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Nothing to buy, nothing to rent: Some Americans are stuck in housing limbo


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by NDrLoR   $0.10 total tips   💰tip   follow   2021 Aug 31, 8:17am  

1   NDrLoR   2021 Aug 31, 8:19am  

"The eviction ban has also frozen a lot of inventory that would have otherwise come to market.”

This is the same principle that existed when some democrat had the bright idea in 2009 to have perfectly good used cars destroyed and their owners given $4,000 towards a new car. It took years for the unintended consequences to work themselves out with no net gain to anyone.
2   clambo   2021 Aug 31, 12:10pm  

Evictions will begin, landlords will sell some of their properties after getting burned with their shitty investments.
This will increase supply eventually.
Edit: bank foreclosures will also resume, adding to supply.
3   zzyzzx   2021 Aug 31, 12:11pm  

NDrLoR says
It took years for the unintended consequences to work themselves out with no net gain to anyone.


I'm guessing that Kia really appreciated the influx of sales.
4   Patrick   2021 Aug 31, 1:17pm  

Exactly. It was a gain to car makers that donated to corrupt politicians, at the expense of the public.
5   NDrLoR   2021 Aug 31, 2:20pm  

Patrick says
It was a gain to car makers


https://www.youtube.com/watch?v=JmvkLrVXBIk

What I never could understand was why some enterprising dealer couldn't have figured out a way to screw the system, store the cars away in a warehouse until all this stuff died down, then they would have had a huge inventory to sell at double the price.
6   AmericanKulak   2021 Aug 31, 4:03pm  

NDrLoR says
This is the same principle that existed when some democrat had the bright idea in 2009 to have perfectly good used cars destroyed and their owners given $4,000 towards a new car. It took years for the unintended consequences to work themselves out with no net gain to anyone.


They weren't destroyed in many cases; they were sold overseas, which in turn reduced demand for new autos, which made the bailouts less effective...
7   GNLusedtobeWineHorr   2021 Aug 31, 4:06pm  

Patrick says
Exactly. It was a gain to car makers that donated to corrupt politicians, at the expense of the public.

Muh free market.
8   NDrLoR   2021 Aug 31, 4:47pm  

MisdemeanorRebellionNoCoupForYou says
in many cases; they were sold overseas
Whatever worked.
9   zzyzzx   2021 Sep 1, 5:20am  

Patrick says
It was a gain to car makers


It was a gain for Kia, Hyundai, Toyota, and Mazda.
10   Misc   2021 Sep 2, 12:59am  

There is always a perceived lack of inventory at market tops.

It's not as bad as the Housing Bubble when people stood in lines for days to have a chance at getting a new Florida condo, but those financial wizards in charge of building homes have...what... I read like 130000 single family homes being built on spec. (That's 6 months sales even if they don't break ground on another house).

That's quite a bit of inventory that needs to be unloaded. Be a shame if all the Mom and Pop landlords wanted out of the business at the same time to catch those peak prices
11   zzyzzx   2021 Sep 2, 5:49am  

Misc says
I read like 130000 single family homes being built on spec.


Link?
12   Automan Empire   2021 Sep 2, 8:13am  

MisdemeanorRebellionNoCoupForYou says
They weren't destroyed in many cases; they were sold overseas


Proof? One of the stipulations of C4C was that the engine get permanently destroyed by pouring "liquid glass" into the crankcase and running it till the engine is seized and every internal part rendered useless. A last minute scramble was made to exempt rare old cars with difficult to find parts, not sure how effective it was.

I was at a Ford dealer parts counter during that time. Behind the counter were THREE pallets of the "liquid glass," which had no place on a repair shop's shelves before or after C4C. I also lots full of beautiful cars in perfectly good condition, waiting to be destroyed and disposed of.

Letting the domestic car industry fail would have had terrible ripple effects long term on our economy. The bailout, while controversial and with problematic aspects, was probably worth doing in the big picture.

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