bubble bubble

https://charleshughsmith.substack.com/p/heres-why-housing-is-unaffordable

it's a financial bubble
if you can't use capital to start businesses that manufacture things then capital has to go to real estate speculation.

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NativePortlander1970 Best Comment

In 1994 Barack Obama sued CitiBank in Chicago because he felt too many Minorities were being turned down for housing loans. In the ensuing settlement, the subprime mortgage was created, also known as predatory lending. After the 2008 meltdown and entire developments were foreclosed on, companies like BlackRock formed and bought them all up pennies on the dollar, then created Zillow to resell at massively inflated prices, causing all other housing to sky rocket in costs.

BritishFailedAesthetic · M

Housing shouldn't be unaffordable for anyone- reform is needed.

pdxlinux · 41-45, M

@BritishFailedAesthetic if you have any suggestions or power to make changes, please do. if i understand the article correctly, the author blames USA fed reserve monetary policy. the very rich, even though they are affected by inflation too, are able to control and acquire much more real estate than they could before.

NativePortlander1970

@BritishFailedAesthetic Read my own comment.

NativePortlander1970

Thank you for best comment.

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