A landlord will happily swallow 50% of your income but a bank will start to feel bad about a ~30% debt to income ratio, so no you can't really.
Reminder that a 300k mortgage over 30 years at 5% costs you 600k in the end, so you're fucked either way, at best your kids might benefit from your investment.
Housing got way more expensive since the 2000s, most people are priced out of buying a house, most can't even qualify for a mortgage to afford an average house.
https://cdn.statcdn.com/Infographic/images/normal/34534.jpeg
The average Joe, well, median Joe in that case, living alone in say France/Germany/UK can barely qualify for a 200k mortgage over 30 years, and that won't get you much unless you plan on living like a student your whole life
It's almost as if the banks know they're very likely to lose money by approving loans people are statistically unlikely to be able to make 360 on-time payments for.
> Reminder that a 300k mortgage over 30 years at 5% costs you 600k in the end
100% true and stated this way makes it sound like it's the evil bankers, but really it's just the way math works.
> most people are priced out of buying a house
I don't think "most" is accurate here, especially if you include areas don't have insane NIMBY restrictions on building like SF and NYC.
This[0] shows there are absolutely places more affordable than others. My one complaint is that if everything gets more expensive the map doesn't really change so it could be better.
And I've heard the rebuttal before about "that's where the jobs are" (false) or "that's where I grew up." I get it, but living in high-demand places is not a constitutional right. Not having your own home in a major downtown metro is not a violation of your rights. If you can't afford to live somewhere, you should move. I'm in the 4th state I've lived in in my life right now. I might be here until I die, I might live in 4 more. Lots of things play into that but a major part of the calculus is whether or not I can afford to live the life I want here.
[0] https://www.visualcapitalist.com/mapped-u-s-housing-affordab...
So its fine for you that there are people owning 20+ properties speculating on profit for basic human needs? Its literally Nestlé "this is MY water" behavior.
Respond to a point I actually made or go back to Reddit.
If 20 people need homes to live in and can’t afford to build them, suddenly landlords/investors have a place because they built housing inventory where others couldn’t. They won’t do that for free though and why should they.
I remember your username from prior threads, you’re a troll man. Take this crap to Reddit.
The nestle statements about profiting off people’s need for drinking water were universally viewed as disgusting. We shouldn’t always profit off the basic needs of other humans.
Propose pivoting our entire economy all you want, but do it in a way that doesn't cripple it and provides more than a one sided benefit masquerading as having no downside implications.
Yes. In fact, every developed country already does.
> you just removed profit from ~40% of GDP
Is the point of society to maximize profit all the time at the expense of other things, or to provide a good life for people and ensure their basic needs are met?
> provides more than a one sided benefit masquerading as having no downside implications
Of course there are downsides. Rich people will be less rich. Lower class people won’t be so easy to exploit. People will be happier and more content, so there will be less crime and less people in prison.
The fact you prioritize profits over people is both illuminating and horrific. What a terrible place you must live in.
I’m arguing for not just making one single law that X must be profit free as an entire industry without considering anything else. The government here would not provide housing. It would not invest in hospitals. It would not build universities. It would just ban them from being profitable and we’d all suffer because of the lack of supply that results. I think the difference here is I’m thinking if the practical implications of how it would be executed and you’re imagining some hypothetical scenario when it’s executed well. The fact other nations do it isn’t reassuring to me, precisely because we have proven time and time again that we will flat out refuse to look outward for ideas that are effective. We have to put our own stamp on it and mess it up, or just do nothing.
There's a reason why a mortgage with very little down payment is a lot more than comparable rent.