Hat tip to ChiFi, not for this, but for everything he contributes. Hats off to you my friend.
From the Visual Capitalist:
Charted: U.S. Median House Prices vs. Income
![](https://njrereport.com/blog/wp-content/uploads/2024/03/OC-U.S.-Income-Housing-Gap_Feb14-799x1024.jpg)
Hat tip to ChiFi, not for this, but for everything he contributes. Hats off to you my friend.
From the Visual Capitalist:
Comments are closed.
Whoa, this is illegal in NJ? Had no idea..
https://www.nj.com/passaic-county/2024/02/nj-building-inspector-wrote-phony-permits-in-exchange-for-bribes-state-says.html
Frist
Grim
Those 2 are heroes. They were just cutting red tape and shortening projects timelines.
“We allege these defendants abused a position of authority, power, and public trust to enrich themselves personally, all while misleading their victims…”
I’ll take ‘Career Politicians’ for $1,000, Alex.
Striking chart illustrated above, I presume the million-dollar cape in Elmwood Park will be sold in 2024.
Fixed it for ya.
Fast Eddie says:
March 1, 2024 at 6:44 am
“We allege these defendants abused a position of authority, power, and public trust to enrich themselves personally, all while misleading their victims…”
I’ll take ‘Government Workers’ for $1,000, Alex.
The price doesn’t matter. The interest rate either.
She wants it, you buy it.
“We allege these defendants abused a position of authority, power, and public trust to enrich themselves personally, all while misleading their victims…”
Pretty sure this is just the definition of local politics.
In no way is this restricted to local only.
grim says:
March 1, 2024 at 6:55 am
“We allege these defendants abused a position of authority, power, and public trust to enrich themselves personally, all while misleading their victims…”
Pretty sure this is just the definition of local politics.
So houses are unaffordable for most Americans now, and that’s just the way it is and will remain. Who will buy the houses if no one can afford them? Just asking?
If no one is buying the prices will come down. Eventually.
The builders will also get greedy and will overbuild again, like they did 2006-2008.
Phoenix
A red flag dating parade for you
https://youtu.be/V8aHjIAJbR8?si=jAkFraj0qfap4_yQ
Who will buy the houses if no one can afford them?
Inheritance money. Those who worked, saved and invested will pass it on to their heirs. Those who enjoyed a simpler lifestyle instead of stuffing their gullets on useless cruises will pass the fruit to their children and grandchildren. But beware, because I’m sure the government will pass their version of “Directive 10-289” to level the playing field.
Look, inherited wealth has always been a thing, not new at all. What is new, is the need for inherited wealth to be able to afford the same standard of living your parents had (without needing to inherit anything).
Firmly believe that my kids are living in the first real generation where generational wealth determines where you fall in the new wealth caste system.
We already see the first inklings of that. Bank of Mom and Dad as a joke for the younger adults who were gifted or able to borrow DPs from parents. Or parents able to afford college and grad school without kids needing to be saddled with loans.
I worked my way through two masters degrees. I’m not sure that’s even possible anymore. Tack on being able to afford to buy a house?
Not sure at what point Gen X turned into Boomers, but damned if it don’t look that way. We had it way harder, but the kids today, downright impossible.
And that’s not even considering the impact of AI and automation.
Or to sum it up, for the newest generation of kids. It doesn’t matter how smart you are, it doesn’t matter how savvy you play your cards, it might not even matter if you are luckiest person in the room, without inherited wealth, you don’t stand any chance at all.
…without inherited wealth, you don’t stand any chance at all.
That was sort of my point. But yes, I can’t imagine starting out as a youngster and gaining any traction. Maybe things will go in a cycle and they’ll get a lane to run in.
We talked about this 20 years ago Grim. It stems from our tax rules which heavily favor the rich. I used to say, “invest in barbed wire.” We are rapidly becoming Brazil.
Roaring 20s 2.o.
Wait till biotech takes off and changes our lives. We are in a new industrial revolution. It’s only the beginning. Let’s hope a world war doesn’t happen and push this back. China needs to stay in their lane for the good of humanity.
Libturd says:
February 29, 2024 at 4:01 pm
A lot of tech layoffs are most likely the result of overhiring during the lockdown when everyone did everything online.
Defaults increasing? Mostly younger people and to be expected when the FED raises rates so dramatically.
https://www.newyorkfed.org/microeconomics/hhdc.html
I am usually a bear. Heck, some called me a permabear. But outside of the contagion from CRE, which can easily be taken care of by lowering interest rates so the debt can be refinanced at similar rates. I just don’t see any real headwinds. Not that I trust any analysts, but Goldman Sachs agrees with me too. America is not burning. Turn off X. Turn off FoxNews. It took me 45 minutes to drive the 13 miles down the GSP to Union at 9:30am this morning. Things simply ain’t that bad!
Grim: So buying a house which was once standard and routine, is now out of reach for most young Americans ( those without inherited wealth). So much for progress, we are going backwards instead of forwards as a society.
Unaffordability has always been about credit in our lifetimes.
Government backed loans..
1968 Housing and Urban Development Act, freed the GSEs to become publicly traded companies and take on much more housing risk.
1980s the development of mortgage-backed securities brought capital from global markets to US Housing. Housing is an investment that cannot fail!
2008 the Crash.. Government had to undo what it did in 1968. Put Fannie Mae and Freddie Mac under the conservatorship, and bail them out.
