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Metropolitan DC Local Politics
Reply to "There is no housing crisis in MoCo or most of the DMV for that matter "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I love that OP is defining entitlement as wanting to be able to afford housing on your salary. I think it's entitled for people who already own houses to think they can dictate what happens to all the land around them, in order to ensure they can one day sell their home for 3-4x what they paid for it. But I guess we just get to define words however we want now.[/quote] Nice try. Let’s help you out here. Entitlement happens when your ABC salary affords you ABC housing — which definitely exists already in your metro area — but YOU want XYZ type housing in the same general zip codes because it’s nicer than the ABC housing you are able to afford with your salary and life choices. Rather than accept your readily available ABC housing, you demand that others (not you) change so you can obtain your nicer XYZ housing. That is entitled [/quote] You don't understand how any of this works. What happens us that people have ABC salary and then they get ABC housing. Fine. But they are saving with the intention of buying DEF housing when they start making DEF money. Then they increase to DEF salary but, surprise! DEF housing now costs GHI money. Okay, so they keep saving. Before they are even making GHI money, DEF housing costs JKL money. Once they are finally making GHI money, rates have gone up and now DEF housing is still priced at JKL money, but the real cost is MNO money because they are paying 7% interest on a home that has appreciated 80% of its value in the last 10 years. And the seller of this house (that's you) bought or refinanced at 2%, and they'll be damned if they are going to accept DEF or even GHI money for this house when their mortgage is so cheap. They'll sit in it or rent it out until they can get what they think it's worth, even though the percent of prospective buyers who can afford what they are offering is minuscule. This reluctance to sell at a price the market can afford creates false scarcity in the market, which drives up prices more. And now you want to tell the people who own the house down the block that they MAY NOT sell their house to a developer who might turn it into a four-plex where each of the units will sell for DEF money. Because you benefit from the false scarcity if housing in the area. Your housing is cheap, thanks to record low rates that current buyers missed out on, and if you can keep the cost of housing going up, it's all profit to you. So you want to prevent the seller down the street from selling their home for a market-set price, to a developer who will hire a bunch of local people to renovate the property (creating numerous jobs), and then sell the resulting property for a profit to people who would otherwise not be able to buy in your neighborhood (I creasing property tax revenues, filling jobs in the area, getting more kids into area schools, spending more money at area businesses). You want to handicap the seller, the developer, and multiple home buyers, all so you can eventually sell the house you bought for ABC money for an XYZ price. THAT is entitlement. Keep your house, sell your house, whatever. But you don't get to tell everyone else what to do just to ensure you maximize the profit you can make on your home for doing absolutely nothing.[/quote] Mic drop. Well said, PP.[/quote]
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