alt Hacker News> we have the rich investing in existing housing because we have effectively stopped production
In my quite affluent city, the most affluent neighborhood has yard signs up every fifty feet expressing that they are furious that the city might develop city-owned parking lots (which are nowhere near their neighborhood) to be high density housing.
One-bedroom apartments in the city center are going for over $3,000 per month.
The rich aren't simply locking up existing housing, their principal concern is preventing any housing from being created, even if it has no effect on them.
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scoofy • today at 12:07 AM
“A society grows great when old men build five-over-ones whose shade will immediately cover their favorite park bench for 4 days per year.”
I think there should be a relatively simple solution. Tax the homeowners proportional to their homes' market value. Either you get enough tax revenue to build more houses, or the tax burden is too high for those NIMBY to remain at their beautiful suburban homes, and their houses will be back on the market.
But no, when we propose that, all those affluent bourgeois feeding on the young are suddenly poor grandmas just wanting to live the rest of their lives in peace.
Make up your mind, people. Are we going to fix the problem, or are we going to blame Jeff Bezos because some suburban schmucks oppose building apartments. Frankly I don't think Jeff Bezos even cares about apartments. (He has enough money to buy a city block, why would he care.) But it sure feels more righteous to hate Jeff Bezos than argue about real estate tax.