Here we are 2024….The illusion remains, all and so does housing unaffordability…
Government backed lending…How did we ever live our lives without it?
https://fred.stlouisfed.org/series/BOGZ1FL404090405A
3B- The people that created this mess are mostly dead and buried. Even the ones alive that tried to fix it in the last legislation go around the 2010 Dodd–Frank Wall Street Reform and Consumer Protection Act. Well those two are on the lobbying gravy train.
80 year old Chris Dodd is now a Washington Lobbyist at some Law Firm.
Last I heard 83 year old Barney Frank recently a job at the now failed Signature Bank.
Next generation will be left with the mess. Next recession whenever that is will be a spectacular crash.. Perhaps if we are lucky more 20 years since the last one.
“A wife of noble character is her husband’s crown, but a disgraceful wife is like decay in his bones,” warns Proverbs 12:4.
Hold my beer says:
March 1, 2024 at 8:11 am
Phoenix
A red flag dating parade for you
Wait till biotech takes off and changes our lives.
An amount of technology is going to erase the processed garbage this country is feeing into their bodies on the daily basis.
Think about how long you have been saying this. Think of how long they have been fighting for affordable housing….mt laurel anyone? This is capitalism ….this is its bread and butter. Better hope you have successful parents or you are f/ed.
Housing will never ever be affordable under a capitalist system…it’s the nature of the beast. Only time housing prices drop are when people’s incomes drop. aka it’s never f/ing affordable. You have to take a big leap/risk and buy at the right time…that’s how the game is played.
And that’s investing in general. I am absolutely killing it with crypto…why? I was buying the chit out of it when no one wanted it. Now the bull is here….and I will sell into the f/ing wave come 2025. This is no different with any investment from baseball cards to art to stocks. It’s all cycle based and you have to go hard when no one wants to touch said investment, but you buy because you know it’s just a cycle. This is what warren buffet does…buys when no one wants it and enjoys the fruits when they do.
And the stock market of your youth is different from today. Yours was based on pensions and stock picking. Today, it’s based on automatic passive inflows to 401ks. It’s a different animal….hence, getting harder and harder to see major corrections with all that passive support. Way better just staying in, and let the ponzi go to work.
And same thing will happen to crypto as they are not opening up etfs. This is the last chance to make sick money on the crypto cycle imho. Price discovery is getting tighter and tighter with each cycle, and when the masses adopt it, it will be no different than the stock market.
This is not investment advice. This is just my personal opinions. You do you.
3b says:
March 1, 2024 at 7:59 am
So houses are unaffordable for most Americans now, and that’s just the way it is and will remain. Who will buy the houses if no one can afford them? Just asking?
Yup.
We are rapidly becoming Brazil.
No middle class, rich vs poor, looting, shooting, robbing, raping. Corrupt police and court systems.
All of the pieces are in place.
Greed will get you every time. How long before all of those in Cali with their multi-million homes are going to be crying to the US Govt to rebuild the cliff their house is falling from?
Or make insurance pay, costing the more prudent, middle class people more for their f’n narcissism?
Hedge funds buying houses, so they can profit off of others misery without having to lift a finger and actually do something.
You are slow boiling your children. I see it in their eyes as they have dutifully followed your rules, worked hard, masters degrees, in debt, only to have you take the dream of home ownership and like the f’n carrot in front of the donkey, keep moving it out of their reach.
You all deserve to rot in hell, if there is such a place greedy fucc.
Guess this is why you are so generous with your Chex Mix.
Fast Eddie says:
March 1, 2024 at 8:36 am
…without inherited wealth, you don’t stand any chance at all.
That was sort of my point. But yes, I can’t imagine starting out as a youngster and gaining any traction.
Pumps – re: “Housing will never ever be affordable under a capitalist system”
You did not hit the nail on the head on that one. If you look at my post above and think back to the last housing crash. The socialist aspect of big brother government buying housing securities… That gave Wall St the rope they needed to hang themselves last time.
Libturd says:
February 29, 2024 at 4:01 pm
America is not burning. Turn off X. Turn off FoxNews. It took me 45 minutes to drive the 13 miles down the GSP to Union at 9:30am this morning. Things simply ain’t that bad!
Things simply ain’t that bad!
It’s all noise. Just noise.
Obama took the rope off of Wall Streets head, place it on Main Streets head, and pulled the lever killing all of the middle class.
Juice Box says:
March 1, 2024 at 9:06 am
You did not hit the nail on the head on that one. If you look at my post above and think back to the last housing crash. The socialist aspect of big brother government buying housing securities… That gave Wall St the rope they needed to hang themselves last time.
I am actually starting my strict diet in order to get down to 10-12% body fat to show my 6 pack. I was bulking up this past month before I go into this cutting diet. Was as low as 14% body fat ….but up to 17% right now. Just want to see if I can get a true six pack at this age. Not sure I will maintain that body fat percentage…might be too much work, but just want to do this as a goal for myself right now. I like the 14-16% body fat range….you can still eat pizza and ice cream, yet still in awesome shape.
I have been hiit training and getting in 10k steps since i turned 40. Last august i started going hard with weight lifting. I have been doing a min 5 day water fast every 3 months (4 times a year) since last july. I do intermittent fasting 18-6 on most days. Work out 6 days a week with weight training….4 days of hiit….everyday when it comes to walking.
I just turned 44 and feel like I am 24. Exercise matters people.
BRT says:
March 1, 2024 at 8:55 am
Wait till biotech takes off and changes our lives.
An amount of technology is going to erase the processed garbage this country is feeing into their bodies on the daily basis.
Things simply ain’t that bad!
They aren’t for Taylor Swift at the airport either.
