The Stock Market Is Not The Economy Thread II

[6souls]

https://twitter.com/NBCNews/status/898748875225260032

[kuronosan]

Gonna go with X here

[Jaybar]

I was already browsing reddit, so no lost productivity here.

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[Gredival]

https://twitter.com/NBCNews/status/898748875225260032

Probably offset by amount spent on travel

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[Meresgi]

https://twitter.com/NBCNews/status/898748875225260032

Fucking slacker generation. Watching eclipse drinking their latte and eating their avacaydo toast.

[Tyrath]

https://twitter.com/NBCNews/status/898748875225260032

[Mertron]

can’t lose productivity if you’re never productive at work

[thetruepandagod]

i genuinely didn't even know about this whole eclipse thing until it was over. they should send out texts like amber alerts for people like me

[Tyrath]

i genuinely didn't even know about this whole eclipse thing until it was over. they should send out texts like amber alerts for people like me

You know, the whole way to Burlington VT I kept seeing road signs talking about it and I was like, oh man I hope theres one person who sees that sign on the day of and just learns about it there. Thanks for being that guy

[thetruepandagod]

uwu

[Meresgi]

[archibaldcrane]

^a good example of "conventional wisdom" dominating Democratic cities/states and apparently most of Canada, where she's from.

It's extremely telling that she gets through the entire 17 minutes without mentioning once that apartment buildings are illegal to build on the vast majority of residential land in virtually all US cities. This is a huge part of the housing crisis, and the only reason someone wouldn't even mention it is if they don't see private housing development as a solution to the problem - which is confirmed by her pointing to Vienna as the place that does housing correctly. Vienna has a ton of public housing...built mostly during the "Red Vienna" Social Democratic period of 1919-1934.

This is the "solution" for many of these urban planning academics - wishcast away all the barriers between 2024 USA and a socialist utopia, and block any effort to allow the housing market to function normally.


It's a dead-end.

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[archibaldcrane]

Also her chart of inflation-adjusted incomes vs non-inflation adjusted rents should be grounds for execution. Insane that a university professor would propogate a chart crime like that.

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[Mrbeansman]

You'll forgive us for not listening to the words of a fucking land lord on this.

[archibaldcrane]

You'll forgive us for not listening to the words of a fucking land lord on this.

As a fucking landlord I appreciate authoritative-sounding socialists and the morons that trust them for keeping my rents high by artificially restricting housing supply.

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[Byrthnoth]

Apartment buildings do get built (at least here in DC/NoVA), but they are all luxury buildings with 2k+/mo for a 1BR that compete on amenities. Is the developer plan just to build nice new buildings, never update them, and eventually they are for the poors? Even the older buildings around here aren't that much cheaper, though.

Ultimately, idgi, but it seems that the market doesn't build housing for people that can't afford thousands of dollars a month in rent around here.

[archibaldcrane]

You can't build a new old building, of course new buildings are going to command the highest rents, just like new cars or new anything else.

But the people who move into new construction are almost always moving out of cheaper apartments, and this "filtering" process quickly reaches the apartments rented by working class residents. That's what makes (as correctly noted in the video) rental vacancy rates so important. You need "slack" in the supply to keep things moving, and that requires new construction.

And when apartments are broadly illegal to build, the market breaks, and you get the crisis we're currently experiencing.

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[Tyrath]

Being new doesn't mean it's a luxury apt though. It's just price gouging.

[archibaldcrane]

Being new doesn't mean it's a luxury apt though. It's just price gouging.

In most cities the vast majority of "luxury housing" is single-family homes, and that is reflected in the rents.

But yes, putting stainless steel appliances and granite countertops in new construction is just normal, doesn't hugely increase construction costs, and the "luxury" moniker is simply marketing.

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[Tyrath]

Yeah, that's what I said.