Watch as Western countries compete for the unenviable position of having had the largest increase in real house prices since 1980.
This is a race no one wants to win, particularly if they can't back it up with equally rampant increases in wages or quality of their housing stock. pic.twitter.com/V8WtWceRL0
— Mathew Pottinger (@matpottinger) June 19, 2020
I just realized if I sold my house now, we would have made $100,000 a year in capital gains *a year* since we bought it. This is ridiculous. I actually hope prices crash.
— Venerable Donkey (@VenerableDonkey) June 19, 2020
There’s no way out of this that doesn’t involve the middle classes losing capital. Perpetual housing crisis or some people giving up assets, that’s the choice.
btw, if the homeless dude who figured out how to get himself into a quarantine hotel room for two weeks actually exists, all power to him. We’re willing to pay board and lodging to repatriate New Zealanders, but not do the same for homeless people, this says a lot about New Zealand right now.