In our area in the Flathead Valley (NW Montana) there is a serious shortage of affordable housing, both to buy and to rent. The reason; formerly rental houses turned into “seasonal” rentals. The going seasonal rate is $400 per night for a 2 bedroom place. $5,000 per week for one friend’s larger home. Homes on the market for under $500,000 have a dozen offers in 24 hrs. We downsized 3 years ago. A new-construction similar home just behind us is coming on the market priced at double what we paid. The agent says they had a contract at the asking price from a couple who were moving here to do “remote work”.
killben
2 years ago
Can we legally shoot the guys who come to seize our homes?
Casual_Observer2020
2 years ago
Who is Catilin Johnstone and why does her tweet have any traction ? Mish has turned to clickbait in order to get more clicks since leaving http://thestreet.com.
It has traction because others think the way she does. Locally, before the pandemic, there were activists outside Walmart, gathering signatures to get rent control on the ballot.
Her suggestion is horrible. However I have noticed that there are tons of underutilized homes especially in Marina Del Rey, Beverly Hills and the like. A couple areas that I walk frequently over half the houses are seemingly unoccupied. And its gonna get a lot worse with houses appreciating at a much higher rate than mortgage interest costs. Thank you FED for another massive distortion than is gonna cause way more societal unrest.
The Fed only does what the capitalists – Wall Street, Big Insurance, Big Oil, Big Pharma, Big Tech etc. want it to do.
conservativeprof
2 years ago
The solution increasing espoused by the left to seize private property is dangerous talk. Every campaign of private property seizure has resulted in economic ruin in the long run. Besides the ruinous path, this crazy talk ignores a major cause of the problem. Housing in major urban areas has become increasing scarce. Government and political influence of existing home owners (NIMBY) have increased the cost of new housing and limited supply. The major cause of permanent housing scarcity is reckless immigration policy. Almost all population growth in the USA has been due to immigration. In the first 6 months of 2021, 1M illegal aliens have entered the USA. The USA population is increasing now at 3M+ each year due to legal and illegal immigration. Major population centers have limited vacant area for new housing construction. Even with reasonable government policies, new housing availability cannot keep pace with population growth. The solution is rapidly increasing housing prices and decreasing housing consumption (such as living with parents for extended times). Reasonable housing prices have been the cornerstone of American prosperity and the middle class experience. The American dream is coming to an end with reckless immigration policies. Open southern borders and highly limited interior enforcement of immigration laws have many other detrimental effects.
Important politicians haven’t. But you know they would love to.
jhrodd
2 years ago
In my County, the second wealthiest in the State nearly 40% of the homes were rated “vacant” in the last census. There are two lovely homes down the street from me that have never been occupied in the 5 years I’ve lived here. They’re owned by the City Attorney of a SoCal beach City. I’m not sure what the strategy is with this, the real estate equivalent of stuffing money in your mattress? At any rate rents are skyrocketing with virtually nothing available, employees predictably are non existent, and tourists have descended on us like locusts.
ColoradoAccountant
2 years ago
Those who don’t know history are doomed to repeat it. Those that do know history are doomed to repeat it too, because they are far out numbered by those that don’t know history.
Those who do know history, take advantage of repeating it. Glass-Steagall was created so that 1929-32 would never happen again. Then it was dismantled so that what lead into 1929-32 could happen again. Even though it was well known that leverage above 12 to 1 was dangerous, The SEC gave he Big Five investment banks leverage waivers in 2004. In 2008, they all crashed. It was a no brainer, but the SEC allowed it anyway.
Nah, the culprit is moral hazard from FDIC insurance and agency conflicts. Now all the Glass-Steagalls, Reg FD, SarbOxes in the world can’t stop crashes. You’re just papering over the well. The gov pressuring banks to lend to unqualified buyers in the name of equity (although we didn’t call it that yet) and putting homeownership above responsible homeownership were the impetus for the leverage spiral.
Captain Ahab
2 years ago
LMAO. Who knew this would happen with Democrats in control of the House, Senate, and White House?
