California Dreamin' (Homeless Crisis)

[Syne]

You've provided no evidence it is. Remember, we're talking about California, not Vancouver or NYC.

Yes, I did. And to everything else, you're impossible.  

Then where did you ever significantly connect your Chinese real estate investors with California? You know, aside from pure supposition of cherry-picked cities wholly unrelated to California.

Talent vs Luck: the role of randomness in success and failure

A model in which agents cannot position themselves to take advantage of opportunity does not reflect reality. Successful agents not only capitalize on opportunity but also create opportunities.

Could we look at the way you can possibly lose 9 trillion dollars? At $200k/house this would be 45 million houses built and subsequently reduced to zero value. I'm guessing actual affordable houses are a trivial part of this loss - the majority can be found in luxury homes and yachts - but I don't actually know this for sure. Any idea how many affordable houses were built or bought for $9T and can they actually be seen - are they real? As a fun thing it seems the British taxpayer lost about $1.5T (not $2T as previously quoted)   on the American sub-prime housing market - about $60,000 per British taxpayer - maybe look at that later.

$9 trillion was largely the overpricing due to artificial demand caused by easy, under-qualified loans. Just like the cost of college is artificially inflated (far beyond what inflation would account for) by government-backed student loans.

[Leigha]

http://www.foxnews.com/us/2017/12/14/cal...ystem.html

This article seems to explain it well.

[Secular Sanity]

Then where did you ever significantly connect your Chinese real estate investors with California? You know, aside from pure supposition of cherry-picked cities wholly unrelated to California.

Among foreign investors, the top five US cities are New York, Los Angeles, Boston, Seattle, and San Francisco. The top five global cities are New York, Berlin, London, Los Angeles, and San Francisco.
source

Prominent commercial markets include Hong Kong, Australia, the U.K. and North America, particularly Los Angeles, Miami, New York City, San Francisco, Seattle, Toronto and Vancouver.
source

[Syne]

http://www.foxnews.com/us/2017/12/14/cal...ystem.html

This article seems to explain it well.

Good find.

Then where did you ever significantly connect your Chinese real estate investors with California? You know, aside from pure supposition of cherry-picked cities wholly unrelated to California.

Among foreign investors, the top five US cities are New York, Los Angeles, Boston, Seattle, and San Francisco. The top five global cities are New York, Berlin, London, Los Angeles, and San Francisco.
source

Prominent commercial markets include Hong Kong, Australia, the U.K. and North America, particularly Los Angeles, Miami, New York City, San Francisco, Seattle, Toronto and Vancouver.
source

Neither show that foreign investment has a significant impact on the housing markets, especially lower and middle class homes and in California.

[Secular Sanity]

Buy low, sell high.  That’s how people make money.  When the market crashed we saw an influx of foreign and institutional investors take advantage of the situation by turning cheap homes into cash generating rentals especially, in areas like Los Angeles and San Francisco.  

It’s not only the complicated approval process that keeps developers at bay.  The prices of homes drive up land and labor costs, as well. The same sort of thing is happening to nearby states as longtime residents of California are cashing out.  We’re driving up prices in Nevada, Oregon, Idaho, etc. 

We all know now that the credit default swaps weren’t the problem and both political parties had a hand in it.  The problem was the misuse, greed, irresponsible buyers, and the push for the American dream.  

So, next time you visit crazy California, you’ll notice a stark contrast, that’s for sure, but just remember, all of us have contributed to the crises in one way or another.

[Image: fedKKwuCq-2.jpg]

Government Policies and the Subprime Mortgage Crisis (wikipedia.org)

[Syne]

Buy low, sell high.  That’s how people make money.  When the market crashed we saw an influx of foreign and institutional investors take advantage of the situation by turning cheap homes into cash generating rentals especially, in areas like Los Angeles and San Francisco.  

It’s not only the complicated approval process that keeps developers at bay.  The prices of homes drive up land and labor costs, as well.  
The same sort of thing is happening to nearby states as longtime residents of California are cashing out.  We’re driving up prices in Nevada, Oregon, Idaho, etc.

We all know now that the credit default swaps weren’t the problem and both political parties had a hand in it.  The problem was the misuse, greed, irresponsible buyers, and the push for the American dream.  

So, next time you visit crazy California, you’ll notice a stark contrast, that’s for sure, but just remember, all of us have contributed to the crises in one way or another.

You're still making claims you're not supporting. Buying low doesn't mean that you will be able to sell any higher than the market will bear, unless you're claiming those same foreign investors had a hand in the tax and regulation policies that drove up prices. Demand does drive up prices, but only exorbitant property taxes, odious regulatory hurdles, and the like drive price so far beyond the national average. And that just becomes a feedback loop on labor costs, because the labor needs to live somewhat near where it works.

One party bore an outsized blame for the recession, and one party bears all the blame for the California housing market. There was no significant greed factor in the crash, since that was just a free market trying to remain competitive when government played favorites with GSEs and harmful policies. Democrats are the ONLY one who can be blamed for California, as they've run that state for decades. If you live there, just quit voting for Democrats. You're life will improve.

[Magical Realist]

One party bore an outsized blame for the recession, and one party bears all the blame for the California housing market.

Here we go with demonizing the liberals again. It never ends..

[Secular Sanity]

Here we go with demonizing the liberals again. It never ends..

Yep, the self-proclaimed, amazing autodidact should have watched the free educational videos from Khan Academy.  Judgy little guy, isn't he?

You might like this series, C2.

European Union

[Magical Realist]

Here we go with demonizing the liberals again. It never ends..

Yep, the self-proclaimed, amazing autodidact should have watched the free educational videos from Khan Academy.  Judgy little guy, isn't he?

You might like this series, C2.

European Union

It's the politics of blame in overdrive. Find a scapegoat for all the problems but never offer any solutions. It's what got Trump elected. A mindset of hostility and fear..

[Syne]

Ah, those who can't make cogent arguments commiserating with each other again. Go ahead, swap hankies.
Nothing demonizing about pointing out that some policies are objectively unworkable and some people have a special affinity for said policies. Not to mention their own blame game to cover for their obvious mistakes.
But MR is only here for off-topic trolling. He's butt-hurt about other threads not going to his liking. Momma SS will make it all better.

The solution is simple. Just quit interfering with the free market. It's like presuming you know enough to control a complex ecosystem. All you're doing is mucking up the natural balance, and usually for your own benefit.