> The mega rich should buy sailing vessels and live on those and leave the housing prices affordable to the rest of us.
If housing prices are unaffordable, blame property developers and/or government. If they are unaffordable, that's usually a market signal to build more housing because "all these property developers in city X are making lots of money, let's build there too", which lowers the prices as more people get in, etc. Unless "Ah, but dealing with government there will cost more money than there is profit in the development, let's not build there"
Also, the term unaffordable is relative. Downtown San Francisco is very expensive. It's not "unaffordable" because people have purchased most of those units. And that's just how markets work. You've got a set amount of X (like habitable living space), you've got a certain amount of people that want that thing with a certain amount of money to spend, put it to an auction to determine a fair market price. What's wrong with this equation exactly?
Blaming people for outbidding you in buying a house is ridiculous, even if they outbid you because they simply have more money.
Yeah, this is what doesn't make sense to me. All of these people blaming the buyers for buying and the politicians for not passing laws to disincentivize them from doing so.
If housing prices are unaffordable, blame property developers and/or government. If they are unaffordable, that's usually a market signal to build more housing because "all these property developers in city X are making lots of money, let's build there too", which lowers the prices as more people get in, etc. Unless "Ah, but dealing with government there will cost more money than there is profit in the development, let's not build there"
Also, the term unaffordable is relative. Downtown San Francisco is very expensive. It's not "unaffordable" because people have purchased most of those units. And that's just how markets work. You've got a set amount of X (like habitable living space), you've got a certain amount of people that want that thing with a certain amount of money to spend, put it to an auction to determine a fair market price. What's wrong with this equation exactly?
Blaming people for outbidding you in buying a house is ridiculous, even if they outbid you because they simply have more money.