From Politico:
Priced out of housing, many younger disillusioned voters embrace populism
From California to Krakow, young voters who are losing faith in democracy have been spurred in part by a surprising cause: high rents and rising property prices.
The scarcity of affordable housing has triggered protests across European cities, from London to Lisbon, and on both coasts of the United States, where home prices have surged 54 percent since 2019. In California recently, hundreds of people, mostly renters, marched on the state capitol to decry the scarcity of reasonably priced rentals. In San Francisco, which has been so slow to approve new housing that a state law is forcing it to bypass some city regulations, the issue has fueled a rancorous debate in this year’s mayor’s race.
And across North America and Europe, the shortage is pushing voters, particularly younger ones, toward populist leaders who promise to address the problem by targeting an issue already key to their platforms — though not necessarily the main one driving the problem — increased immigration.
“If you can’t afford a place to live, you want to point fingers at someone, and incumbent politicians make an easy target — as do migrants,” Carbon Neutral Cities Alliance’s Michael Shank told POLITICO. “It’s a simple rhetorical flourish, but one that’s politically powerful and palatable to a public that’s understandably upset that they can’t find an affordable home.”
The link between housing and populism arises in large part because of the angst that can grow among those priced out of the market, research from David Adler and Ben Ansell suggests. While “some homeowners have gained massively” from rising house prices, they write, “housing market dynamics have created a map of winners and losers.”
Millennials and Gen Z are largely among the losers.
And for many of them, some centrist politicians worry the housing crunch is not only helping to nourish the rise of populism but also risks tarnishing the very idea of democracy. “If people think markets are rigged and a democracy isn’t listening to them, then you get — and this is the worrying thing to me — an increasing number of young people saying, ‘I don’t believe in democracy, I don’t believe in markets,’” Michael Gove, Britain’s housing minister, warned in February.
Indeed, opinion polls over the past few years have been consistently suggesting that millennials and Gen Z are much more disillusioned with democracy than Generation X or baby boomers were at the same life stage.
1st?
Damnit!
Millennials and Gen Z are largely among the losers.
10,000,000 illegals under the current administration… what’s more important, affordable food and shelter or abortion? Then again, does it matter? The corps are beginning to whack jobs so just find a tent city to live where crime is at least tolerable.
Friend in FL had her home sale fall thru when buyer bailed days before closing. Hearing this more and more often.
Grim : How does one bail days before closing?
The Fed did much to destroy the housing market here to bring us where we are at now.
I bailed on a closing. Inspector found a laundry list of things that needed to be fixed but the way I got out was they lied about the age of the AC. It was probably 25k worth of work overall and the woman didn’t want to do any of it.
Tim Walz to be VP for Harris.
BRT; I thought those issues would be addressed long before closing. That’s how I remember it.
Harris picked the third best choice.
Lakewood Ranch, outside of Sarasota, 16 inches of rain
This disrupts the “master plan” to takeover current condos and rebuild or remarket them into luxury units:
https://tinyurl.com/4e47a7hv
(WSJ)
MIAMI—Angelica Avila never wanted to sell her condo overlooking Biscayne Bay. She liked to watch the sunrise each morning from the balcony. Even when a developer who was buying other condos in the building offered $690,080 for her unit—more than triple what she spent to buy and upgrade her home of 30 years—she refused the offer.
But the developer acquired enough units to take control of the building and terminate the condo, paving the way for its demolition. In the fall, after Two Roads Development signaled it would turn off services in the building, including air conditioning, elevators and security, Avila moved to a house further inland, where she rents a small room.
She visits a storage unit weekly to swap out her clothes because the room is too small. “This is my home now,” said Avila, 55 years old, gesturing to the storage unit.
Meanwhile, the 191-unit condo building she used to call home—Biscayne 21—sits empty, a zombie on prime waterfront land in Miami’s Edgewater neighborhood.
Avila’s plight stems from a longstanding practice threatened by an appeals court ruling earlier this year. The practice, in which developers can force condo owners to sell homes they never intended to leave, was challenged in March. The appeals court stunned the Miami real estate community by siding with the small group of residents who refused to sell at Biscayne 21. The court overturned a ruling from a circuit judge that had been in favor of Two Roads and its partners.
Angelica Avila visits the storage unit where she keeps her clothes and other belongings.
Two Roads has said its partnership, which took out a $150 million loan to buy the building, will appeal the decision to the state supreme court if the appeals court doesn’t reconsider. The partnership declined to comment. Lawrence Pecan, counsel for the group, said: “I was a little bit shocked when the appellate opinion came down. What we’d done was not really even controversial.”