Or Elon Musk on his private plane.
Or Bezos on his yacht
Or Buffet in his library.
All are f’n disconnected and so far from any “average” American, don’t have a clue what it’s like, nor do they give one rats ass in order to find out.
Tell me in your life, when was the last time you said housing is cheap? It’s always expensive in people’s minds under a capitalist system. It’s the nature of capitalism when it comes to pricing.
I was the only person I know yelling and screaming all last decade about how cheap housing was, but not one f/ing person listened to me…..not one. Instead, they all laughed at me. That’s when you know an investment is a good time to buy.
Juice Box says:
March 1, 2024 at 9:06 am
Pumps – re: “Housing will never ever be affordable under a capitalist system”
You did not hit the nail on the head on that one. If you look at my post above and think back to the last housing crash. The socialist aspect of big brother government buying housing securities… That gave Wall St the rope they needed to hang themselves last time.
Juice: Whenever there is a recession assuming they still can occur, I agree it will be big and ugly, maybe that’s what’s needed to clean it out and reset . The current situation can’t continue indefinitely, but what do I know, except that Powell s Fed has destroyed the economy; worst Fed ever.
The Great Pumpkin says:
March 1, 2024 at 9:10 am
I have been hiit training and getting in 10k steps since i turned 40. Last august i started going hard with weight lifting. I have been doing a min 5 day water fast every 3 months (4 times a year) since last july. I do intermittent fasting 18-6 on most days. Work out 6 days a week with weight training….4 days of hiit….everyday when it comes to walking.
I just turned 44 and feel like I am 24. Exercise matters people.
You can do this when all you do is carry a book and a briefcase to work, get off at 3 on the dot every day, don’t have back pain from moving a 400 pound tub of lard, or putting in 17,500 steps every other weekend.
Cause you don’t work weekends, you don’t have alternating shifts, you don’t work holidays, you get a dedicated lunch break, you have summers off so you can dip your toesies in the Wayne pool with all your fellow peep teachers, all while talking about the day you get your pensions after 25 years.
Just think, you feel so young, the taxpayers will be paying you longer to sit on your azz in the future than the amount of time you held a piece of chalk in your hand.
Just remember the government itself moves the goal posts.
Conforming loan limit, in areas that are not “high cost”
2023 $726,200
2024 $766,550
High cost areas? $1,149,825…… Yes that Box I posted yesterday……GSEs will take that loan too…
Juice,
All systems were go for the Space Shuttle too until it reached 46,000 ft.
Then poof. Need another seven astronauts.
It’s coming.
You have gold plated health insurance. No need to do all that work. Keep it simple, take that golden card out of your wallet and have a doc give you 6 pack abs. Come in at 7am, you will be out before noon and look like a bodybuilder.
Hehe.
The Great Pumpkin says:
March 1, 2024 at 9:10 am
I am actually starting my strict diet in order to get down to 10-12% body fat to show my 6 pack.
Here is what I am taking about.
East Orange New Jersey..
The GSEs will buy a single family loan from there up to $1,149,825…..
That is the same as my neighborhood….
https://ami-lookup-tool.fanniemae.com/amilookuptool/?token=03AFcWeA7e0L5ZXgnWEjGOWsQJ3QyDnhxxVO8cNmY2AYqNARdjfX1aOlaeLwS-Chn4lDxW9wT4hGsJVf7SLU-Zlz_e9SRt6OhCFfqOeNCwIqwiifR58Xg2zeFbrXNs-n4Q1VJ_aSa6PWD01Y7daRQUwhKCHOkDAUoKNedCgT3z550EucziOOW46mlds6qcwHIsKlRl5NtiJYxUG-fSwJfPFlenB7-wuLKBdwl7DQ0mgjWAANO-hfKDclBDj0PPO1DqfrBgVAXc61Zj2pwDokrn6XdJZK0wWRSUXHdeHQ0vaEQUZpXS5uq3Fz6gJXNS_tnMen54K4oIAi_8soiaL5_a925D5BM_R6EH3-6w3MEyos-m-Yh0TIgwmwefjDklC9hmHAGKaxqfdyd6Xu6wOK8sxrR1FCZ5CmgwCUs9F87Z15byA0g-KRG-7BFqWFSg_qpfeTQS_YiE48ja55Ugfap2K11Zrqcv28FbM2i4BPo_qcsmXYmHqtq6qPhlIW8v1pkBhnFMXxwhhsZmwK9gpfZCKjwM1NuFtvlid5dJJqBNzrv7hT4a3iS2Fru610hw3iCjz-9KycjvpezhgM1q7RLanAapgC9oueBoNPLN3NLPRxATs5d0xlwxrI0AW3u-WSAheojEw7NlM5DCjy-Y0NaoIGYxukmXONblE234kx_jsUGZGpkpy0cTHr0L7pPA8V0YssAHOdpxpOFMGCydbHZgR_n5u0JskqfOJLH-D826A1V-I21RbQ0U-ABC17UYzb0dlzlLLzXjg3PsX4aSye-zSVXkpQv38pGOUpaI51qAp5k7BhKbkbz1tyUJro-KkIcfGeLa2c5Mq7yqM8FELvx1CV8xVSbLvc3EG_t1iQT-a26qAag3xx4bIq4MrQjjf_c-EeLYPAIb4kofuER6oDYK6YYJoL3nKiioFdx7tB5o3ShEsCgAAcVnUh2hiaaTRtjGFsrCUtJS_C9SP6jj_w3LoU5GfpuLX4SwLdp95zxe4YnCBn2yQj-AaxZdA94XEeqSk02U293XZHkUgil6uis3II7OXPG1nr9O2rA-Oj-9dTWLyZBChO-oqC1WwqPyfuZUhgLDt8–x-4yJKrNtOfMHr_ujBpKUd3Ym3YZQlMl6wEM5rOq2xhc75DE4gKvkgrlXA0BmDqoDFpk4ueORr_dNTMvbYxfKc5un5_uHRUrfmj63pFX5i0qS90_p3UrpGLMvkhRA6wqjIsstOkgiMVYG752rAm1WQOOjbpJtCo28viItwVenF_Hv2ZmsJmkOOA3_7jUdWXaPOzvt6NV9JQ6dRdEqRN74HhBYSA_gqyBA8BHRDEUPTXyquXUT35KQX2hRMhhIohvZnZPkyXLI8ZwnT0r1L8_FdK4d5Ub0sCx7tJcRhUGq0h5WLfobrxv2-DwG6TnviGl73kwA4n1IJ-wVDwFZmGi5JhkmB8ANRlQxLOMekh-LP92XPvJWwjoUUznuqGa9g8kQu7Y6v7rNzEmePAQofWzJ3-GfNuAwcwLq2rR40NxpG32rMe0OUxAChFQRcgnOaGR7I6p2xc1D_QxWx8GoZT9BqDMZVBNxLMjJu9Mp_Db7rs9Hd2RvXuuwD8BummlX7ydu7ty78yvYOO68AexquEscT2AccFk5lgkNVVIHkbwqb8Fzf97aMpSUGE2cjFjN6L7vpuV
Guess this is why you are so generous with your Chex Mix.
