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Colorado Homeowners' Mass Exodus Sparks Fears of Housing Market Collapse
(www.newsweek.com)
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this post was submitted on 04 Nov 2023
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Speaking about the broader point about housing collapse hurting homeowners of a single home, I wouldn't call people who had 50K-100K saved that went towards downpayment rich. There certainly are many poorer people but saving this much requires earning just $1000 extra per month for 5-10 years. That's $10/hr more. These aren't the rich people that should be eaten.
I'm just addressing the general point of who gets hurt during a real estate market collapse. I know the article is talking about landlord taxes. Those are going to hurt the right people. In fact I was going to suggest that if you want to hurt rich people more than the working class, you want to tax them and/or pay the working class more, not tank the markets that render vast quantities of working class homeless.
Lol just $1000 extra a month. I agree that no, those people aren't ultra wealthy, but let's not act like that much a month isn't a completely unobtainable amount for many, many people, especially when rent is eating up 50% of people's paychecks to start with.
If you're a homeowner and not wanting to sell or refinance this isn't a big deal for you. Your taxes go down. If you own a vacation home in the mountains I am just not that bummed that your investment has lost value
I agree with you but generally but there are unlucky people that will get ducked. There are situations where you HAVE to sell. If someone loses a job and for a million possible reasons can't get equivalent employment and can no longer afford their mortgage for example. Medical bills, spouse dies, etc.