How can we beat the banks’ control over housing prices?
We have some smart people here, many with advanced degrees in engineering, computer science, business, etc. We in the Bay Area and other tech hubs are being robbed by the way the banks control housing prices. They work in coordination with the city, nimby’s, and “environmentalists” to limit housing supply so that house prices are impossible to pay for except through a large mortgage. Once they lock us into a mortgage, we are struggling to make the mortgage payments each month, while the bankers sit around and just keep making more loans to lock more people into mortgages. If you don’t own, you have to keep paying the exorbitant rent prices all around the country. And the money the banks are lending out they got from the Fed for free basically. Even if there is another crash and the banks are in trouble, the Fed will bail them out again with taxpayer money since they control the Fed and the government. There must be a way to beat the Fed, the banks, and the corporatocracy government. I feel like if we all put our heads together we can figure something out. I wrote some ideas in a poll but feel free to write more ideas in the comments.
Zoning and the prevention of new housing is why Bay Area housing is expensive. Supply and demand, simple as that. I recommend moving away to a place that isn’t full of socialists that work day and night to kill the golden goose of high tech.
It is not free market capitalism at all when the banks have no consequences for making toxic loans and get bailed out by taxpayers. It’s not free market when the government limits supply of housing through unfair zoning laws that keep the mountains of Fremont (which have nothing on them) from being developed. Socialism in practice is a system in which the masses work to benefit the few. Sounds more like the system we are in now.
None of these are plausible. Real answer: start making remote work the norm and spread out into rural areas.
Amazon’s dev center model works well. It allows people to live where they want, but still provides an office for senior SDEs to provide mentorship, etc.
That seems to make sense
I frankly feel it’s unfair that when you start paying your 30 year mortgage 99% of it goes towards interest. Should be 50-50!
Then it's not a 30 year mortgage.
The banks set it up that way so they can get more interest payments out of you.
Step 1: End the Federal Reserve. Let markets set interest rates instead of unelected central planners.
The Fed only sets the interest rate banks get and the rate of bonds.
End the fed! Rand Paul for president. The Fed sets the interbank rates but mortgage rates are based on those.
How many of you would consider yourselves to be on the spectrum?
OP, ironic post given your employer. Why don’t you get together with your buddies in skunk works and figure out how to use your toys to initiate a coup d'etat
Central banks already control the world through financial means, and they want to increase their control more and more. The military is just their enforcer. I’m sure they don’t wish to be exposed.
This warped logic invariably leads to the “Rothschilds” and then a tin foil hat.
Keep Californians from moving to Texas.
I’m continuously surprised how little (allegedly) smart techies know about banking and finance. Most of this thread is just facepalm central. Carry on.
I for one would be grateful if you could explain more and would read what you have to say if it's insightful I remember 10y ago or so people saying remote work would totally reverse course on housing prices and that traffic would be a thing of the past Now they say that talking about autonomous vehicles. If self-drive would ever happen I could imagine a commuter car which is noiseless and comfortable as a first class airplane seat and it would not be so bad to wake up 6am and then sleep again from 7 to 9am
For starters as indicated above, you’re trying to extrapolate (dubious) regional trends into a country that’s 100x bigger. Nobody was saying that about WFH, because only a tiny percentage of the overall workforce can do so. Firefighters for instance cannot WFH. Because some rando says something doesn’t lend it scientific credibility. The self-driving car thing is such a non sequitur that makes me think this whole thing is an exercise in trolling.
The first option is what caused multiple recessions in history.
I assume you’re talking about a bank run? The bank runs during the Great Depression was after the stock market crashed. It was an effect, not a cause. In the current system, it would forces banks to make less loans of money they don’t have, which is what fractional reserve lending really is. FYI, the American forefathers were against fractional reserve lending and made it illegal. They were also against the idea of a central bank.
God you’re stupid. What kind of engineer are you at LHM? Custodial?
Banks control housing prices? What?
Yeah last crash there were a lot of houses that had been foreclosed that the banks didn’t put onto the market in order to keep housing prices from dropping more. If they didn’t get bailed out, they wouldn’t have been able to do this. The banks also foreclosed on a lot of people who were making their mortgage payments but the banks pretended not to receive the payments.
They definitely held back on inventory. I heard of a couple of stories where Bank of America foreclosed upon people that made payments and one of those people sued the bank and won.