I’m exploring alternatives, the kids need some variety. Peanut meal and deer corn look to be adequate. I thought about chicken feed but I know I’ll be insisting the youngsters cluck like baby fowl while they’re eating and I don’t want them to choke to death. Then ya gotta dig the hole, bury them vertically and put a dead racoon or dog on top of them so satellite doesn’t key on any six-foot markers. This way, if they start to dig and find a dead animal first, they’ll move the bloodhounds onward. Geez, who needs that headache!
oopsy
https://finance.yahoo.com/quote/NYCB
“The people that created this mess are mostly dead and buried.”
No they are still alive, and they live on your street! Some of them might even be living in your house…
It’s not the Fed, or Freddie Mac, or the hedge funds.
It’s a simple issue of supply and demand. And the supply of houses is too small because NIMBY homeowners refuse to allow a sufficient number of new houses to be built.
Homeowners are the new rentier class!
Financial Plan for LAX
The Great Pumpkin says:
March 1, 2024 at 8:42 am
Roaring 20s 2.o.
Wait till biotech takes off and changes our lives.
“Next generation will be left with the mess. Next recession whenever that is will be a spectacular crash.. Perhaps if we are lucky more 20 years since the last one.”
Exactly. No one cares about the future. We are living in the most selfish times. I started talking about this about ten year ago. It started with grabbin’ them by the pussy. Now it’s the wild wild west in the cities and the Grand Prix on the GSP. I can’t remember the last time a person held the door for me. Though, I still go out of my way to show manners and decency at all times. The government is the most selfish of all. Everyone in it is for themselves. Wall Street is out to fuck Main Street.
I’m telling you all. The only way out is to save early, save often and invest shrewdly. Build your wealth and get the fuck out of dodge. That’s always been my plan. It should be yours. Things are going to get way, way, way worse. Not sure they will ever get better. At least, not here.
OC1: Where are you going to build single family houses in towns where the property sizes are 50×100, which is the case for many towns in north Jersey?
March weather:
https://m.youtube.com/watch?v=znFY7PYomEA
There is a monster storm pulling into the Sierra Nevadas from Cali into Nevada. Tahoe will get up to 8 feet. Lots more mudslides coming. On the bright side, Lake Mead is really starting to refill.
3b-
There are a hell of a lot of towns in NJ where minimum lot sizes are much bigger than 50 x 100.
It’s been a while. Phoenix is correct. It’s mostly all noise. Want to afford a house? Throw some shekels in here.
https://photos.app.goo.gl/HiEXyfeTgm188PeP8
“There is a monster storm pulling into the Sierra Nevadas from Cali into Nevada. Tahoe will get up to 8 feet.”
We need some of that here in the NE! Worst ski season I can remember.
Just had to cancel a cross-country ski trip up to Craftbury Vermont- they are down to 5km of skiable trails (and that will prbly be zero km by monday).
Oc1: I am not saying there are not, but in much of north Jersey, in the older suburbs that is the reality, small lot sizes, and it is also the case in towns in Westchester Co NY, and in lower Connecticut.
Murphy wants to allow House huts in backyards, and basement apartments. Is this what we want for the younger generations?
Head out to Tahoe. I was there a couple of weeks ago. Plenty of snow.
“I am actually starting my strict diet in order to get down to 10-12% body fat to show my 6 pack.”
Gotta be the trophy husband for the bread winner. I hear Lululemon makes men’s clothes now. Next up p@nile injections.
“Murphy wants to allow House huts in backyards, and basement apartments. Is this what we want for the younger generations?”
What is your alternative plan to make housing more affordable?
BTW, “House huts in backyards” used to have a fancier name- carriage houses- and they were nice places to live.
“Head out to Tahoe. I was there a couple of weeks ago. Plenty of snow.”
I spent 10 days in southern Utah last month.
Back country skiing in and around Bryce Canyon NP is pretty cool!
