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A comment on Supply Constraints Do Not Explain House Price, Quantity Growth Across US Cities. Parent comment

Re:Supply Constraints Do Not Explain House Price, Quantity G... by intrasight on Thursday March 20, 2025 @12:02AM (#43419810)
>extremely wealthy, by definition, because of their property ownership

That's not true today and probably has never been true

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Re:Supply Constraints Do Not Explain House Price, Quantity G... by scoofy on Thursday March 20, 2025 @03:15AM (#43420461)
Homes today in SF are worth about $1.5M. That's a non-trivial net worth when you actually look at American net worth by percentile.
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Re:Supply Constraints Do Not Explain House Price, Quantity G... by intrasight on Thursday March 20, 2025 @07:56AM (#43421945)
I agree it's non-trivial wealth. But it is not a passive asset. Unlike most forms of wealth a) you pay taxes on it and b) it requires constant upkeep as nature is trying to destroy your wealth.

$1.5 m would classify you as extremely wealthy 100 years ago but today it would require an order of magnitude more to be in that class.

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