If you can afford a condo in China’s capital you could afford one nearly twice as big in the Big Apple. What makes some places so spendy? Who can afford them?
The US tells Americans their income grew, but there’s still inflation and the average is pulled up by the 1% which disguises the reality of the 99%.
What factors drive people’s chances of rising beyond the station of their birth, including education, family structure, and the economic layout of metropolitan areas?
People lost a lot of money in land and houses, and now, it seems, they can start making money again — either as speculators or as civil members of society.
What do you pay for when buying a home? The house or the land? Depends on where you are. Buy a mansion in a desirable place and most of your millions go to the site, not the structure.
Is it safe to invest in real estate again? The very wealthy think so, and they may know more than the rest of us. But to know more than they, study the 18-yr land-price cycle. It shows what happened before and what will happen again.
People got to live somewhere. If they’re not buying, they’re renting, so they’re always pushing up prices somewhere — until the cycle stops. How to stop the cycle? Recognize that housing costs are mainly the cost for the location, and that land value needs to become our common wealth.
The powers-that-be lead farmers astray. Industrial chemicals don’t up yield after a few years. Government subsidies don’t make land affordable. If powerful entities can’t find a safe way to make money, then take away their power. Let’s quit limiting the liability of irresponsible firms and not pay subsidies to groups but pay a land-rent dividend to all citizens.
Owning a car, working in a white-collar job, owning or renting a home for more than 4,000 rand a month in a city or town: the middle class in Johannesburg has it better than their parents and grandparents did; yet their progress means poverty for others.
One way to prosperity is how Singapore did it. They figured out what to do with land value, with the money people pay for a location. That freed them up to choose smart taxes, not dumb ones. Could other places copy the Singapore way? Find out.
Silicon Valley land values soar with tech stock prices. But ordinary residents get priced out by influx of rich programmers.
The crash in gas, a natural resource like land, was driven in part by “creative financing” engineered by Goldman Sachs et al.
Precisely when housing prices — actually land prices — stopped rising, then so did incomes, really beginning the recession.
Alfred Nobel, inventor of dynamite, must be exploding in his grave, unimpressed as he was by number-crunchers.
Perhaps some things should have one owner — like roads — but what about transport? This 2012 article is from Reason, Spt 28.