Comment by MichaelZuo
2 days ago
It is really strange to read complaints that the vast vast majority of 20 somethings have no chance of competing against older established households in the housing market.
I would hope so, otherwise that would mean the country/locale is so bad that older households are packing their bags and fleeing.
So the most desirable properties, such as large SFHs, townhouses, penthouses, etc… within a short driving distance of an attractive city will likely be owned by the latter, by definition.
The same managers - that then require asses in seats, keeping downtown valuable as investment, also own the mansion within driving distance. Might there be the remote possibility, of a no-win-scenario for the young, which results in violence? No way.
It's not a matter of competition around current supply, it's a complaint about policy that has lead to a decline in what a 20-something can purchase over time.
> It is really strange to read complaints that the vast vast majority of 20 somethings have no chance of competing against older established households in the housing market.
Not to mention Private Equity and huge real estate investment firms that vacuum up a significant (if small) number of homes. Even if that 20 something could scrape together a 20% down payment and make an offer for asking price, they're going to get beaten by some corporation buying with cash.
This seems like a tautology, an offer with less conditions attached is more attractive than another offer at the same price with more conditions.