Row 71499

Row ID: 71499 | Dataset Entry | Axioma AXP Content Repository

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It's relevant if you're trying to buy a yacht. Wherever you interact with the people getting the gains from the GDP growth, you're going to feel just how much poorer you've gotten. And those interactions aren't all covered by the metrics we use to define inflation. If asset appreciation were included in inflation measurements, it would be close to double digits.

Virtually every major city in America has NIMBY politicians and zoning issues making it difficult to build new housing. San Francisco's problem is that it's become the playground of the people who have real money and not "I worked hard all my life and my income barely exceeded inflation" money. So when you go to buy a house in San Francisco today, you're competing against institutional investors and wealthy speculators who's gains over the last 20 years dwarf yours. They can afford to drop a million on a 1BR home and hold it if they think there's a profit to be made. Regular people increasingly can't compete with that.

These trends are happening nationally, albeit more gradually and not as noticeably. But you can't give a dollar to the one percent for every dollar that someone in the lower 99% makes and expect everyone to maintain their position in the economy.

FieldValue
text It's relevant if you're trying to buy a yacht. Wherever you interact with the people getting the gains from the GDP growth, you're going to feel just how much poorer you've gotten. And those interactions aren't all covered by the metrics we use to define inflation. If asset appreciation were included in inflation measurements, it would be close to double digits. Virtually every major city in America has NIMBY politicians and zoning issues making it difficult to build new housing. San Francisco…
label r/economics
dataType comment
communityName r/Economics
datetime 2024-05-24
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Raw Record

{
  "text": "It's relevant if you're trying to buy a yacht. Wherever you interact with the people getting the gains from the GDP growth, you're going to feel just how much poorer you've gotten. And those interactions aren't all covered by the metrics we use to define inflation. If asset appreciation were included in inflation measurements, it would be close to double digits. \n\nVirtually every major city in America has NIMBY politicians and zoning issues making it difficult to build new housing. San Francisco's problem is that it's become the playground of the people who have real money and not \"I worked hard all my life and my income barely exceeded inflation\" money. So when you go to buy a house in San Francisco today, you're competing against institutional investors and wealthy speculators who's gains over the last 20 years dwarf yours. They can afford to drop a million on a 1BR home and hold it if they think there's a profit to be made. Regular people increasingly can't compete with that. \n\nThese trends are happening nationally, albeit more gradually and not as noticeably. But you can't give a dollar to the one percent for every dollar that someone in the lower 99% makes and expect everyone to maintain their position in the economy.",
  "label": "r/economics",
  "dataType": "comment",
  "communityName": "r/Economics",
  "datetime": "2024-05-24",
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}
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