Re:Don't worry about global population collapse
by datavirtue on Saturday September 30, 2023 @09:45PM
(#37721760)
"Stretch" is putting it mildly. You need to pony up early and start paying that shit down aggressively for it to make sense these days.
Re:Don't worry about global population collapse
by wolverine876 on Saturday September 30, 2023 @09:49PM
(#37721781)
Do you mean Manhattan is a "declining area" because of century-long demographic changes? (If they've lost population, I'm guessing it's very poor, high-density housing. Millionaires and billionaires don't want to live 1 family per bedroom.
Possibly I'm misinterpreting ....
Re:Don't worry about global population collapse
by ok_computer on Saturday September 30, 2023 @10:49PM
(#37722080)
That Manhattan remark was extraneous. I wanted to note that decreased population does not always lead to decline in property value. There is a shift from a more widely distributed desirable city middle class to concentrating wealth in coastal cities or new western development.
Re:Don't worry about global population collapse
by wolverine876 on Sunday October 01, 2023 @12:16AM
(#37722485)
Yes, agreed on the first part, and I'm not surprised by the second.
The US has many landlocked, east coast, and great lakes city outflows where you can buy property inexpensively. But people tend to not want to raise families or retire needing medical care in declining areas given the choice to leave.
New York city Manhattan has 600k fewer people than 100 years ago and property price to average salary keeps climbing.
I don’t know what the magic is that to expand property ownership. You see cities with thousands of blighted homes and new build suburbs developing 30-90 min away at prices that are a stretch for even well paid middle class jobs.
I think affordable home building and financing could happen somehow but the trend is not going in that direction.