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This is a cartel, not capitalism. It's literally voters doing regulatory capture and preventing new housing because they want their property values to go up.
by d6e 3y ago
This is a cartel, not capitalism. It's literally voters doing regulatory capture and preventing new housing because they want their property values to go up.
- Arn_Thor 3y agoThat used to be the driving factor, politically at least. But things have changed. As older folks retire and sell to fund their end of life care, funds, corporations and the super rich have swept in to buy the properties, increasingly pricing out regular folks who depend on an (also more expensive) mortgage which the investors don’t have to worry about. So on the margin, fewer and fewer homes are in regular people’s hands. That is capitalism’s inevitable consequence: those that have wealth can ever more quickly acquire more of it.
- zrn900 3y ago> This is a cartel, not capitalism When there wasnt regulatory capture in late 19th, entire US ended up getting owned by ~12 robber barons. The housing situation was the same back then: Barons would be buying up or building entire neighborhoods in which people would have to live like feudal tenants on knife's edge. These futile attempts to redeem capitalism are making it difficult to address the problems that it creates.