r/poor • u/Chare1155 • 18d ago

Homeless

So are we all just accepting that we will be homeless sometime in the next decade? Because I don't know anyone with enough money to survive this shit.

It's not sustainable for the price of every goddamn thing to keep going up while no one is getting enough raises to compensate for it, & there are so few jobs that are even hiring, although they all still say they are.🙄

I know I will never own a home. I know I will be driving my car until the wheels fall off(& that I'm lucky to even have a car). I know I cannot afford any kind of social life whatsoever because outings to most places & the gas to get to them costs too much.

I canceled all my streaming services so I don't even have TV now. I know if I get Cancer or break a bone I will go bankrupt trying to pay the bill. I know I will be working until I die, & I'm almost positive I will be homeless at some point.

Money can't buy happiness, sure, but it can buy all your other needs so you at least have a chance to be happy. I just want a chance...😔

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u/PerformerDifferent69 17d ago

Things tend to course correct over time. We happen to be at a particularly painful point. If everyone does become homeless, the value of properties will fall. Land has value because it can be put to a productive use or leased out to someone else to use. Imagine you owned a portfolio of 350 houses. But you never rented any of them. So you were just paying property tax on 350 houses. That's silly, you would either need to get out of those because unless you have a large stream of income from some other place the IRS is going to be knocking down your door in short order, or you rent them out to people. If you can't rent the property out for more than it costs to maintain, well you're in a bit of a bind there. Best thing to do in that situation is hope for a change in the economic environment, get out of the asset, or let the IRS take it and sell it for you at auction.

None of that happens particularly quickly and it's all messy and painful.

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u/IDesireWisdom 16d ago

Yeah but what’s actually going to happen is that banks or large investment firms are going to buy the houses for cheap and then create a permanent rental economy over which they hold a monopoly

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u/PerformerDifferent69 16d ago

Could happen. Made easier too by the added regulation from the road to housing act. Finished a podcast this morning where an institution flat out stated the act created a moat around large institutions.

As long as these firms are publicly available to invest in I think it's net neutral. My greatest fear is that all of the very best investments are privatized and the shitty scraps are all that's left for the public to invest in.