Same with Van Houten St in Paterson. Build a 1.1 million dollar box on a lot there? Fannie and Freddie will buy the loan.
https://www.zillow.com/homedetails/443-Van-Houten-St-Paterson-NJ-07501/39762106_zpid/
BTW, anybody looking to visit the national parks in Utah should consider going in the off season (winter).
We stayed in a motel right outside of Bryce Canyon for $66 a night- in season it goes for close to $200. Moab motel (town outside of Arches) was similar. And near Boulder, Co we paid $100 for a room that goes for $400 in the summer.
And the parks were (relatively) empty. No lines at the entrance stations, no reservations needed, plenty of parking at the trailheads,,,
Juice Box says:
March 1, 2024 at 8:46 am
“Unaffordability has always been about credit in our lifetimes. Government backed loans..”
OC1 says:
March 1, 2024 at 10:47 am
“Murphy wants to allow House huts in backyards…What is your alternative plan to make housing more affordable?”
Juice answered your question before you asked it. As a rule, anywhere that you see a ‘broken’ market, it’s a safe bet to assume that gov intervention broke it. Home (shelter) prices have become un-hinged for the same reason that college tuition and medical costs became un-hinged — because gov decided to recklessly buy mortgages, extend student loans, pay for medical care. You want home prices to come down, tell lenders that they need to hold the mortgages that they originate — like in the old days when my parents could buy a 4 bed/2.5 bath new construction home in Montgomery Twp on one (small) income. You want to bring down college costs, tell prospective students that they need to go get a loan from the local community bank — like the old days when you could go to Rutgers for 4-5 grand.
10:03 she’s killin’ it. She’s happy too. Major plus.
Lets use the same comment, only reversed for this one: What was she thinking, he was out of her league. Hehe.
Christina LaBarbiera remembers watching the hit Netflix show “Tinder Swindler” and thinking what happened to those women could never happen to her.
Until it did, she says.
The show follows a group of women who say they met a man on the popular dating app Tinder, who swindled them out of millions of dollars collectively. And they want justice.
LaBarbiera, a 35-year-old realtor with Christie’s International from Bergen County, says her story isn’t all that different.
Last November, she filed a lawsuit against a 30-year-old man named Robert Harris, alleging he stole more than $71,000 from her soon after they matched on the dating app Hinge.
“Home (shelter) prices have become un-hinged for the same reason that college tuition and medical costs became un-hinged — because gov decided to recklessly buy mortgages. You want home prices to come down, tell lenders that they need to hold the mortgages that they originate”
That is certainly one way to do it- by decreasing demand.
But it would be interesting to see a politician try to sell that to the voting public- “I am going to lower the cost of houses by making it harder for many of you to get a mortgage”.
BTW, I also think you are right about high tuition costs.
But medical costs is also more of a supply problem (the supply of doctors)- the AMA limits the number of openings in med schools, we make it very for foreign doctors to move to the USA and practice, etc.
But this is weird- SmallGov actually makes an intelligent post!
Maybe his wife is posting for him?
*…very HARD for foreign doctors to move to the USA and practice,
Ed,
“Those who worked, saved and invested will pass it on to their heirs.”
Does Ayn mention inheritance money? I don’t know but it seems the most anti-capitalist philosophy I can imagine. Great, great, great grand-pappy worked hard so 100 years later I can snort my way through Choate, Yale then vacation at one of our summer homes in Nantucket? I think money should be used for the benefit of living society rather than carried on forever due to Fed bailout and tax system. In fact, can’t we get Trump/Kushners/Koch and thousands of others of conservative wealthy elite to donate for a giant, beautiful wall. How about the liberal wealthy elite to fund black only businesses or pay for illegal healthcare. I would be all for it except we know that they feel better robbing the taxpayer over time.
Bryce Canyon is currently 35 degrees.
It’s currently 49 degrees in Moab. 88.7-68 in August.
If that is palatable for you for vacation, or if you are going skiing, I get it.
You will save money. Or rent a place at the Jersey shore now, and do the Polar Bear swim thing.
I’ll pass, but for some, this is optimal. I have plenty of friends who thrive in cooler weather.
I have to f’n pay cause I’m not one of them.
BTW, “House huts in backyards” used to have a fancier name- carriage houses- and they were nice places to live.
Let us know how the residents are doing when they move into your backyard carriage house. I mean, you do plan to build one when your town approves it, right?
Cat-Bag- cat is long gone. The horses have all left the barn and ain’t coming back.
The damage is done.
“That is certainly one way to do it- by decreasing demand.
Oc1: Carriage houses were where the wealthy housed their staff back in the day. They were the exception not the norm. As for what the answer is, take government out of the mortgage business as noted by others here. That and a nasty recession would solve a lot. I don’t see how we can continue with the way the situation is now, but what do I know?
Bystander,
In fact, can’t we get Trump/Kushners/Koch and thousands of others of conservative wealthy elite to donate for a giant, beautiful wall.
Only if we can paint this image on it:
https://tinyurl.com/44kvjw75
Like these taxpayers? America has more dog catchers than IRS agents. People with big bucks avoid taxes. W2 taxpayers take the brunt of the damage percentage wise.
IRS launches new effort aimed at high-income non-filers; 125,000 cases focused on high earners, including millionaires, who failed to file tax returns with financial activity topping $100 billion.
Wife wants a pool boy, he stays in the carriage house. Babysitter stays there for the husband.
Perfect for the slide into degeneracy.
