The banks will lend you the money, the housing market will fall, and you will be stuck, along with us taxpayers, who will again bail out the banks, wall street, and the billionaires behind the scheme. We’ve been here before.
And the infrastructure that it is dependent on is flawed and showing signs of severe degradation.
(The tree the “house” is hanging from clearly has mushrooms growing on it – and mushrooms only grow from dead wood – and mushroom growth directly decomposes the wood and negatively impacts the wood’s strength. That tree is coming down some day soon!)
Housing prices are crazy. Vancouver, where I live, has always had high-priced housing, but lately it’s skyrocketed. The condo next door to mine, for instance (all prices in Canadian dollars, currently worth about USD 0.81): It’s about 1,000 sq ft, on two levels, in a somewhat industrial/downscale but gentrifying neighbourhood. When my wife moved there in 1998 (giving us side-by-side apartments), she bought it for about CAD 175,000. She sold it about five years ago for about CAD 625,000. The buyer did a lot of renovation and flipped it for about CAD 800,000. The people who bought it at that time just sold it for about CAD 1,000,000. Egad!
FrankErnesto almost 3 years ago
The banks will lend you the money, the housing market will fall, and you will be stuck, along with us taxpayers, who will again bail out the banks, wall street, and the billionaires behind the scheme. We’ve been here before.
tabby almost 3 years ago
Around here investors would sweep in and buy it for cash, then rent it out for at least $3500/month.
john_chubb almost 3 years ago
And the infrastructure that it is dependent on is flawed and showing signs of severe degradation.
(The tree the “house” is hanging from clearly has mushrooms growing on it – and mushrooms only grow from dead wood – and mushroom growth directly decomposes the wood and negatively impacts the wood’s strength. That tree is coming down some day soon!)
wildthing almost 3 years ago
History doesn’t repeat, but it does rhyme.
cherns Premium Member almost 3 years ago
https://nymag.com/intelligencer/article/nyc-mayoral-candidates-flub-brooklyn-home-price-question.html
Housing prices are crazy. Vancouver, where I live, has always had high-priced housing, but lately it’s skyrocketed. The condo next door to mine, for instance (all prices in Canadian dollars, currently worth about USD 0.81): It’s about 1,000 sq ft, on two levels, in a somewhat industrial/downscale but gentrifying neighbourhood. When my wife moved there in 1998 (giving us side-by-side apartments), she bought it for about CAD 175,000. She sold it about five years ago for about CAD 625,000. The buyer did a lot of renovation and flipped it for about CAD 800,000. The people who bought it at that time just sold it for about CAD 1,000,000. Egad!