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overtheedge
Member since May 2012
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How Soaring Housing Costs Impoverish a Whole Generation and Maul the Real Economy - Wolf Richter -

Psst, wanna see some feelthy pictures too?

Not only have folks actually bought into the over-priced hovels, but the cities now swimming in the vast newly swollen revenue stream have floated bonds commensurate with their city's new wealth.

If a long-term economic decline were to come out of nowhere, mightn't there be slight problem with debt service on those bonds? How do you tell you loyal citizens that their $90M Performing Arts Center MUST be closed due to no money? But 1.8% of your property tax bill goes to service the PAC bond.
Do you really reckon there is gonna be a lot of demand for your hovel then? What's that? A shortage of greater fools? Nah, couldn't be. I still hear the piper or maybe its just tinnitus.

To me, hell would be being tasked with the management of public monies in a political environment.
Bad boys. Bad boys. What'cha gonna do? What'cha gonna do when they come for you?

I really appreciate your articles. Thanks

Commented 3268 days ago

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Beginning of the headline :How many years would it take first-time homebuyers, earning a median household income, to save enough money for the standard 20% down payment on a median home? Are you sitting down? An impossibly long time in many cities, Lindsay David of LF Economics (and a contributor on WOLF STREET) found in his report on mortgage stress. He looked at 30 large US cities, using their local median incomes and median home prices. It assumed that young households could accomplish the tough feat of saving 5% of th... Read More

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