holy shit apartments
so much concrete, so much wood and glass
..so scary
oh so scary
every time I see stairs or elevators I feel like my nation is falling apart
And there’s no escape, because when the power goes out on an escalator, boom, instant stairs!
Wow, that escalated quickly.
2 Likes
Or slowly since it’s broken
We document the intergenerational mobility of housing capital in the United States using a new dataset linking Decennial Census data to administrative property and income-tax records for over 3.4 million families. We find that housing capital is substantially more persistent across generations than earnings. Moreover, the gap in housing capital between White and Black children widens sharply across the parental distribution, more so than the earnings gap. Using a capital accumulation and transmission framework, we study how assets and earnings jointly shape intergenerational housing capital persistence. Less than half of this persistence operates through children’s earnings, leaving substantial scope for direct transmissions of capital assets and knowledge. Differences in earnings explain most of the White-Black housing gap at the bottom of the parental distribution, but less than half at the top. Finally, we present quasi-experimental evidence that local housing supply constraints amplify intergenerational persistence by widening homeownership gaps between children from lower- and higher-resource families. Together, our findings indicate that economic resources are more concentrated across generations than studies focused on income alone would imply.
A lot of people locally here did this about 10 years ago and did very well. Buy a house mortgaged to the hilt. Add a coat of paint, give it a year and get it reappraised. Take a new mortgage for a higher amount, buy a second property. Repeat.
Works well if the prices of properties are appreciating rapidly, which back then, they were. Works less well if prices are not appreciating lol. Probably prices are not appreciating right now, so big risk.
I think shes been updating her most recent house for over a year and a bit now and still doesn’t have it finished being updated or rented. Shocking shes having a bit of money shortage.
Obligatory The Big Short vid:
I need to watch this again. Not ever streaming on anything I buy. Googly AIs says it’s on Netflix, but Netflix says it it not.