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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Also we have the richest generation ever retiring.

My mother and MIL in NY were lower income widows.

NY reduces property tax on lower incomes and SS/Pension type income barely gets taxes at all. Both owned their small cheap to maintain starter homes outright.

Now compare this to my older brother near retrieve. He has almost 5 million in his 401ks he needs to do RMD on and around 5 million in stocks and two million bonds.

In retirement he still has a high income. Plus his NY house is big with high taxes and he in not eligible for reduced taxes when a senior due to income.

These people are going to keep coming, my brothers RMD will be $250k and his other stuff brings in $200k. He is making 450k in retirement or not. [/quote]

It’s not only the richest generation; it’s also the largest generation to ever retire.

Post-Financial Crisis we had a lost decade of residential development. This country as a whole is short a few million housing units. That’s insane and the number of adults who turn 18 keeps increasing every year and far outstrips new residence construction. You now have Boomer retirees competing in the same housing market as Gen Z. And wealthy folks like your brother don’t want to be far from the areas with amenities, good doctors, good retail, etc. That happens to be the job centers where Gen Z, Millennials, and Gen X are trying to work and educate themselves/their kids.

Anywhere that has jobs or nice scenery/amenities or both are blowing up in price and will remain elevated. Why? Because we have a shortage of homes and we have pretty wide credit availability. [/quote]

Do we have enough housing for citizens and green card holders? Yes, and that’s all that matters.[/quote]

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