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Re:Jon Stewart on AI: It's replacing us in the workforce now by pixl97 on Monday April 08, 2024 @09:10AM (#39969357)
This is just a terrible take...

Those property prices are not going down any significant amount. The capital system in the US has realized it can buy up as much property as possible and use it to extract as much wealth as possible via literal rent seeking. Places that are not close to anywhere have had rent prices explode. Oh, and if there is a massive 2008 like housing crash, the banks themselves will hold on to the properties keeping prices high. Meanwhile the Bezeo's themselves that have the AI will be buying up as many real assets as possible.

Re:Jon Stewart on AI: It's replacing us in the workforce now by rayiner on Monday April 08, 2024 @09:40AM (#39969613)
> Those property prices are not going down any significant amount. The capital system in the US has realized it can buy up as much property as possible and use it to extract as much wealth as possible via literal rent seeking. Places that are not close to anywhere have had rent prices explode.

It's an unflattering take for many egos, but it's what's actually happening. It's not the "capital system" that's bidding up the price of housing. Only a fraction of housing is owned by investors, and only a fraction of those investors are large investors like "banks." The figure for "investor-owned" properties includes individuals who own rental properties--many of whom are the "minor rich" created by the knowledge industry. (Not Bezos, but his project managers and engineering managers.)

You could ban large corporations from buying investment properties, but it wouldn't address the basic problem resulting from the fact that you have 20% of the population engaged in knowledge work whose incomes are vastly outstripping those of the middle 60%. That's why normal people have been pushed out of places like the Bay Area.