3b says:
March 1, 2024 at 11:31 am
Oc1: Carriage houses were where the wealthy housed their staff back in the day. They were the exception not the norm. As for what the answer is, take government out of the mortgage business as noted by others here. That and a nasty recession would solve a lot. I don’t see how we can continue with the way the situation is now, but what do I know?
Bystander-
I feel the same way about inheritances. It’s really no different than winning the Lotto, and it should be taxed at least as high as we tax lotto winnings. Should also get rid of the “step up” in cost basis for inherited capital gains.
I intend to form a non-profit to push this very idea to the public and our government leaders- let’s increase taxes on inheritances!
Probably won’t get around to it until a year or two after my folks have passed away though. :)
Hey SGC and I agree on something. Amazing. How about spending those endowments too? JFC, talk about the dumping ground of useless, wealthy elite kids, My buddy had numerous clients at foundations/endowments and that whole world is managed by connected broods with zero skill, making million in salary.
Ed,
No problem but I like this image better…slightly NSFW.
https://rb.gy/etmjmm
3b-
like SmallGov, you appear to be a “decrease the demand (and prices) for single family homes by making it harder to get a mortgage” guy, which is fine.
But remember- people who can’t buy a home still need to live somewhere, so we’re going to have to build more rental units for those people who can’t afford to buy. (That is, unless you want rentals to be as unaffordable as single family homes now are.)
As long as the population continues to increase, you just can’t get around the supply issue!
More people need more houses and more rental units. That’s just math. And our housing supply just isn’t keeping up with population growth.
Bystander,
There’s plenty of wall to be creative!
A sanctuary city’s version of diversity, equality and inclusion:
NEW YORK (AP) — New York City officials have cleared out a Bronx storefront illegally converted to house dozens of tenants that was run by the same person who operated one hosting as many as 70 migrants in a Queens furniture store.
The city Department of Buildings said Thursday that it responded Wednesday to reports of an illegal conversion at a two-story commercial building in the borough’s Fordham neighborhood.
Inspectors found 45 beds packed closely together on the first floor and basement of the building, along with extension cords, e-bikes, space heaters, hotplates and other fire hazards in the makeshift living quarters, the agency said.
And our housing supply just isn’t keeping up with population growth.
I’ll take ‘Hunger Games Lottery’ for $1,000, Alex.
I’m pretty happy we can cover the in-state tuition for CA. About $28k a year. Much more than GenX paid for yearly tuition, but far better than many places.
I’m still on the beach myself. The longer I stay out of the classroom, the less I want to do back. I wonder if Lowe’s is hiring.
“Let us know how the residents are doing when they move into your backyard carriage house. I mean, you do plan to build one when your town approves it, right?”
I’m a dirty renter, so it’s not an issue I have to deal with.
But AFAIK, no homeowner will be forced to put an ADU in their backyard.
And if they want to, who am I to tell them they can’t?
Oc1: Bergen co is building lots of rental housing. As for population growth, the birth rate continues to decline. I assume the population increases are coming from both legal and illegal immigration.
“But this is weird- SmallGov actually makes an intelligent post!”
I was actually thinking the same thing.
Medical prices are more of a shadow game problem. They accept 10% from insurance as full payment. They accept 0% from poor people as full payment. People get a $10k bill and think they have to pay it. They’ll accept $1k as full payment.
Admitting more doctors would help. A bigger issue is this whole medical conglomerate forming. The doctors are acting more and more like soulless automatons to their corporate overlords. Any doctor will tell you, the worst person in the hospital is the hospital admin. Now add a layer of corporate hacks above them.
3b-
Great that Bergen is building “lots” of rentals!
I hope “lots” is enough to bring rental prices down.
Small,
Think of it like this. Housing has become an extension of the bank….where the govt uses the loans to grow the economy. House goes up….now someone can leverage it into growing the economy by buying another house or starting a business. That’s why they will never ever let it crash again. Correct…yes, but I see zero chance of a crash again.
SmallGovConservative says:
March 1, 2024 at 11:08 am
Juice Box says:
March 1, 2024 at 8:46 am
“Unaffordability has always been about credit in our lifetimes. Government backed loans..”
OC1 says:
March 1, 2024 at 10:47 am
“Murphy wants to allow House huts in backyards…What is your alternative plan to make housing more affordable?”
Juice answered your question before you asked it. As a rule, anywhere that you see a ‘broken’ market, it’s a safe bet to assume that gov intervention broke it. Home (shelter) prices have become un-hinged for the same reason that college tuition and medical costs became un-hinged — because gov decided to recklessly buy mortgages, extend student loans, pay for medical care. You want home prices to come down, tell lenders that they need to hold the mortgages that they originate — like in the old days when my parents could buy a 4 bed/2.5 bath new construction home in Montgomery Twp on one (small) income. You want to bring down college costs, tell prospective students that they need to go get a loan from the local community bank — like the old days when you could go to Rutgers for 4-5 grand.
Oc1: Paramus alone is building almost 2000. Big ugly boxes, stuffed in busy/ bad locations. As I said going backwards instead of forward.
Will say this. The past few months have been tremendously restful and completely satisfying. Working on the golf swing. Will get back on a bicycle. Joined the Y w/ Wife.
The old M – vert is dialed in with new rubber and the guitars are setup.
Kick it.
A tidbit that should surprise no one…
Was notified yesterday by my bus company that they will not be exempted from NYC congestion pricing and that starting June they’ll have to pay an extra $25 per run into the city. So much for the nonsense about it being an attempt to reduce congestion; if it was, you’d exempt mass transit, right? It is what we always knew it was, another Dem tax! Can’t wait until the Dems initiate ‘illegal alien sanctuary support’ pricing…
re: ” I see zero chance of a crash again.