Now dozens of other Miami developers with their own condo terminations under way are wondering what the appellate court ruling will mean for their planned projects.
“This will greatly impact the risk analysis a developer must undertake in pursuing an acquisition of one of these older condominiums,” said Matt Allen, a developer at Related Group, a real-estate company that has terminated multiple condominiums in Florida…
Tim Walz to be VP for Harris.
Do you really think the other “stronger” candidates wanted any part of it if she gets elected?
Give the people what they want? Americans have become so slow and doughy that it should be, give the people what they deserve. If she gets elected, those who had the tingle up their leg… deserve it!
1987: No way she was picking Shapiro as I predicted. The anti Semitic wing of the Democratic Party, would have howled in protest. She also was not gong to pick someone who would upstage her.
9:48 wrong. Again.
Waltz was a high school social studies teacher and appropriately looks like a slightly younger Bernie Sanders. After I grew up I realized that “Social Studies” was the code name for the progressives’ takeover of history in teaching youth propaganda.
It’s always the worst crap taught in “Social Studies” classes, as I gathered by monitoring my kid’s class materials over the years.
https://www.econlib.org/archives/2015/03/the_prevalence_1.html
LAX: No, I was right. No Shapiro. The anti semites in the Democratic Party got their way, and Harris chose someone who will not upstage her, and become a potential rival in 2028.
Are the Democrats still enthusiastic on the VP , now that Harris has made her selection?
10:11 her choice has wider appeal than adding another coastal progressive.
If you thought the idea that the democrat party being antisemitic was a bunch of bullshit, here’s your proof. They need Pennsy to win and yet, the disdain for Israel and Jews was stronger. It speaks volumes. And that governor from Minnesota? He sat back and watched Minneapolis burn while approving driver’s license for illegal aliens. I used to think we were a few decades away from becoming Europe. Nope, we are there.
LAX: Walz is a progressive, and more of a progressive than Shapiro, so you are mistaken.
More nonsense spewing from the stupid.
LAX, 3b is absolutely correct on Shapiro.
I heard that guy speak for 30 seconds and I knew he would not resonate with the portion of the electorate which needs to be brought over to the other side for this to work.
LAX: No need for name calling. I am simply pointing out you are wrong. Walt is a progressive, no denying that. Shapiro was not selected because he is Jewish and a supporter of Israel, the left/progressive wing of the Democratic Party is antisemitic.
One bad day in the market, literally one bad day after a doubling of major indices… and they are calling for emergency inter meeting cuts?
What bizarre timeline are we living in? The idea of free markets are a fkn joke at this point.
Wanker
Boomer: I was thinking the same thing. Emergency rate cut my ass.
In other news credit card debt outstanding has reached a new record high of 1.14 trillion, and delinquency rates have reached a high of 9.1 percent, a rate not seen since 2011.
3b,
The Inflated Abduction Act will take care of everything. It’s all transitory. Besides, Kumella will fix it all. Stop worrying. Take that credit card and go treat yourself! You deserve it!
Fast: Inflated reduction act, ha, ha, that is a good one. Sears and Macys have’s increased their credit card rates to 34 percent!!
Yes, Harris will fix it all . The transformation is a miracle. She went from being hidden for some time because of her terrible public performances, to now being rehabilitated, transformed into an accomplished stateswoman, along with being an expert on economic issues, and all the other important policy issues facing the nation. It’s truly incredible.
I too noticed the previously hidden due to performance, now turned front man, err… woman.
I think the answer is that politics all relative, and has never been about absolutes. It’s all relative to your next best choice, or the guy standing to your left and right. And in that lens, it just has to make enough sense for some people.
Boomer, the goal post is continually moved. Now the s&p can’t drop below 5000…even though it was below that not long ago. Markets are addicted to this stuff.
BRT: And housing can’t drop either. It’s no surprise the young people are disillusioned. The system is rigged.
The fact that Harris didn’t pick Shapiro is almost an open admission of insecurity and mediocrity. It would be the equivalent of Hillary (assuming she polled enough to be the pick) avoiding Obama as the VP pick in 2008 for the same reason. Shapiro being a filthy, horned, Zionist loving Jew just gave her easy cover.
I think the real calculus is that Harris would have lost to Shapiro in an open primary for the Democratic nomination. Biden cost Shapiro his place.
What a gaffe…….
2:21 nonsense. Her VP pick is astute. He’s a perfect pick.
You aren’t voting for her anyway.
As someone who understands that both parties in their current state deserve each other, I am not sure that the mouth-breathers at the center – pun intended! – would take well to Shapiro, whom they see as an elitist with a New England accent.
I think I “eastern seaboard” accent would have been a better descriptor.
