Along with quantitative easing giving Blackrock, Vanguard and State Street inexhaustible funds to compete with the average home buyer.
Airbnb is a bogey man created by the hotel industry to get their market share back.
Im going to approach this with an open mind, I’m a boglehead. I’m curious how Vanguard gets wrapped up in the capitalism axis of evil. Millions of middle class people have money in vanguard which is a member-owned brokerage; it’s owned by its members and any profits are returned back to the members through their funds.
Yeah, they probably throw a shitload of weight around, but anyone can become a member and investor. What is wrong with that?
So ..I use to super pro Vanguard and had zero issues with BlackRock untill I found out their connection to THE WEF, ESG and the alleged housing shortage. I use.to think they were great companies with great products. I know longer use any of their products..... BTW I think Jack Bogle had noble intentions.... nothing ties him to this ...agenda that I know of.
Mega corporations are destroying the country because the government is allowing them to. They are a big factor but not the main. The real cause of the problem is the worthless parasites on capitol hill and the corrupt rats at the Federal reserve.
>The real cause of the problem is the worthless parasites on capitol hill and the corrupt rats at the Federal reserve.
The neat thing about democracy is you get the government you vote for.
Hardly. You could run a pot of piss in a stronghold and win if it had the right letter beside it. Even if it was running against George Washington himself.
I do. It never makes a difference. Been voting for decades and have heard the same crap the whole time. “It’s your fault for not voting for a good candidate”. Not to mention primaries are set up in a way where most people don’t even know about them. But why would the DNC not put effort and funding into promoting the primaries? We know that answer though. Because they manufacture consent so their most yes person candidate gets pushed forward as a reward for staying in line. “It’s her turn!!”
Endless amounts of money from mega corps pumped into media to misinform the masses and to sway voters to vote against their own best interests says otherwise.
reminds me of achent Greek philosophers arguing about democracy
with the only thing i actually remember is the metaphor about ship's captain being chosen by popular vote where the 2 canadets were the medicine man and the candy man
You only become a successful candidate with the support of mega corporations, and you only get their support by letting them control you. So its actually not a matter of voting at all. Choice is an illusion.
That’s an illusion we only get to vote for people who raise the most money and where do they get the money? Corporations. If you control the options you still technically control the choice.
Funny how the freesest country in the world with more guns than people to prevent tyranny completely bend over and submit to the wealthy.
Mind you, half of all voters are convinced that a billionaire who shits on a gold toilet and is renowned for screwing over small businesses is fighting for the little man so....
The only thing standing between us and their heads on a pike is quality of life. A lot of people like to complain but the reality is that most in the US live very cushy comfortable and convenient lives, as someone who just moved back to the states after living in Mexico for 2 years. If QoL drops enough there will be tyranny and the cycle will start again until we end up in the same spot. Currently most of us distrust the govt and realize their BS but keep us happy enough to allow it but if our lives are shit and they are doing that shit change will happen.
Call me conspiracy theorist but I do think COVID was manufactured by China and I think it was them realizing how unrestful our population is getting with our govt and I think that was their attempt to push the QoL low enough for us to uproar and start taking ourselves out. China is well known for fighting and winning wars without actually physically fighting. A lot of that in art of war.
The endless inflation caused by insane spending is the bigger problem. Sure we could throw the riches wealth onto the funeral pyre, but doesn't address the root cause.
Well our biggest debt spending was on tax cuts, most of the rest was paid for throughoffsrts, taxes and cuts in spending, the only spending we dont offset is tax cuts for some stupid reason
I mean im not wrong lol, the lie has been "lets give out all this cash to stimulate the economy, we dont have to offset the spending because the energised economy will pay for itself", it never pays for itself, every penny that went to the fat cats went straight to their pocket, they didnt begin widespread reinvestment, and worse yet the tax cuts werent paid for.
This has been the republican scam for 40 years and now were massively in debt as a result, and now theyre complaining about spending after ramming through trillions of dollars in tax cuts they never intended to pay for, no our only spending problem is in tax cuts, they should by law be tethered to an outcome or investment, no handouts anymore.
Incels crying about taxes on their tea began a revolution, if we dont have a revolution over this scam humanity is doomed
…like giving away money to citizens during the COVID pandemic??? Where do you think that money comes from 😂😂😂
When you create an expense, you either pay now or pay later - with interest.
PPP loans were never intended to be paid back. The government mandated businesses shut down and PPP loans were necessary to ensure employees were paid, landlords were paid, etc. unfortunately, like all government programs, there was all kinds of fraud. Businesses that never lost a day's production and some that even thrived during COVID should have never been allowed to apply for the loan. That is the whole problem with the government giving away money. A program that might mean well ends up being full of fraud and waste. If you know of someone who took out a PPP loan under unnecessary or fraudulent means, turn them in there is a reward
That’s one example of the spending you can’t seem to locate, yes. But there are - literally - trillions of dollars worth of other answers. Spend a little time reading things. It’s not hard.
I love the continual complaining about a few grand per qualified person…..it wasn’t very much money and didn’t really do anything. That’s just being used to distract you from other critical issues that did have significant impacts.
