sbvAug 13, 2023

Mayor can’t afford to buy a house in her own town

https://sh.itjust.works/post/2814685

Mayor can’t afford to buy a house in her own town - sh.itjust.works

Time to loosen zoning restrictions and say no to NIMBYs Ms. Mayor. * > Despite earning around $90,000 a year between her work as mayor, regional councillor and with the local electric utility, she says she can’t afford to buy a home in the municipality she leads. * yeah, she’s still paying off student loans, and I don’t know what zoning restrictions are like in her community. But still.

Show threadBedSharkPalAug 13, 2023

Now what happens when teachers, nurses etc can’t afford it either.

Home owners loving those paper gains and won’t realize it destroys the social fabric of their communities until it’s too late.

Show threadsbvAug 13, 2023

Home owners loving those paper gains and won’t realize it destroys the social fabric of their communities until it’s too late.

Most home owners I know either

  • Don’t want the gains, because they can’t afford to buy a nicer place even if they sell their current place.

  • Are unhappy about growing mortgage payments.

  • Are worried about their kids being able to afford a place.

    • The gains only benefit people who can cash out and move away. Most homeowners (I know) wouldn’t want to borrow against the house value because repayment is so expensive.

    Show threadEhForumUserAug 14, 2023
    The value of my home doesn’t mean much to me, but it is troubling to think what will happen when most homeowners are underwater and the debt gets called. That is going to hurt me when everyone else is removed from participating in the general economy.
    Show threadcyberpunk007
    Yeah homes being viewed as an investment is stupid and only came to be for those that could afford to buy lots.
    Aug 14, 2023 at 2:52pmWeb
    Show threadEhForumUserAug 14, 2023

    Homes became an investment when living near your workplace became a necessity. Any tool which facilities an income is going to naturally become an investment. That’s what investment is.

    The COVID thing decoupling some jobs from location has helped marginally – seeing a small decline in home values – but that can only get you so far. The vast majority of jobs are still location dependent.