328
WeWork founder remains a billionaire even with firm’s bankruptcy | The Straits Times
(www.straitstimes.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 09 Nov 2023
328 points (96.3% liked)
A Boring Dystopia
9743 readers
130 users here now
Pictures, Videos, Articles showing just how boring it is to live in a dystopic society, or with signs of a dystopic society.
Rules (Subject to Change)
--Be a Decent Human Being
--Posting news articles: include the source name and exact title from article in your post title
--Posts must have something to do with the topic
--Zero tolerance for Racism/Sexism/Ableism/etc.
--No NSFW content
--Abide by the rules of lemmy.world
founded 1 year ago
MODERATORS
They'd build them so they can sell them. You can own apartments too.
So everyone needs to be able to spend the upfront capital to buy a home? What about people who want to rent? There are lots of advantages to not buying.
The advantages you mention are a result of inflated values. Your parents generations could much more easily buy a property and decide to sell it within a few years to move somewhere else.
back when I was growing up (I'm under 30) a normal middle class family could own a whole ass house with more rooms than people. today's housing market is not normal
Loans exist. And reduce the upfront cost in paperwork to buying a house. It shouldn't cost nearly 5 figures just to get documents signed.
So instead of paying rent, you pay loan payments. And the bank can seize your property if you can't pay. Sounds like six of one and a half-dozen of the other.
You're still thinking within the current broken system. The only reason the bank can seize everything unfairly no matter how much had been repaid is because the laws allow it.
Even if you ignore foreclosure, mortgaging still is often more expensive than renting on average in the short term. Because part of what you're paying for in a mortgage is the fact that it has a finite length.
Rent keeps going up, my mortgage is the same regardless of that and I purchased based on what I could afford at that time.
My mortgage is gone because I paid it off. Which is an option, but not for renters who have to pay forever (and in many cases, increasing rates) just to keep hold of the same 1000 SQ ft place.
Mortgage payments build equity and when you move you can sell the property and recoup nearly all of that. Rent is gone.
Foreclosure is a huge issue that needs to be addressed in legislation. All that equity should still exist for the homeowner even if they stop being able to afford payments.