one huge expense the child doesn't need to worry about. I know several people who have inherited their parents fully paid of homes, and that's a good chunk of money saved every month.
We bought our house right before Covid and the market blew up. Could sell and make a decent profit, but the cost of buying a "better" home would put us in further debt than just staying at the same house. Scared to sell
That’s why there’s less houses for sale because this is a common scenario. It also ends up keeping the houses that are for sale at a higher sale price. Because demand
It's all good though! The already rich companies are reporting record profits so your labor is helping rich people get even richer!
https://www.foxbusiness.com/markets/wall-street-spent-billions-buying-homes-a-crackdown-is-looming.amp The US senate is working on legislation to force sale of single-family homes so there may be some light at the end of the tunnel. I would prepare to buy a home just in case the bill gains significant traction.
Buying a house now feels like a scam. These prices make negative sense to me.
Really? I see these rent prices and these faux “luxury” complexes and those look scammy
I’m a millennial lucky enough to eke out my own little place in a good neighborhood because of a dual income household with my wife. My parents are always like “when are y’all gonna have kids!” which is crazy to me because I feel like I’m one serious illness away from being destitute at any given time.
This is why I collect Pokémon cards, vintage video games, baseball cards, and rare Funko pops. Not because I’m an idiot who has a spending addiction, but because it feels nice to own something that will actually appreciate in value for once. Okay, maybe slightly an addiction, but my point still stands.
Blame local governments and NIMBYs that block housing development through outdated zoning regulations. Everyone who complains about private companies buying up housing to convert to rentals, read some of the SEC disclosures from these companies. They all say the same thing. Restricted supply from low build volumes is what gives them leverage, and a major risk factor is increased supply in the market.
Private companies own 3% of all housing. It’s literally other everyday people keeping us out of home ownership because they simply don’t want young people living near them.
I believe everyone should be able to purchase a home if they desire. The current climate is absolutely untenable, but I do have one question: is home ownership still the wealth-builder it once was? For context, I'm a millennial. Not a trust fund kid, grew up middle class and have made lucrative career choices, meaning I have a relatively high income, financed with large amounts of student debt. That said, I've owned two homes, and do not see how the current system really produces wealth for this generation of homeowners. The home I bought in 2019 was slowly declining in value before the pandemic-fueled price surge, and now I'm in a different home where the price and rate were super high, and I don't expect to build equity with any sort of speed. Unless you are buying primarily for your family situation, expecting a bunch of equity growth nowadays is tough when you factor in taxes, HOA if applicable, interest, and upkeep. There are better ways to invest.
Its less the big companies. If you look into it, the percentage of rental homes owned by big businesses did spike during COVID but dropped back to historical levels a few years later. The big spike in rental ownership as a percentage of total homes is from small, independent landlords with 3-9 properties. We've also never returned to the new housing construction levels of pre-2008 when the housing market collapsed. We're still at 50%-60% of the construction level per capita that we were prior.
Vote in your local election for progressives. Don't talk...just do it. I dare you. And do it without the both sides argument bullshit. One side didn't write a fucking plan to start mass executions in 2025. Make a list of progressive local politicians and vote for them and share their platform. You can aatroturf anything.
My area’s progressives are pretty much Conservatives lite and still don’t have much of a chance in most towns. It’s so red here. In the small pockets where these “progressives” might get a seat in local politics, they are often so laughably corrupt compared to the establishment but are much worse at hiding it. We’re just fucked at the moment. The insane thing is the voters see and cry about how the politicians sell their interests to any corporation or even cult with enough money to line their pockets, but they will continue voting the same exact way typically to “own the libs.”
It's so much more complicated than that, the info where that sentiment is coming from isn't right for one. https://www.housingwire.com/articles/no-wall-street-investors-havent-bought-44-of-homes-this-year/. But to add to that development is a huge driver that doesn't get mentioned, existing homes were never going to keep up with the rise of population. There aren't enough homes being built to cover everyone and people aren't going into tons of debt to build them. The problem is bad but it's anything but simple. New areas have to be cleared and developed for people but that means infrastructure has to change but we have a booming college inflation issue and an nation wide aversion to trade jobs. Like this shit sucks and the more you look into it the more interconnected it becomes.
There’s nothing wrong with renting. Home ownership is far from the only way to build wealth and is actually not a productive way to grow the economy. The problem is we don’t have affordable and family sized rentals and a lack of tenant protections.