FromBrussels
2 years ago
NO worries ! Loads of properties gonna be on the market soon, for scratch, with all them vaxxed ones suffering and dying from auto immune diseases, especially the old and middle aged affluent ones, for they were the most eager to get the poisonous shots in order to continue their take everything for granted, unlimited freedom existence….Not bad a scheme actually when you come to think of it….
Dr. Manhattan23
2 years ago
Anytime anything is done by force, it never works. Thats why capitalism works. Not crony capitalism, but capitalism. It incentivizes human freewill to solve problems. Confiscating real property is the dumbest of all ideas
shamrock
2 years ago
This is hardly a “new” battle cry, an extremely small minority of Americans have pushed this type of thing for at least 100 years. I don’t think it has any more traction in the mainstream than it ever has.
After the last few years of BLM, defunding police, CRT, and a lot more progressive nonsense, every initiative that transfers/allocates resources MUST be taken very seriously. Anything else is sheer naiveté.
That said, you are 100% right. It will NOT have any traction in the mainstream media–for obvious reasons.
Do you really believe BLM, “defunding” the police, CRT are real ? I don’t think they have any traction in any meaningful sense of impacting the economy. Out here in California, even Gavin Newsom says liberals have another thing coming if they think he is for defunding police. The only naivete imo is believing what you read and see on outlets like Fox News.
Believe what you want. I saw BLM at work. I know of people whose businesses were DESTROYED by BLM! CRT is as real as the immigration problem at the southern border. This is not about ‘Fox News’. FYI, you remind me of someone who insisted that Cuomo was innocent of sexual harassment, that it was all a conservative plot.
BTW, I take what Newsom says with ‘a grain of salt’. His political career is now at stake. He says what he thinks voters will like. If you don’t understand that, you have zero credibility.
Social change is underway. That you can’t see it, likely evidences naiveté.
All three are real. DiBlassio cut the NYC police budget. He’s not the only one. Two of the founders of BLM Inc. are trained Marxists, so yeah, it is real. CRT is definitely real and the NEA even had New Business Item 39, which explained their CRT plans- later to be taken down from the web site after it got publicized.
The impact of BLM is plain to see: thousands of incremental murders, mostly of black people. Should we conclude it’s ok to get lots of people killed if you can appear compassionate in doing so?
And, safety tip, if your logical process involves “if Fox News is fer it, I’m a’gin it”, you don’t have a valid logical process.
thimk
2 years ago
Another socialistic solution to a fed/regulatory induced problem . Out of the frying pan (and) into the fire. Of course Caitlin gets to be housing czar and will apportion the biggest and best digs to her and her friends.
Klemke99
2 years ago
Bolshevik: There was living space for 13 families in this one house.
Zhivago: Yes this is a better arrangement, Comrades. More Just.
Eddie_T
2 years ago
Although homeless people create bad optics for many large cities, the actual truth is that per capita homelessness is at an all time low. On a given night, 0.17% of Americans don’t have their own bought or rented shelter. That’s 553K out of nearly 333 million people. Of those, only about 20% are “chronically homeless”. These unfortunates are primarily either drug and alcohol addicts or mentally ill.
Them’s the facts. We could be proud of that. It isn’t a huge number. Compare that to the Great Depression when homelessness was almost exactly ten times higher as a percentage of population. (2M out of 124M)
The phenomenon of homelessness is also overwhelmingly urban, and four out of the five cities most affected are in one state, California. In general, the better the homeless benefits, the more likely people are to congregate there, which is to be expected, I suppose, but worthy of thought, in terms of understanding the problem and how to deal with it.
Caitlin Johnstone is a somewhat opaque media influencer. Her early life, who her parents are, where she attended school and what social class she grew up in is not something I can easily determine. But when I hunt down that data on most social crusaders, they never seem to have grown up really poor. I suspect she is from an upper middle class background. In any case she keeps everything about herself before university very private. Why is that, Caitlin?
