America’s Frozen Housing Market Is Warping the Economy

[Walt]

Just notice that all of the intelligent TRUE REPUBLICANS all know and understands that if Trump gets in the White House again, the AMERICAN DREAM is over, and the world without a leader, will end up in a chaotic ANTI-DEMOCRACY dystopian state that could lead us into a CIVIL WAR HERE, and a WORLD WAR Between FREE COUNTRIES AND FASCIST LED COUNTRIES, and we will find the United States on the wrong side of it.

A lot of Republicans are talking about outliving trump, or hoping that some other Republican will do the work in opposing trump.

 

[evince]

Of course, if you leave this up to the next Republican President, they will do absolutely nothing about the crisis.

But, I also believe the next Democratic President will push through a new direly needed Federal Housing Program, because that is the only way to approach the problem now.

Regulating banks


Republicans have not let it happen

 

[cawacko]

The developers I know are always complaining about the lack of rules. They invest in a piece of land, only to find that local zoning boards changing the rules with every case.

I suppose each city, county, area is different but I work with developers on a regular basis and at least in California I don’t know if I’ve ever heard one complain about a lack of rules.

What they complain about are the onerous rules (and in fact the state has actually been working to loosen up development restrictions). It would have to be April Fool’s Day to hear a developer say we lack enough rules here.

I suppose a developer could argue planning commissions don’t enforce the rules consistently (if that happens to be the case). But complaining about a lack of rules? Negative

 

[Walt]

I suppose each city, county, area is different but I work with developers on a regular basis and at least in California I don’t know if I’ve ever heard one complain about a lack of rules.

What they complain about are the onerous rules (and in fact the state has actually been working to loosen up development restrictions). It would have to be April Fool’s Day to hear a developer say we lack enough rules here.

I suppose a developer could argue planning commissions don’t enforce the rules consistently (if that happens to be the case). But complaining about a lack of rules? Negative

OK, you buy a property. You apply for a permit to build something on it. Then it get reviewed. There is no standard rules that say it must be approved, and that is uncertainty. From what I have heard, it is worst in California, especially the San Francisco area.

 

[cawacko]

OK, you buy a property. You apply for a permit to build something on it. Then it get reviewed. There is no standard rules that say it must be approved, and that is uncertainty. From what I have heard, it is worst in California, especially the San Francisco area.

NIMBYs and their allies on the planning commission and board of supervisors know how to use the rules to their advantage to delay projects (and of course delays are costly and can make projects infeasible).

Work is being done to change some of the rules to prevent these delay tactics but on the whole it’s an uphill battle

 

[Kamala Trump]

A lot of it was people doing speculation in the housing market. The rules put in place by Democrats on mortgages gave rise to this. You had mortgages that were:

Zero down
Interest only
ARM's
Second and thirds

What all those did was allow people who had homes to buy a second or even third home using those sorts of mortgages and rent them out. That paid for the mortgage on the rental. I knew people back then up to their eyeballs in mortgage debt that owned 2, 3, even 5 homes as rentals financed on multiple mortgages off their first.

For people on a zero down, interest only mortgage, when the market collapsed, they simply walked away and let their house go. They had zero invested in it and wrote it off.

All of that was supposed to help the struggling and low income, but it only fueled a speculative market built on nothing but credit--think the stock market in the 20's that led to the Great Depression--led by middle-class and upper middle-class investors who were small fish wanting to become big fish in the pond.

bubblecrafting, pump and dump, fleece the stupid money.

 

[Walt]

NIMBYs and their allies on the planning commission and board of supervisors know how to use the rules to their advantage to delay projects (and of course delays are costly and can make projects infeasible).

Work is being done to change some of the rules to prevent these delay tactics but on the whole it’s an uphill battle

Exactly. Tell me ahead of time whether a project is acceptable or not, but do not allow a bunch of commissions to judge the project after I have already sunk money into it.