Comment by Workaccount2
12 days ago
Yes, definitely yes.
America suffers from a flattened income curve. There are many many more people earning $100k+ today than in 1960 (inflation adjusted). America has an envy problem first, equality problem second, spoiled child problem third.
I would not necessarily say that the envy is unjustified. If you live in a rich country you ideally want all citizens to become wealthy. Else, irrespective of income, you will be lorded over by those who are magnitudes richer than you.
I'm not talking about billionairs or the ultra wealthy. I am talking about the 60-90% top earners category.
You can cut out the top 10% of earners in the country and it still wouldn't do much to change the situation for those in the <60% earning percentiles.
To put it short; the reason you cannot afford a home isn't because of Bezos, Musk, and Blakrock. It's because the other bidders have STEM masters degrees and dual income high paying jobs, and probably a few hints of financial literacy thrown in too.
> To put it short; the reason you cannot afford a home isn't because of Bezos, Musk, and Blakrock.
When one person holds the wealth equivalent to the total yearly economic output of a mid-sized American metropolitan area, yes, it's going to introduce distortions, even if only because the people who actually do the labor under those people are being paid less in order to better fund the equities that make up the wealth of that person.
And that's before getting into the other problems with the housing supply.
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