Reply to Boomers' Billion-Dollar Bonanza: The Unseen Hoarding Behind Millennial Struggles

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[quote=Anonymous][quote=Anonymous]I guess I am a member of the Boomer generation, although I hate that term. When we were starting out, we bought a tiny house in a close-in suburb, and financed it with a 30-year 12% mortgage. There are many similar houses in our neighborhood. When they come on the market they are snapped up, torn down, and replaced by mega-mansions with three-car garages, Great Rooms, etc. No young couple starting out can afford them, even at low interest rates.  Not only is the house over-priced, but the taxes and utility costs are higher too. And the houses are so big that there is no back yard for kids to play in. This is not the fault of my generation.[/quote]

I mean, it kind of is. Because who do you think is buying those starter homes and replacing them with giant mansions that will cost three times as much? Developers, who are mostly Gen X and Boomers.

Also, Boomers have controlled our political structures for decades, and could have instituted policies that would have addressed skyrocketing housing costs. But they were not incentivized to do so because Boomers, who already owned homes, benefitted from rising home values. They had no interest in keeping housing costs down. Well now millennials are mad because they can't afford homes. Boomers could have made choices that would have made it easier for millennials to buy into the housing market, but chose not to in order to enrich themselves.[/quote]

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