Inflation-adjusted home prices in China have fallen below where they started two decades ago, and the fiscal fallout is hitting local governments even harder than developers.
I didn’t realize San Francisco is the only city in the US. Rent in every single urban area is out of control. A two bedroom apartment that I rented in Lexington, KY from 1996-2011 for $500 a month is now $1,800.
A studio apartment that I rented in Altoona, PA from 2011- 2013 for $700 a month is now $1200.
I could keep looking, as I have rented places in 38 states.
No where that isn’t rural is cheap in the US anymore. Even the most “affordable” cities are boasting about 1 br apartments that are $1,000+ a month.
Yeah, I moved out of my parents’ place in the early 2010’s. My rent was $1000. It was a shithole, but I could at least afford it. I just checked that area, and found that my old unit is up for rent. They’re demanding $2100 for it now.
It’s not just going up due to inflation adjustments. Adjusting for inflation from 2010 to now would have it closer to $1500. And that’s being generous (I added a few years to the inflation calculation) because I moved out in the early 2010’s, not exactly in 2010.
And looking at the photos they have posted for the unit, it’s still a shithole. I’m pretty sure the awful stove/oven in the kitchen photos is the exact same one I used back in the early 2010’s. The stove even has the scuffed dent in the corner from when a dumbbell weight rolled off the top of the fridge and landed on it. So it’s not like they’re actively reinvesting that money back into the units to increase value to the tenants.
So somehow the slumlords have managed to tack on an extra ~$7200 in annual profit per tenant. that’s a significant amount of cash, especially when you consider how long the prices have been inflated.
I hate to break it to you but those prices are barely more than inflation. $700 in 2011 is $1065 today. And I didn’t say anything about San Francisco being the only city in the US now you’re just reaching.
Less than 20% is significant?
https://www.census.gov/newsroom/press-releases/2022/urban-rural-populations.html
I didn’t realize only rural areas had a lower cost of living than San Francisco…
I didn’t realize San Francisco is the only city in the US. Rent in every single urban area is out of control. A two bedroom apartment that I rented in Lexington, KY from 1996-2011 for $500 a month is now $1,800.
A studio apartment that I rented in Altoona, PA from 2011- 2013 for $700 a month is now $1200.
I could keep looking, as I have rented places in 38 states.
No where that isn’t rural is cheap in the US anymore. Even the most “affordable” cities are boasting about 1 br apartments that are $1,000+ a month.
Yeah, I moved out of my parents’ place in the early 2010’s. My rent was $1000. It was a shithole, but I could at least afford it. I just checked that area, and found that my old unit is up for rent. They’re demanding $2100 for it now.
It’s not just going up due to inflation adjustments. Adjusting for inflation from 2010 to now would have it closer to $1500. And that’s being generous (I added a few years to the inflation calculation) because I moved out in the early 2010’s, not exactly in 2010.
And looking at the photos they have posted for the unit, it’s still a shithole. I’m pretty sure the awful stove/oven in the kitchen photos is the exact same one I used back in the early 2010’s. The stove even has the scuffed dent in the corner from when a dumbbell weight rolled off the top of the fridge and landed on it. So it’s not like they’re actively reinvesting that money back into the units to increase value to the tenants.
So somehow the slumlords have managed to tack on an extra ~$7200 in annual profit per tenant. that’s a significant amount of cash, especially when you consider how long the prices have been inflated.
I hate to break it to you but those prices are barely more than inflation. $700 in 2011 is $1065 today. And I didn’t say anything about San Francisco being the only city in the US now you’re just reaching.
Not reaching, just using your own hyperbole in reverse.
I hate to break it to you, but inflation hasn’t done a thing to minimum wage, or wages in general.
In what way was pointing out that there are places in America with a lower cost of living than San Francisco that aren’t rural hyperbole?
I never said it did, in fact that has absolutely nothing to do with what I’m talking about.
San Francisco isn’t the only place where housing is unaffordable. That’s how it’s hyperbole.
Ahh, so you’re fine with price gouging in the name of inflation, but fuck the workers that have to pay those prices. Got it.
I never said it was. Why are you just making shit up?
No I never said that either… seriously what the fuck is your problem?
If inflation has nothing to do with wages, than it shouldn’t have anything to do with prices. You said fuck workers by logical extension.