The part time crypto king of Passaic Country says buy and hold.
It sure is a hell allot easier to be first!!! Sell it all today.
https://www.youtube.com/watch?v=8oa-xt6qrmE
“Paramus alone is building almost 2000. Big ugly boxes, stuffed in busy/ bad locations. As I said going backwards instead of forward.”
3b- what kind of new housing do you like, and where would you like to see it built?
I bet there are a lot of people who will jump at the chance to live in those “big ugly boxes”.
And if not, that means that the landlord will have to drop prices to a point where people WILL want to live there because it is so cheap!
Sounds like a win-win to me.
It’s not so much a tax as a replacement for the lost subway revenue. Believe it or not, COVID funding is still covering the shortfalls at both NJ Transit and the MTA through part of 2025. After that, both states either have to cut something big or significantly reduce service, which in transit circles becomes a death spiral because people will find other means of transportation once the system becomes non-practical. I expected Murphy to suffer the pain in this year’s budget (billion dollar shortfall), but the economy is doing so well that he ended up with a 6 billion surplus. But rather than build a rainy day account or cut taxes, he raised the corporate tax to fund NJ Transit, will refund about half to the sub 150K crowd and will spend the rest on nonsense. The second the economy slows, NJ is absolutely dead.
“But this is weird- SmallGov actually makes an intelligent post!”
What’s happening is the left is overwhelmed with fatigue and failure. They’re exhausted. They can’t dupe the masses any longer so symbolism is morphing into reality. They have nothing to defend and are nearly out of ammunition. They’re slowly swirling in a cauldron of delirium and are simply out of ideas. As such, the left reads astute and careful wording and it begins to make sense to them.
Update on my Caribbean getaway and the in-laws. They did not want to fly multiple stops to get there and instead booked a one way direct on their own. For some strange reason the direct 5 hour flight is very cheap going out on Saturday Easter weekend. I am buying one leg of the trip back home for the inlaws. The more expensive leg with a stop in Ft Lauderdale.
Next dilemma car rental is $100+ tax and insurance a day. A SUV that seats 7 is $200 + a day. I cannot find any code anywhere for an upgrade. It’s a busy week in general so rental prices are the highest of the year.
Being the cheapo that I am I tried ordering some stuff on Amazon to ship it there. Turns out no free shipping to the island for prime. They use USPS and charge, plus there is a long delay sometimes a week of more. I may just pack cheap googles and snorkels and stuff we can leave behind.
Food is expensive there for sure. More than Maui…I guess I will have to pay $20 for a bag of chips. I plan on shopping and cooking meals while there. Not allot of choices. However we like to cook. I will be buying everything needed to make nice meals, as we have an awesome kitchen. We will eat out for sure just not every night.
Capital gains tax is 23.9%
Estate tax is roughly 50% above exemption amount.
There are instances where it makes more sense to pay the capital gain, instead of the higher estate tax amount.
OC1 says:
March 1, 2024 at 11:37 am
Bystander-
I feel the same way about inheritances. It’s really no different than winning the Lotto, and it should be taxed at least as high as we tax lotto winnings. Should also get rid of the “step up” in cost basis for inherited capital gains.
I intend to form a non-profit to push this very idea to the public and our government leaders- let’s increase taxes on inheritances!
Probably won’t get around to it until a year or two after my folks have passed away though. :)
That’s capitalism baby….it’s one big ponzi. It doesn’t do well when growth stops. I don’t see it stopping anytime soon. Only growing more powerful as the new industrial revolution takes hold. A lot of growth to squeeze out of this new revolution. Lots of change…
“The second the economy slows, NJ is absolutely dead.”
Juice.
Autoslash.com. The price will come down as you get closer. Get the capital one Venture X card and you won’t need supplemental auto rental insurance. They also offer an amazing promo to apply.
Juice Box says:
March 1, 2024 at 1:19 pm
“Update on my Caribbean getaway…”
Out of curiosity, roughly how much more expensive do you anticipate this Caribbean trip will be, compared to a similar excursion to south Fla (Miami/Ft Laud/Marco/Naples)?
Gov – 30% more?
Location makes it worth the difference. Here is the house, it’s beachfront and cheaper than a house in Long Beach Island in August.
https://tinyurl.com/5f782rsr
I may rent a boat for a day. A small runabout we shall see..if I feel up to skippering….
OC1,
It’s been a really good time to be a landlord with the supply/demand issue. I used to never raise rent….now I have no choice, but to raise it every year. They are so below market rent.
I’m planning a week in Costa Rica at the end of the school year. Grocery shopping down there is incredibly cheap. We plan to do an AirBNB on the Southern Pacific coast. A modern home, walkable to the ocean,with it’s own pool with three bedrooms and two bathrooms can be had for under 2K. Then it’s just the airfare which should be going for sub $400 each direct.
“It’s been a really good time to be a landlord”
I took my 700K+ I received from selling my multi and threw 500K of it into the market. I made well over 200K in 18 months. Would have been closer to 300K if I put it all in, but I locked a bunch up in treasuries, savings bonds, between 6 and 9% tax free. The only finger I lifted was to type out the orders. I hope your rental increases are performing as well. More likely, you collected an extra $1500 over the time period and your rental increased in value by 50K at best. Best of all. Nothing to fix!
Not that I would do it, but investment opportunities with rentals there?