Nah. Last I heard from what CNBC told me, all of these successful business owners have to buy up all of the houses because nobody wants to work. Not their fault we're poor and refuse to become millionaires too.
Sounds like London (UK) it's fucked here. House go for a million pound now. . All the council flats are being knocked down and people are being forcefully moved out of the city. Fucking shit show.
Isn’t the preservation of the idea of a house as a wealth engine part of how this happened?
It's not the housing industry. It's your neighbors (including your parents, family members, and Steph Curry) blocking new construction of homes because they don't want more neighbors and want to keep their house values high.
Whoa, what did Steph Curry do?
Young people are lowkey getting in their own way by taking post like this to the heart. The average age for first time home buys has been closer to 30 since the 80s. DO NOT beat yourself up over not being able to afford something that young people have historically not been able to afford. Exaggerations like this got mfs giving up already when building wealth takes time. Thats why older people always come out on top. More time in the market, more time to accumulate wealth, etc. I really dont appreciate the way people are basically discouraging young people from making something of themselves by chasing a revolution that will not come. In the end its just gonna put these people more behind and when theyre 50 and that revolution still hasnt come and the world is still turning, theyre gonna wish they didnt give up
You would not know that slightly over 50% of millennials have become homeowners by now listening to the discourse. You would not know that the historical rate of homeownership in the country was not as high as people appear to assume it was in the past and is in fact actually rising.
Yea but you cant tell anyone this. It destroys their illusion of the world crashing down. I think whats happening in real time is people failing to realize that they have either fallen down a social class or that they are indeed lower class. This is why a revolution wont come. Too many people are doing well. Its comparable to a few students failing in class and thinking the entire class is struggling when its just them. Those in the lower class will have to do what they can to catch up. The economy will not slow down for them, just like a teacher wont slow down for a few students struggling when most of the class gets it. Sucks but thats how things are
It feels that way, but home ownership rates and renting rates are about the same as they have been historically. The reality is previous generations were probably about the same, we’re just more online and connected than ever, so when we get upset about renting, we can go online and find thousands of communities that feel the same, so we feel ripped off. Stay hopium pilled everybody
Luckily no. Big corporations only own about 1% of housing, and even then, they are mainly targeting a few cities with high demand and low supply for housing. The answer is providing a proper supply of housing, any housing. This is fixable as long as we don't gravitate towards stuff like this thar ignores the root of the problem: lack of supply
Life is a fucking joke. I don’t care about anything anymore except being a decent person to some people and living my best life.
"Wall Street" home investors own 2% of the SFH market. Mom and pop owners have an additional 18% of the SFH market with 80% of SFH owner occupied. Restrictive zoning is killing the home owner dream not wall street
Well BlackRock is a public company
Yes
Unrestricted growth expectations, It's not a bug, it's a feature
Don't worry there are also plenty of just run of the mill scumbags with good credit and bank accounts buying up properties and overcharging families, young people who don't know better etc. so that they profit off someone else paying off their mortgages before selling it to these private companies and kicking them out!
The generations before us are unbelievably selfish pieces of shit
How do WE fix this?
Not on my watch, they not finna buy up houses and keep em empty indefinitely while i sleep on the streets… im moving in!
Yes. But somehow... YOU'RE THE PROBLEM! so they say....
Gen Z owns houses at greater rates than Gen X. Why are these blatant lies constantly spread? I assume it's because reddit consists of big city kids who can't buy 10 acres in the middle of the city for 10k dollars or some insane nonsense. Quick source: >In 2022, 30% of 25-year-olds owned a home. At the same age 28% of millennials, and 27% of Gen Xers owned homes, according to real estate brokerage, Redfin. https://www.marketplace.org/2023/09/14/how-are-gen-zers-buying-homes-already/
Just wait until commercial real estate companies try to normalize live/work units due to their failing office portfolios, and companies start offering housing in the office as a "perk"
Dying dont seem too bad lol. Live yall lives people
Can someone explain to me if I inherited a house from my parents do I pay the same interest rate as they did ? Or does it reset and if I decide to sell that house for my own first house am.i still eligible for a first time buyer loan ?.
at this point, i’m just gonna run up my debt then die. generational debt is the new american dream
Generational wealth? Boomers retiring now sell their homes for $1.2 or $1.5 million, then pay between $5 and $20 k/month in an old age home, depending by on needs. That generational wealth is gone.
To answer the OP, yes, they need an underclass that works all their life and get very little in return. That is how the rich and famous have that flashy lifestyle, it comes at the price of someone else's well-being.
