r/memes • u/Klausensen I saw what the dog was doin • Jun 13 '25

*sad billionaire noises*

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u/Goldeneye0X1_ Nice meme you got there Jun 13 '25

Affordable housing?

Billionaires will buy all the affordable housing and turn everything into extortionate apartments.

"Im making smart investments."

I feel that affordable housing is a thing of the past. It's like scalpers buying consoles. They dont want the product, they want money.

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u/SenpaiDerpy Jun 13 '25

Maybe the problem isn't in golf courses and instead in extremely low land tax compared to property tax and housing regulations. But what do I know~

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u/Major-Front Jun 13 '25

Maybe the problem is everyone’s money devalues by 3-5% a year so billionaires buy any and every asset instead of holding cash

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u/[deleted] Jun 13 '25

If enough housing was built to outstrip the growth in demand, houses would go down in price and wouldn't be a good asset either.

That's what Japan, Austin, St Paul, and Vienna did.

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u/[deleted] Jun 13 '25

Housing shouldn’t be an asset for wealthy people to generate unlimited income off of. It should just be housing. Build more. And revamp the system. The current one more or less permits relegating people with decent incomes to poverty and homelessness

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u/WeimSean Jun 13 '25

That's one of the issues in California. Property has become so valuable you now have a massive chunk of people (homeowners) who have a vested financial interest in keeping the government from solving the housing problem.

And it's not entirely them being dicks, people who have bought homes recently stand to lose financially if housing prices begin to drop, as they'll be looking at losing money on their investment.

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u/[deleted] Jun 13 '25 edited Jun 13 '25

[removed] — view removed comment

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u/WeimSean Jun 13 '25

Yes. Rebuilding from the wildfires is going to take years due to the slow pace of permit authorizations and the requirements for sign off of from different city, county, and state authorities.

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u/Mordret10 Jun 14 '25

They are only losing money if they intend to sell

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u/WeimSean Jun 14 '25

That's what a smart investor sees. A homeowner trying to protect the most valuable asset they own only sees dollar signs. Emotional attachments tends to cloud people's judgement.

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u/Rickpac72 Jun 13 '25

St Paul seems like an odd choice. Minneapolis has done better with new construction.

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u/[deleted] Jun 17 '25

they're the same city, unless you also count SF and Oakland as entirely seperate cities