Newark councilman resigns saying he can't afford to live in town
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- เผยแพร่เมื่อ 21 ส.ค. 2024
- A longtime Newark city councilmember announced this week that he was stepping down after being "priced out of town." José Martínez reports. (6-28-24)
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Lets be honest, I don't care Nor Cal or So Cal, unless it's extremely exclusive & ritzy areas, which we all know, none of these houses are worth close to 1 MIL dollars in reality. You even have houses in the hoods of Sacramento, San Bernardino, Sunnydale etc going for a million dollars, something is deeply wrong. Too bad it won't change & will only get worse.
It is all by design. The Rich keep stealing more and more assets ( and doing it legally, because they own the State Politicians), while everyone else will eventually suffer financially because of it.
Don't worry by 2030 I'm sure most of the homes in California will be owned by private equity firms.
I agree
The value of an asset is determined by its market value. If you don't agree these houses are worth what the market says it is worth, by what means do you use to determine the value of these homes? Price is also relative - look at the housing market in other expensive places to live such as New York City, London, Hong Kong, Tokyo. As the news report says - housing is a complicated issue. There's not enough being built and even though one has a good job in the trades and has been on the city council, it unfortunately still doesn't complete against those with higher income given the low available housing stock and other complex economic factors like interest rates. That's the reality of capital markets.
What people fail to realize is location, location, location. The house is not worth 1 Mil. It is the land that it sits on. It has electricity, roads, plumbing, etc. When people bid for these homes they are saying the home, land and infrastructure is worth it.
Disgraceful that we've allowed corporations to buy homes quicker than people, hope this serves as a wake up call
Yep - but I'm afraid this comment will get downvoted out of existence. Hopefully this feedback comment helps counter the algorithm.
You mean the Chinese
@@oguncleflip2387no, our own americans are buying them up. Rich developers, but they are american
@@ciello___8307 you wanna fight about it it’s my comment read it and move on don’t care to hear you ! CHINESE
@@oguncleflip2387 im not even chinese! Og!
Housing isn't the only problem; home insurance, auto insurance,pge, water, etc are very expensive. Only people that make good salaries can afford to live here.... everybody is just hanging in there by a thread.
Living in CA since I was like 5 (north, south, central - all over)
While everything is getting more expensive - I do believe this is all by design, maybe it's to help disperse major cities to lessen the traffic for the uber rich and powerful that live there, maybe it's a tactic employed by the Chicoms (part of the internal turmoil that we know is being played out) that bought out local politicians (lookin at you thao) - not totally sure. But whatever it is, our politicians are going along with it or just don't see it (maybe even not wanting to see it)
What Pge did to northern CA was what happened to Maui (almost intentional negligence) - ABC10 did a great documentary about it ("California wildfires: How PG&E continues to avoid accountability") and how Newsom was implicated in it all. It's my belief that Newsom would never have won a true majority of people in CA - he played to specific districts to get him reelected
Why that doc has only been seen 15k times over the past 3 years is astonishing to me
Now he wonders how lower income people are surviving? HAHA - he couldnt think about that until it affected him huh.
That community should figure out a way to keep him there it seems like he really cares
Halt the runaway economy!
I'm glad they are speaking on it now, everybody's going to be homeless soon
We feel your pain im from stockton and i feel like we are trap here
brah I feel your pain i live in santa clara all i can do is rent
Big corporations is who 😊
And the politicians who facilitate this
We’re not boycotting that’s the problem
Boycotting what?
You said $66000.00 down and that is a lot ?
No wonder you have no chance of ever buying a house.
Hi Great Depression II 👋
International's & investor groups
Remember "Corporations are considered People" in the eyes of the Law.
And "Money is considered Freedom of Speech." What a country.
upper class and upper middle class is way too far ahead of the rest =(
Unfortunately, his perspective is valid. If living in Newark is unaffordable for you and you desire to own a house, it may be necessary to consider relocating to a more affordable area.