Libturd says:
March 1, 2024 at 2:40 pm
I’m planning a week in Costa Rica at the end of the school year. Grocery shopping down there is incredibly cheap. We plan to do an AirBNB on the Southern Pacific coast. A modern home, walkable to the ocean,with it’s own pool with three bedrooms and two bathrooms can be had for under 2K. Then it’s just the airfare which should be going for sub $400 each direct.
I was really close to selling in November (when I was asking on here)…to buy bitcoin at 26k. Would have doubled my money already…I just can’t get rid of the safest investment I have. It’s my ultra safe rock foundation. I can seriously lose my job and still live off the rental income. Not a good life, but it’s a measure of safety at the moment that I don’t want to give up.
I do believe it’s better to be in the market than a landlord, but I got in before 2000 run up in real estate. Perfect timing. Can’t lose investment 24 years later. That’s the beauty of real estate long-term. Super difficult in the beginning, but gets easier with time. It will always be a headache…and the thought of selling will always be on my mind. You know what I mean…
Libturd says:
March 1, 2024 at 2:45 pm
“It’s been a really good time to be a landlord”
I took my 700K+ I received from selling my multi and threw 500K of it into the market. I made well over 200K in 18 months. Would have been closer to 300K if I put it all in, but I locked a bunch up in treasuries, savings bonds, between 6 and 9% tax free. The only finger I lifted was to type out the orders. I hope your rental increases are performing as well. More likely, you collected an extra $1500 over the time period and your rental increased in value by 50K at best. Best of all. Nothing to fix!
https://www.airbnb.com/rooms/47755221?
Vacationing the Libturd way.
Changed the fuel out on my generator today. Fuel was 2 years old. Put it in my 6. Filled it with fresh gas and added Sta-Bil. Went to start it, and it wouldn’t run on no choke. Only half choke. I drained the carb, cleaned out the fuel jet with the metal from a twist tie, put the jet and the screw holding the carb cover back in and now she is purring like a kitten. I love working on small engines. I imagine a machine repair shop would’ve charged me $200 for that five minutes of work.
Pumps
Why not just get a 6 pack tattoo? It would be a time saver and you’d never worry about carbs again.
Regarding inheritance,
I disagree with grim regarding it being impossible for young people to succeed without inherited wealth. Smart, hard working kids are doing it. You see it a lot in the poorer immigrant communities, of course around here the Chinese and Indian families, but I’ve seen hispanic family kids do the same (parents landscapers and babysitters, who focus on their kids doing well and learning something useful in school). No it’s not the easy way. You may be squeezed into small spaces in homes or apartments. It wasn’t easy for me and my wife, who had no inherited wealth when we got married 25+ years ago either, but if you focus on the right things, and are willing to focus on your future successes, it can be done even now. I’ll bet BRT has seen poor kids make it.
Someone asked what Ayn Rand had to say about inheritances.
She herself had nothing to inherit, she immigrated to the US from the USSR after the commies wiped out everyone’s capital, and eventually became wealthy due to her success as an author.
From a sympathetic character in Atlas Shrugged:
“he despised the squanderer who did not know how to deserve the great gift of inherited wealth”.
Within the novels Atlas Shrugged and The Fountainhead, Rand included some evil and ridiculous characters who had inherited a fortune, and also portrayed heroes who had inherited fortunes.
Her most comprehensive statement on inheritance was this, said by a character in Atlas Shrugged:
“Only the man who does not need it, is fit to inherit wealth – the man who would make his own fortune no matter where he started. If an heir is equal to his money, it serves him; if not, it destroys him. But you look on and cry that money corrupted him. Did it? Or did he corrupt his money? Do not envy a worthless heir; his wealth is not your and you would have done no better with it. Do not think that it should have been distributed among you; loading the world with fifty parasites instead of one, would not bring back the dead virtue which was the fortune. Money is a living power that dies without its root. Money will not serve the mind that cannot match it.”
No One: It still can be done, but a lot tougher than in the past, and tougher than 25 or 35 years ago. Far more uncertainty and roadblocks, and less opportunities in my opinion.
Gonna be tough for our esteemed Senator Menendez to get out of this one. His Trial is to being in June.
“He was accused of paying off Sen. Robert Menendez with a luxury $60,000 Mercedez-Benz convertible in return for the senator’s considerable political muscle to help him out of a legal jam.
On Friday, Hudson County businessman Jose Uribe in an unannounced appearance pleaded guilty in federal court in Manhattan to seven counts that included conspiracy to commit bribery, wire fraud, tax evasion and other related charges, while agreeing to testify against Menendez.”
https://www.nj.com/politics/2024/03/defendant-in-menendez-case-pleads-guilty-deals-stunning-blow-to-embattled-senator.html
Agree with this rebuttal to No One. The issue isn’t that it can’t be done. The issue is observing 2024 and trying to understand the dynamics of what is seen. How can nonsensical appearing things make sense? How can one avoid undue pessimism about future economic conditions?
3b says:
March 1, 2024 at 5:25 pm
No One: It still can be done, but a lot tougher than in the past, and tougher than 25 or 35 years ago. Far more uncertainty and roadblocks, and less opportunities in my opinion.
3:00 lovely !
Undue pessimism?
What kind of chart would you like?
Dude 10 Trillion in a decade, and now higher interest rates?
I don’t like the game of chicken….
https://fred.stlouisfed.org/series/GFDEBTN
To be clear CHI.
We did not see it coming.
Black Swan.
Once in a lifetime.
And so on and on……
Pumps
Get this over spring break
https://nypost.com/2023/03/06/i-got-abs-tattooed-on-my-stomach-to-be-summer-ready/