this post was submitted on 22 Sep 2023
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Also: I'm a renter with zero interest in owning real estate. I know many people with rental properties (who are therefore landlords) that I am significantly wealthier than. A lot of people are struggling to pay rent and I get that, but believe it or not so are a lot of these land owners. So there's just a lot of unbridled rage towards against anyone they have to pay rent to, especially around here.
I think its clear that what we are seeing is the result of decades of exponential growth. No shit houses have quadrupled in price in the last generation or so, what do you think is going to happen with 10% ROI per year? That's just how it works. Not the landlords fault at all. Idk who to blame or how to fix it but, well, uh, there it is.
There are a lot of leftists here. The focus is usually on exploitation, not on wealth (though, these are often correlated). A shitty small farmer may not be very wealthy, but him making a meager living off the labor of underpaid migrant workers and having them live in unsafe shacks is still exploitation.
Why should real estate have any ROI? Why should people be able to own and make money off property that they don't use, but other people literally need to survive?
I, personally, don't hate single-property landlords or whatever, I just hate the system. I do kinda hate larger companies because they are just machines to generate more wealth for the already wealthy, with no regard for anything or anybody else.
Because it's an asset like any other and prices reflect the same fundamentals that drive everything else in the world. And when I mention 10%/yr ROI I'm citing the average annual return on equity, not even RE specifically. But since RE has a strong positive correlation with stocks and commodities there's no wonder prices have increased exponentially along with everything else.