The numbers simply don’t support all the hype bout homelessness. It’s a manufactured issue. The perception of the public is created by a media narrative that tells us that people are going homeless in droves, because of “wealth inequality”. The data simply doesn’t support that conclusion. Far from it.
How low could we ever get on our rate of homelessness? It won’t be zero, I can guarantee that. Even Jesus said “the poor will always be with us”.
I suspect a number much below where we are is unobtainable despite all the seized housing you could muster with an army of Marxists. Not all humans are capable of thriving, unfortunately.
But this is a huge issue in the media and among social crusaders.
Like with so many things now, the problem is amplified by social media. Homelessness is ugly and very visible thing that makes for gut-wrenching videos and images that can be passed around so many times you’d think very American without a trust fund is in danger of being thrown out on the street.
And how many homeless people, given a house outright, could even maintain it in livable condition for five years? Not that many, I’d posit. The very best way to denigrate the value of any asset or service is to give it away for free to people who haven’t figured out a way to make a living in a country that most to the people in the world would gladly emigrate to if they were given the chance.
Caitlin Johnstone’s father is a successful author and journalist, who is a self-described “Chardonnay Socialist”
I found this description of one of his books interesting, in an “apple doesn’t fall far from the tree” sort of way.
“A Chardonnay Socialist is defined as ‘a person who espouses Socialist ideals while enjoying a wealthy and luxurious lifestyle.’
And not wanting to live like the down-trodden, marginalised people they support!
The armchair revolutionary is the perfect subject for author, journalist and broadcaster Graeme Johnstone in this sometimes cynical look at the world, via a collection of whimsical poems, originally broadcast on radio – 88.3 Southern FM – in Melbourne, Australia.
Donald Trump, Boris Johnson and Australia’s Prime Minister, known as ScoMo, are all appraised, along with stockbrokers, federal police, high court judges, government ministers, COVAID-19, the Queen, Facebook, and a cyber attack on his fridge. And the Big Bang Theory – In Reverse!
Graeme adds that in many ways, he is a Chardonnay Socialist himself.
Not one of stratospheric riches, he hastens to add. Not like those entertainers, film stars, artists, musicians and other billionaires bemoaning the experiences of the less fortunate. But he readily admits he has, along with his wife and family, enjoyed a lovely life in a very comfortable home in a beautiful bayside suburb once described as a ‘quiet middle-class backwater.’”
“Chardonnay Socialist”? “Limousine Liberal”? “Champagne Socialist”? “Bourgeois Bohemian”? Labels of distinction – of the highest quality, we must all agree.
Democritus
2 years ago
Very disappointing idea of Caitlin. I remember her being on the right side of some issues.
What I would support though: government policies where people can purchase a small amount of land to build a home on. And with that, I mean that it we could decide that having 5% of the land in private hands is not a bad thing, and people in their years of family formation should be able to buy a piece of for a decent price.
If I do the calculation for the Netherlands, having about 2000m2 a person, that would mean that the first 100m2 per person should be cheap. In practice, all kind of zoning laws make the younger generation pay outrageous sums for it. This subsidizes the boomer, either by buying a house for 7x the price of 30 years ago, or by purchasing ‘scarce’ land for an artificially high price.
StickToEconomics
2 years ago
Wait you mean to tell me Trump was right that there are plenty of Marxist gaining the levers of power????
Well at least we don’t have mean tweets!!
kurtellis
2 years ago
I would like to point out as a counter point that 60% of all wealth in the us is inherited… not innovative risk takers, just a vampiric leisure class.
This is definitely an issue (the area I live in Florida is full of people like that). Those people aren’t much different than lords in feudal times where you inherited your nobility and lands and kept them forever.
