Universal Basic Income is Capitalism 2.0

Re:Universal Basic Income is Capitalism 2.0 by 86J8oyZv on Thursday July 30, 2020 @08:33AM (#23997335)

Rent is based on demand and competition in the market, which is why it reflects consumers' incomes. That's the entire problem with UBI: it will just result in widespread inflation, in housing and every other market. The only way to keep rents from rising so rapidly is for people to be able to own the properties where they live.

(This does, indeed, fall under "some form of socialism" that the author deems magically "unworkable." Simply a tax code of affordable taxes for personal property - i.e. a home you own and live in - and high taxes for private rental property used to make a profit, with the intent that it should make financial sense to sell to an owner who will live in it.)

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Re:Universal Basic Income is Capitalism 2.0 by take_a_breath on Thursday July 30, 2020 @08:46AM (#23997453)

==That's the entire problem with UBI: it will just result in widespread inflation, in housing and every other market.==

Do you have any evidence to support this type of absolute claim? People have been screaming about inflation since the Fed massively expanded their balance sheet in 2007. The only things we’ve really seen inflate are assets (buying housing, stocks, etc.) we haven’t seen much inflation in non-assets (renting, commodities, consumer staples).

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Re:Universal Basic Income is Capitalism 2.0 by eirini1 on Thursday July 30, 2020 @11:24AM (#23999237)

... are you sure rent hasnt gone up massively over the past decade? I feel like it has.

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Re:Universal Basic Income is Capitalism 2.0 by take_a_breath on Thursday July 30, 2020 @11:38AM (#23999401)

I think it's mostly location-based. NYC, Seattle, San Fran, Austin, Denver, Boise and more cities have seen significant rent increases. On the other hand, we have Rust Belt cities like Milwaukee, Chicago, Cleveland, Indianapolis, St. Louis, Detroit, Cincinnati, and more where rents haven't risen at the same rate.

Edit to add some specificity, although it's not "rent". Here [1] is a 3 bed/2 bath house in a very safe Chicago neighborhood for $325k. The local public elementary school is an 8/10 and the high school a 7/10.

[1] https://www.redfin.com/IL/Chicago/4824-N-Oak-Park-Ave-60656/...

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Re:Universal Basic Income is Capitalism 2.0 by Sohcahtoa82 on Thursday July 30, 2020 @03:00PM (#24001719)

Fun thought I just had...

If a significant number of readers here on HN click that link, driving traffic to that specific listing, I wonder if it would cause the agent to think there's more interest in the home than there really is, giving them the suggestion that they should increase the price.

It does have a "HOT HOME" banner on the first picture. Could that be from HN readers?

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Re:Universal Basic Income is Capitalism 2.0 by xiaosun on Thursday July 30, 2020 @10:54AM (#23998881)

Let's implement income caps for all Bay Area tech company employees at $75k. Then landlords will lower rent and the housing price issue will be solved. /s

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Re:Universal Basic Income is Capitalism 2.0 by 6510 on Saturday August 01, 2020 @09:17PM (#24025476)

Max incomes and max wealth seem like excellent ideas. It should be gradual tho. I would like to see a basic income start at 50 or 100 bucks. That way we can see some of the effect and deal with it. It would at least reveal how hard it is to implement.

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Re:Universal Basic Income is Capitalism 2.0 by banannaise on Wednesday August 05, 2020 @10:42AM (#24061309)

Sounds like a problem that you could also solve via things like universal rent control. Lock the rent of all units. If you're not happy with the rental income of a unit, you're free to sell it to someone who wants to buy a primary residence.

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