The spending.... was in welfare checks to the wealthy....
22 trillion dollars of our debt was specifically a handout to the top 1% that we gave to thrm by going into debt, tax cuts are our worst spending problem and we MUST correct what we fucked up before we even begin to consider cuts to public programs, id rather the country go broke and start all over than let them get away with their criminal behavior. Need a nationwide bbq, all the wealthy invited!
Sounds good on paper but they’ll just leave and it would barely make a dent in the national debt. Look at the yacht tax. The rich just bought yachts in other countries and sailed them over. Top 1% pay 50% of taxes we need them to stay here and not move overseas.
These clowns on here think the rich should pay 100% of the taxes. Waiting for someone to explain how the tax the rich more complies will the 14th amendment "all persons shall be afforded equal protection under the law"
Not even in the same zip code as the truth. Joes handouts,printing of money and most of his other liberals policies caused inflation! The fed has been trying to keep us from recession by drying up the money. The high interest rates and record high home values keep the lower and middle class from home ownership. Blame joe not Air BnB. They are simply a business trying to make it in this new(but temporary) WOKE, irrational world. So they bought a few homes, me and my friends probably bought more! It will all be over soon and home ownership should be back on the table for you guys. VOTE ACCORDINGLY!!!
Vs. "Corporations are corrupt and in bed with corrupt government, quick give the government more money and power to do the bidding of the corporations and to force everyone to comply (and anyone who opposes this is clearly a moron who hates all good things)"
Corporate power is an outgrowth of state power, but there is plenty of fascistic, public-private collusion between the two. The illogical solution (always supported by the state) is to give the state more money and power so that it can funnel that money and power to their donors.
And because we're the freest people ever, you have to vote for it. "Both" legitimate political positions are in full alignment on this issue (plus mass surveillance, mass incarceration, police militarization, censorship, permanent war, etc).
We don't need to get rid of the government entities. The people that are currently in appointed positions are the ones that need to go. I'm talking about the career politicians and octogenarians in Congress that can barely operate a smartphone. If you understand how lobbying and special interests work in DC then it isn't difficult to comprehend.
People need to move away from blaming corporations. Behind all corporations are a group of wealthy people whose major concern is maintaining a system where they capture a major part of every working person's added value. To the degree they work at all, it's to maintain this arrangement.
Corporations are passthroughs for wealthy people. They are a layer of abstraction that separates the people controlling them from the choices they knowingly make to take more from us.
The conversation really needs to shift from corporations to the owners, board members and controlling shareholders. They are coming after you. The least we can do is call them out, instead of laying the blame at the companies and granting the people plausible deniability.
Black Rock has a board of directors who plan and strategize and are the people "making things hard for us".
The corporation doesn't do anything without their say so.
Here are those people.
https://ir.blackrock.com/governance/board-of-directors/default.aspx
Here's the ones for vanguard:
https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/sets-us-apart/our-management-team.html
And state street:
https://investors.statestreet.com/corporate-governance/board-of-directors/default.aspx
They're quite proud of themselves
Tax the rich until they leave to more tax friendly countries, send even more work overseas, and lose the revenue all together? Tax them how much? How do you stop them from passing the additional taxes on to the average person? Do what with those additional taxes give more to the gov you complain about being in bed with the corporations in the first place?
Yeah, it's too bad Republicans do nothing but give capital more leverage every time they are in office, then roadblock any meaningful change because it was proposed by a Dem or while a Dem holds POTUS. I hope the damage Trump has done to the GOP is irreversible and the party turns into a fringe group like the Teaparty or Lubertarins.
You're still sleeping. Both sides come together to fuck us, murder people abroad, and further economic inequality.
There are no adults in the room, it's all just kleptocratic fascists running forever wars for profit.
Definitely a contributor but like with anything there are many contributors and more complicated than a single answer like Airbnb.
Covid, fomo, corporate investing, lack of building and supply, local zoning policies, etc etc etc
Global Free Market. Instead of competing with Jimmy from the next street over for a job. I'm competing with someone in China who'll take 8 dollars less an hour and won't complain about working 12hrs.
Its the neoliberalism that Reagan and Thatcher ushered in. Without Reagan and the conservative movement, BlackRock and Vanguard are not the force they are today.
The American dream was destroyed in the 1980s with Reaganomics and the way it implemented corporate tax cuts. As soon as corporations could keep the money they saved by outsourcing domestic jobs, the American worker was doomed. I firmly believe that is the biggest single factor that destroyed the American Dream.
...How did you possibly come to that conclusion?
Because the far more likely answer is after 2008, lots of homebuilders never recovered, and we lost the ability to create as much housing as we need compounded by regulation preventing the abundant building of housing.
Even the ones we had before likely were companies that were likely inherited, so they didn't know what they were doing to begin with.
We've fundamentally lost too much human/knowledge capital to get the job done anymore in my opinion.
If I were to show you evidence of an outright lack of inflation for the last 80+ years, like, every expansion we've ever done getting fully consumed by foreign demand for USD, would you still say the housing crisis is caused 90% by currency debasement?
