Why You Can't Afford A Home
ฝัง
- เผยแพร่เมื่อ 27 ก.ย. 2024
- The un-cut release of How Money Works on housing.
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My Other Channel: @HowMoneyWorks
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Music Courtesy of: Epidemic Sound
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All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind.
#business #finance #housingmarket
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Great idea to make longer format. Am happy youtube recommended me this video
Glad to hear that people are liking the idea 😊
@@HowMoneyWorksUncutit’s really good! I wish I knew about it from your main channel sooner
FIrSt!
❤
I love the idea of longer format videos for your content!
Glad to hear it! I will be putting more of these together so people can watch the old vids without ads or interruptions
Point for thought. Most track home builders will the house then sell it. This takes about 4 months per house and whole additions are finished in less than one year. Mid to high-end homes are built under contract. While this takes much longer in construction prices are set up front reducing the risk that the builder doesn't make a profit.
More content lets GOOOOOO
Great video.
Your point about selling your home at record value only means if you want to stay in your exact same neighborhood, right? I am in the middle of selling my $3 million overvalued as hell house in Southern CA and buying an even bigger and more awesome house for $1 million in Albuquerque, NM. That appears to be a $2 million win to me? What am I missing?
That’s fair if you are downsizing or moving to a cheaper area but on the flip side it would be much worse for you if you we’re moving to a more expensive area or upsizing. The net result is on average single home owners aren’t tangibly any better off. If in 20 years you wanted to move back the gap between the cheap area and the expensive area might have widened to 2 million making such a move very expensive.
Of course if it’s worked out for you that’s genuinely a nice little win!
@@HowMoneyWorksUncut Do the words "bigger and more awesome" indicate downsizing to you?... o.O
A land value tax is a horrible idea, though
I’d be interested to hear about why you think that is? Most of the arguments I have heard for it are pretty compelling
@@HowMoneyWorksUncut Because any financial pressure artificially placed upon homeowners to hold their asset will result in greater loss of assets and asset turnover. This is the exact type of pressure you highlighted when speaking about super-low downpayment rates (1,3, 5% etc), where the financial burden is lifted from purchase and shifted to holding.
If the burden of purchase, the burden of maintenance, the burden of repairs, the burden of improvement or development are all resting upon the property owner themselves - without support from the government, then the government should never have a right to impose financial strain on people simply by owning assets that they paid for. Imposing such a tax would obviously not come with the abolition of all other taxes, that vacuum is far from a reality.
Finally, wage growth not keeping up with property value increases is deeply rooted in the devaluation of human capital in the labour force through flooding it with women and immigrants, while losing our production and manufacturing sector, nearly entirely. The burden of resolving this issue isn't solely placed on fixing housing prices, it has more to do with labor policy than anything.
I get it the arguments but one big thing is that people who already own their homes shouldn't be able to lose their homes because they can't keep up continuous payments. Otherwise you never really own anything. That's the problem with property tax and the problem with a land value tax. Not to mention that I highly doubt politicians would reduce income tax after introducing a land value tax.
And the issue I have with the "the land belongs to the people so if you have a piece of private property you owe a bit of rent to everyone else" is that it doesn't account for how "everyone else" actually refers to the government. And the government isn't really the people from the way they have been behaving.
@@DKNguyen3.1415 Yes! This exactly! The only way to make people wealthy is OWNERSHIP without penalty. The higher the barrier to entry is for the average individual/family, the greater the wealth and power disparity will always be between rich and poor. Furthermore, the government does not need that power over it's own people, and the people do not need that either.
Higher asset turnover is the exact point of it; you just don’t like that you don’t get to land-bank and idly make bank from land speculation.
"The revenue which the state derives from the land, whether from its rents or from the taxes upon it, is not a tax upon the land itself, but a tax upon the profits which arise from its cultivation. The land is not taxed for the purpose of raising a revenue for the state, but for the purpose of making a proper compensation to the landowner for the advantages which he derives from the cultivation of his land.”
Adam Smith and virtually all economists already figured it out ages ago, your "points" make close to no economic sense whatsoever.
52:00
I didn't know there was uncut. Is this an experimental channel to see if people will like the long format?
Exactly
The joining of these videos in an edit with smooth transitions.
Finally, a way to hear to this channel in a continuous way.
On another note, I believe that longer analysis would be really interesting, as your perspective has been really good, and has helped a lot of us start seeing things from different angles and perspectives.
Really good material.
Greetings from Portugal :)
And what if, instead of a Home I only got an Apartment?!
DINK moved from CA to GA to afford a home and it hopes of affording children… with no “free” child care from family as an option, it’s seeming unobtainable… we both have college degrees and minimal debt 😭
When starting a family is an extreme luxury we might have a problem
governmental spending
10/10 video thank you for creating this!
Thanks! It’s just my old videos stitched together with ads and filler taken out, but hopefully it makes it easier to watch.