The $3500 Shirt – A History Lesson in Economics

Re:The $3500 Shirt – A History Lesson in Economics by Kiro on Sunday January 25, 2015 @02:26AM (#8942319)

I don't understand how a house can cost $1. What prevents me from buying 100 of $1 houses just for fun? Seems like a pretty decent investment if nothing else.

[ Parent | on HN ]

Re:The $3500 Shirt – A History Lesson in Economics by pimlottc on Monday January 26, 2015 @04:27AM (#8946161)

Other people have answered that question for you, but I'd also like to point out that a number of cities have had problems from far-off speculators buying up dirt cheap properties and then failing to maintain them or pay taxes. In one case, it may have contributed to a gas explosion in an abandoned house in Cleveland: http://www.ideastream.org/news/feature/long_distance_ownersh...

[ Parent | on HN ]

Re:The $3500 Shirt – A History Lesson in Economics by brc on Sunday January 25, 2015 @07:49AM (#8942796)

Some of them have local ordnances on them that requires money to be spent on fixing/securing.

[ Parent | on HN ]

Re:The $3500 Shirt – A History Lesson in Economics by nawitus on Sunday January 25, 2015 @05:14AM (#8942558)

I believe you would have to pay property taxes on these houses.

[ Parent | on HN ]

Re:The $3500 Shirt – A History Lesson in Economics by zaroth on Sunday January 25, 2015 @05:04AM (#8942548)

> What prevents me?

Property taxes.

[ Parent | on HN ]