Finally, her pick is one of two explicitly preferred by the UAW.
Though I am confused as they are less than 1MM strong? Does it have so much sway based on those individuals having influence over those closest to them? group think?
She can’t pick Shapiro, he’s better than she is.
BRT, you think the economy will tank? Sold much or significant amount of your investment off?
If not, it is like Fox News mandating that all its employees be vaccinated, and mandates that they speak against vaccination.
BRT: That is basically what I said earlier. Shapiro would upstage her, and of course his other baggage.
The only way to keep the scam up is through perpetual inflation.
First, ADUS and BRO continue to kick ass. I hope some of you are profiting.
On the political tip, The VP pick was as meh as the Harris appointment to POTUS candidate. I think we can safely say this is the nail in the coffin for the Dems. Can anyone send me a single reel of Harris speaking off-the-cuff since she was appointed? It’s become quite clear that everything prepared for old Joe has simply been handed to her. Will the black vote be enough? I doubt it. She’s HRC, only the black thing may turn off some white men in swing states. Harris is no Obama. And it’s clear, with her new accent and fake hood platitudes that she is making the same errors HRC did. We know you are an African American woman. It’s pretty obvious. But the more you make THAT the keystone of your campaign, the more you turn off those who are not.
Lax, I don’t know who this convinces people to vote for her other than the Hamas wing of the democratic party
Someone,
Mild recession at best. 3-6 months after ZIRP returns, we are back to the races. At worst, you should be 50/50 right here. I would expect us to continue to drift down slowly even after the first cut since it HAS TO happen at this point or the FED will have egg on their face. I’m travelling, so I don’t have my charts, but don’t rebuy until either center channel on the historic high/low chart is reached or unless we rebound after August. October and November, especially in an election year, tend to be great market months. Why? I have no clue. But animal spirits are alive and well.
UAW? I think the teachers unions bring in more Democratic votes than the UAW. Former HS teacher Waltz should appeal to them, despite being a white male. The NEA has over 3 million members.
I would say the rank and file UAW workers may vote differently than their leaders.
Lib: Although Hillary turned a lot of people off, and she was obnoxious and condescending she was competent and qualified. I cant say the same for Harris.
You haven’t voted in how many elections?
3:38’that’s damn near offensive.
Serious question what the hell do you know about antisemitism?
In other news, (but no mass outrage), there is a famine in Darfur. And Arab groups are carrying out ethnic cleansing against Black Africans. Nothing from the college campuses.
Spokespeople for various anti Israel (antisemitic) groups have announced they have been planning all summer. and will be back with their protests against Israel in September. They claim to have lots of activities planned.
Nothing from the college campuses.
It’s not trendy enough. No one will cover your outrage. The objective is to get noticed, not fight for the plight of humanity.
It would be the equivalent of Hillary (assuming she polled enough to be the pick) avoiding Obama as the VP pick in 2008 for the same reason.
Hillary was never in a position to pick Obama as the VP pick. She was either neck-to-neck, or mostly behind Obama in delegates.
No what’s offensive is what went on at every college campus this past year. If you really cared, you’d acknowledge it.
Lax: I vote in every election, except for President since 2012, when I voted for Romney. In 2016 I just skipped the President choice. In 2020 I voted for myself as a write in candidate.
4:57 weird flex, but okay.
Seems right wingers are freaking out
Rightwingers crying because Democrats picked the “3rd option”?
Lol
LAX: No it works for me.
This election will be close and we’ll have to closely watch State election boards who have tried some nefarious stuff to stop certification of fair elections. The right is desperate and will try anything to win. We have a strong ticket that Democrats are excited about. I think we’ll win this thing. Everything else is just noise.
It’s 1984 vs The Handmaids Tale.
Called it.
Walz take-aways…
– I knew the guy was a leftist putz who supported antifa rioting in 2020, but I didn’t know that he was a documented coward who abandoned his National Guard unit when it was called up for duty in Iraq. Makes for a catchy campaign slogan: Carmella and the Coward in 24
– It’s almost pathetic to watch the Dem Jews continue to support a party that hates them; and make no mistake, Shapiro (who’s no bargain himself) was crossed off the list because the Oblama leftists that now control party hate Jews!
– I thought it would be difficult for the Dems to find a bigger cuck than Tim Kaine, who agreed to be Shrillary’s junior partner, but Walz represents a new low in the decline of masculinity. What kind of man would agree to work for Carmella Harris – yikes!
8:23 I think just reading your posts makes one stupider.
Your mind is a vortex of ignorance with dumb shit leaking from your anus shaped mouth.
Holy dingleberries!!