It is inevitable that the real estate market will be significantly impacted if the government does not impose any restrictions on the purchase of residential properties by foreign nationals.
American corporations are buying up homes too
$60K down? That's like $.05 in the Bay Area. The fact that this guy is just waking up to this now in 2024 means he wasn't paying attention for the last 15 years.
lol perfecto. he's crying about something that is a feature of the system not a bug and that is most will be working without owning ;).
0:56 you have ears for a reason
The last Oakland Raider fan moving to Las Vegas. Rents too damn high
Those East Indians are pricing everyone out of those areas. They walk in with $1 million cash on a home.
But he lived here for all his life and didn’t buy it when it was dirt cheap. Sounds like bad planning or bad financing lol
solidarity
I feel his pain
I'd feel sorry but these folks voted for the leaders that caused this stuff
Join the club!
Oh well....Can you get actual reporters? Dude sounds like he doing school project
The real reporters all moved because they couldn't afford to live there either.
There needs to be more reporting from news outlets on the real cause of investors buying up homes for more money than asking price, resulting in working people being priced out of the housing market and having no where to live within driving distance of where they work. The real cause is the increasing worthlessness of the U.S. dollar as a result of the endless money printing by the Federal Reserve (a.k.a. quantitative easing). The hyperinflation we are all dealing with is why anyone with money feels that they cannot hold onto cash, but rather, has to invest their money in an asset than will appreciate at the rate of inflation.
The corrupt monetary policy of printing money to "bribe" voters with "stimulus" or in order to "monetize" the $34 trillion national debt is the cause of investors buying up homes for holding the value of their money. The only solutions are to stop printing money and return to the gold standard, or regulate the housing market (as every other country in the world does) so only people who will actually live in the house are allowed to purchase it, rather than phantom owners who are worried their cash money won't even buy bubble gum in the near future.
He can't see any good outcome form this...
Sad
@2:32 I'm sure he didn't intend to, but he hit the nail on the head of how illegal immigration destroys affordable housing. I live in downtown LA and there are actually thousands of small cheap studio apartments that rent for $600 or $700. But the managers only rent to illegals (who never complain) and the illegals move in a family of 5 into a 400 square foot unit. Most of LA's Westlake and Pico-Union neighborhoods are like this, with one family operating 2 or 3 illegal vending stands
It’s Chinese shell companies buying these homes and then renting them out.
no its blackrock and vanguard. stop blaming the asians.
@@wilsont06 no it's both
@@alexlopez5800 america is a country built on capitalism. cant blame them if they have the paper.
@@wilsont06 It's both and I thought they're communist?
@@wilsont06capitalism yes. Foreigners buying land I’ve paid taxes on for years no.
Another problem people don't talk about is the union/labor organizations that former Councilmember Bucci worked for uses the court system trying to force developers into using his unions for their projects. These unions use the court system to try to force developers into using them which costs 35% more than the open market. These unions can't compete in an open market fairly. How do you expect developers to build affordable homes when unions uses the court system to strongarm them into using them and delaying the project for months?
Don't be afraid of Oakland, my friend.
Being a pirate does not pay enough.
Thia is happening all over the US....same thing in Arizona
Monday
Indiana and Kansas are cheap
Because they have no economic prospects there. Nothing to do there and most dont actually wants to live there.
Hes the original Raider😊
He ain’t that old he’s way too young
Democrat. Keep voting Democrat
LEAVE THE STATE OR LEAVE THE BAY
Well said. I'm interested in BOTH!
Get out and leave, the state is lost.
To live in Bay Area you need 5 jobs
I work 40 hours a day
Newark shouldn't be expensive everything is built on a swamp
All by design
He could live in a van down by the river......just sayin...
😂😅
20 years in trade and you can't even buy a house? plus part time as council? something doesn't add up. either you're bad at your job or you don't know how to budget. btw 60k down isn't alot. that's like 5% down? lol
It is always a budget issue.. 2012 to 2013 was great time to buy in the bay area and He didn't have the saving after working for 10 years.
Well go ive ne my money so i can move this country