this post was submitted on 13 Aug 2023
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Time to loosen zoning restrictions and say no to NIMBYs Ms. Mayor. *

Despite earning around $90,000 a year between her work as mayor, regional councillor and with the local electric utility, she says she canโ€™t afford to buy a home in the municipality she leads.

* yeah, she's still paying off student loans, and I don't know what zoning restrictions are like in her community. But still.

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[โ€“] [email protected] 8 points 1 year ago* (last edited 1 year ago) (3 children)

That is true. The value of my home doesn't mean much to me. If it is worth $1 tomorrow, oh well? Who cares?

But it is troubling to think what will happen when most other homeowners are underwater and their debt gets called. That is going to hurt all of us.

[โ€“] [email protected] 5 points 1 year ago (1 children)

Yeah homes being viewed as an investment is stupid and only came to be for those that could afford to buy lots.

[โ€“] [email protected] 2 points 1 year ago* (last edited 1 year ago)

Homes became an investment when living near your workplace became a necessity. Any tool which facilities an income is going to naturally become an investment. That's what investment is.

The COVID thing decoupling some jobs from location has helped marginally โ€“ seeing a small decline in home values (although perhaps moving it to places where jobs were previously less commonly found) โ€“ but that can only get you so far. The vast majority of income sources are still location dependent.

[โ€“] [email protected] 1 points 1 year ago

HELOCs may burn some folks. They were gaining popularity while interest was low. That is going to add to the burden of those who loaded up on debt.

[โ€“] [email protected] 1 points 1 year ago

I might actually be happy if my home was suddenly only worth a dollar.

That would cut my property tax way down