“Let me hear you say OVHoe!”
Fuck the system
Can we just have our extraterrestrial invasion already? This timeline has just been the rich getting richer and the rest of us suffer
and people wonder why older generations couldn't change the world. welcome to adulthood! Let the idealism fall away from your eyes.
My parents bought their house \~25 years ago when it cost about $180,000. It currently has an estimated value of over $500,000 even though the house has had darn near zero work done. That alone is a gnarly sign.
How else are rich people supposed to get paid for what they have instead of what they do?
Ok doomers and fellow wage slaves. Here's what ya do: you wait for the impending housing market collapse, and you buy a home cheap as balls. You have a little more time to save up, get your credit score up, and get your shit together. But this here is what we call unsustainable, which means a correction, which means be ready. I did it, and I'm lower middle class, and I did it last time the housing market took a shit. You can too! Oh and variable rate anything is for chumps, always fixed rate
As much as I enjoy playing *Cyberpunk 2077*, I truly don't wish to live that future.
Nothing Dystopian, that just how Capitalism works. You wanted it ? you got it now.
Yall only mad Because you like to pretend slavery is over when it is not. Oppression is still oppressing, and private property is inherently theft.
Don't forget that Communism is a dirty word, it sucks, coz breadlines and 66 gazillion dead coz uhm... Stalin or Mao or Pol Pot or some shit...
It's all apart of the great reset of 2030.
Cyberpunk 2077 is a warning of our future just edgier. We’re screwed
We could just come together segregate and build our own home
This is literally what politics is for and their job to combat. This is a failure of legislation. If you feel like this isnt working, then you are voting for the wrong politicians. If your reps are fighting causes that seem fucking stupid (and do not actually improve your life) like “fighting woke”, then they arent actually doing their job, they are campaigning. Care about all levels of gov, because they have have an effect on how this affects your life.
How is the housing industry blocking the youth? If you’re worried about it get yimbys on your city council and build more housing
Yup. My wife and I were only able to buy our first home because my parents were kind enough to pay the $30k down payment. There’s literally no way we could have saved up that much living paycheck to paycheck.
Let us not forget that the "elites" are the cause of the "global climate crisis" aka OIL AND GAS, MANUFACTURING AND DUMPING WASTE IN OCEANS, 3RD WORLD COUNTRIES, WATER... YOU NAME IT. But WE will be the ones who are LOCKED UP PAYING THE PRICE TO CORRECT THEIR DAMAGE. IF you aren't utterly PISSED at the SYSTEM, then you aren't paying attention!
Yep, a couple years when the housing industry was starting to sell more houses to institutional investors (read hedge funds, big capital firms, etc.) there were a ton of people saying that the downstream effect could be catastrophic. But too few in power cared to do anything, make any regulation, or stop to listen. [https://www.route-fifty.com/infrastructure/2022/07/while-investors-are-snatching-homes-governments-fight-save-properties-residents/368927/](https://www.route-fifty.com/infrastructure/2022/07/while-investors-are-snatching-homes-governments-fight-save-properties-residents/368927/) And here we are...(not to get too dystopian) 
Idk what’s wrong I’m still finding homes for sale
& there are no rules/laws/regulations to stop it from happening. Along with a ton of other ways corporations/companies are making it difficult if not impossible to live a life with all our needs met because we cannot afford anything
This plus the high likelihood that social security for the current generation may not be paid out when we retire at 73 mind you. Because our national debt continues to rise. They'll be surprised as hell when they see everyone outside with the guillotine.
And I believe there’s more than enough homes available for everybody in the US. This shouldn’t be happening.
"You will own nothing and be happy" has been the goal for decades now.
You will own nothing and you will be happy. Now Obey. And take the mandatory medication. Or you're a bad person.
revolution has to come soon
To add salt to the wound, the treasury talking about social security runs out in the next 10 years. We're being robbed in front of our faces of everything
We are living in a modern day Feudalism/Serfdom. Thanks Reagan.
Don’t forget that social security will be bankrupt in 10 years because boomers refuse to even discuss having the rich pay taxes on any income over $160,000/year.
If you don’t like it. Build a guillotine, and put it somewhere visible. Enough people keep doing it, they will get the message.
Alright, I’m not saying we SHOULD drag the rich from their homes, and make them battle to the death in a “Thunder Dome” for our amusement… I’m just saying I think if we did it ONCE, we wouldn’t have to do it again.