One outcome of business cycles is to flush the crap from the toilet. If any single party is to blame for the wealth inequity, it is the Federal Reserve, the insurer of financial wealth.
sure the business cycle… so when mark zuckerberg’s kid inherits 70 billion dollars with vast holding throughout the world what “business cycle” will punish him for being a lazy cokehead that passes out on his yacht everyday by noon?
the thing that happens 3blindmice is that as technology progresses and wealth is passed down you end up with some fat guy in a hawaiian shirt who smokes weed all day thinks he is actually valuable to society with his billions of dollars. generation after generation these billions get passed down to lazier and stupider people until one day we wake up and realize our entire society is run but lazy moronic idiots. see trump junior! thats just one example of many. The Walton kids? what did these shitlords do to make society better?
whirlaway
2 years ago
“The fact is, without capitalists building homes, Caitlin would not have a place to live. “Rrrriiight. As we all know, during the 1950s to 1990s, all the people in the Eastern Block were living in open fields and under trees! LOL.
Many of those homes they lived in were constructed prior to the 1950’s.
Plenty more were constructed via forced labor (ie anyone who disagreed with the political masters). One hopes that’s not how you want homes built here.
Just to be clear, the Eastern Block only existed AFTER WWII. So in the 20-40’s homes in Germany, Poland, Czechoslovakia etc were built by capitalism. The only communist country was Russia. As someone noted below, there were massive shortages of homes in the workers paradise of Russia which seems awfully strange given a centrally planned economy knows exactly how many people it has and thus how many homes (and cars) are needed.
Just how many homes do you think are constructed by illegal immigrant labor? You have any stats or numbers? Maybe a few in the border states but not many anywhere else. Most of the illegals have zero skills (if they had skills like electrician, plumber etc they would get in legally very quickly and be very employable) and are just laborers. Here in Florida we have plenty of illegals and I only see them doing manual labor jobs (picking crops, pumping gas, digging ditches/clearing brush, lugging construction supplies, pressure washing, lawn care etc). I have friends who own businesses who employ them for cash to do exactly that but they do not let them actually build anything that gets inspected like homes.
You ever looked at those concrete monstrosities erected as housing in the Eastern block? The USA called the western version Pruitt Igoe, and destroyed them–a massive fail for public housing.
“Concrete monstrosities as housing” exists in almost every major urban center around the world, be it the East or West, capitalist or socialist. Go see India, where the so-called developers from the private sector have built those ugly (not to mention unsafe) things in most major cities.
No, they were forced to share small spaces, would have to beg/request housing for years in advance and have to be ideologically pure (like you) in order to be awarded homes by their rulers in the first place. It must burn you to realize that all of the voluntary relocation was from Eastern Block to the West, over barbed wired walls or by hiding in suitcases. I suggest you take off your red-colored glasses.
So, anybody who escaped from there to Sweden/Norway/Denmark/France didn’t *really* escape, because we know that they are all “socialist” countries with socialist healthcare systems, right??!!
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And not wanting to live like the down-trodden, marginalised people they support!
The armchair revolutionary is the perfect subject for author, journalist and broadcaster Graeme Johnstone in this sometimes cynical look at the world, via a collection of whimsical poems, originally broadcast on radio – 88.3 Southern FM – in Melbourne, Australia.
Donald Trump, Boris Johnson and Australia’s Prime Minister, known as ScoMo, are all appraised, along with stockbrokers, federal police, high court judges, government ministers, COVAID-19, the Queen, Facebook, and a cyber attack on his fridge. And the Big Bang Theory – In Reverse!
Graeme adds that in many ways, he is a Chardonnay Socialist himself.
Not one of stratospheric riches, he hastens to add. Not like those entertainers, film stars, artists, musicians and other billionaires bemoaning the experiences of the less fortunate. But he readily admits he has, along with his wife and family, enjoyed a lovely life in a very comfortable home in a beautiful bayside suburb once described as a ‘quiet middle-class backwater.’”
“The fact is, without capitalists building homes, Caitlin would not have a place to live. “Rrrriiight. As we all know, during the 1950s to 1990s, all the people in the Eastern Block were living in open fields and under trees! LOL.
You mean like the 1920s, 1930s and 1940s? i.e. AFTER the feudalists were overthrown and the communists took over?