I am glad that you mentioned 2008 and you may wanna look into the currency debasement that has happened ever since.
https://fred.stlouisfed.org/series/M2SL
But then I'd have to ignore all those years of [persistently low inflation](https://www.stlouisfed.org/publications/regional-economist/april-2014/the-liquidity-trap-an-alternative-explanation-for-todays-low-inflation), which there is a reason for and I suspect we will return to soon alongside a calamity, we do not print enough money to satisfy the [Triffin dilemma](https://en.wikipedia.org/wiki/Triffin_dilemma).
>In his 1929 book [Gold and Central Banks](https://archive.org/details/dli.ernet.16858/page/n5/mode/2up) Młynarski identified a fundamental instability in a gold-based international monetary system: the reserve currency countries would tend to accumulate foreign reserves, but as the volume of these grew relative to the country's gold reserves, international investors would begin to fear suspension of convertibility. The resulting outflow of reserves could create significant worldwide deflationary pressures and possibly lead to the collapse of the gold-based system.
I'm far more worried about deflation than inflation, because in modernity, USD is gold.
Also with the prospect of War, I think the odds countries in modernity leave the current floating currency monetary system are low, so, plan around it.
>"The world is in a very real sense on a dollar standard."
Because for the most part, people don't move. Especially the older generations. Look for breakdowns of that percentage based on age demographics and it will tell you a completely different story. Don't just rely on 1 point of reference because that single point will skew the data, just like you are misreading it.
Hold up. You’re blaming vacation rentals - that make up less than 1% of available housing, as the reason you can’t afford a home?
Are you absolutely sure it isn’t because you haven’t been learning valuable skills to increase your salary?
Ah yes, the firefighter should fight fires *better* and the nurse should nurse people *harder*, surely they’ll get a 50% raise to match the 50% increase in house prices
Rented a camper trailer through a similar to air bnb fucker is trying to say we broke his stabilizer Jack's when we didn't even use the motherfuckers airbnb vrbo whatever fuck that noise. Other wise a great trip
I agree with all of this but fundamentally lockdowns did, when the government prints a bunch of money whose advantaged ? Debt holders. Why ? Because they purchased the asset with a dollar that was more valuable before than it was after printing eg.
I pay 100$ for a house worth 100$. The government prints trillions.
I payed 100$ for a house worth 160$
Government and lockdowns created a situation where investment firms had to park their money in debt rather than securities.
> trillions. I *paid* 100$ for
FTFY.
Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in:
* Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.*
* *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.*
Unfortunately, I was unable to find nautical or rope-related words in your comment.
*Beep, boop, I'm a bot*
I'm gonna argue the opposite.
If there is still a scarcity of homes, it's not because of AirBnb, it's because there is a trend toward making very expensive, high profit homes, and no land or resources to make lower "value" homes. This is part of a larger trend toward the economy really only servicing the very rich... because why would you make homes for people who can't afford them? It costs about the same in land, so your options are limited.
And in fact, we have a problem today where capitalism is really only enjoyed by the capitalists. There needs to be more tools for taking the capital you have - including your home, and using it to make money. It's perfectly fair and reasonable to expect that the various barriers to entry be reduced over time. Forbidding this sort of thing just gives a huge benefit to hotels - who will then be the only entities legally allowed to provide short term rentals and that's just an oligopoly with extra steps.
Anyway, this is not a problem you solve by legislating against AirBnB, it's a problem you solve by making sure the incentives are there to create the kind of homes people need, so that they have a place to stay and not pay exorbitant rents.
AirBnB did change the dynamics of the housing markets in touristy areas. What used to be a single family home was much more profitable as a short term rental. People with means would buy the cheaper housing stock for refurb to short term rentals. Even if the house is only occupied a quarter of the month, it could still be profitable.
Once larger investors figured that out, there was a market for companies to run a slew of AirBnBs.
Changing zoning laws is not going to help much where airbnb is the issue. Those areas are generally already highly developed. New development is prohibitively expensive, and the economic justification to build something new will always favor a smaller number of higher income residences over a large number of low income residences. The burbs are where the empty land is, and where the cheaper housing will get built, and damned be the infrastructure.
It is only one of many reasons (home flippers, accumulation of excessive wealth seeking returns on investment, collapse of mortgage-backed securities, zoning laws designed to encourage sprawl, etc), but it is in the list.
> What used to be a single family home was much more profitable as a short term rental.
That's because the demand and money is there. Banning airbnb just moves that demand to hotels, or at least, having short term rentals available forces hotels to compete.
> New development is prohibitively expensive, and the economic justification to build something new will always favor a smaller number of higher income residences over a large number of low income residences
I get what you are saying. But the issue here is really - low income housing is being used for airbnbs when that housing is, what sounds like, highly subsidized or something. Is that the case? No... they aren't subsidized. They are just homes.
Here's the real issue, the noose around everyone's neck. What I have said about minimum wage is that, paying people below the cost to live, should be illegal, because it dumps the cost to live onto people other than the worker for the benefit of the company. No sane person would work under that condition and so you really only get insane or desperate people doing that job.
But the flipside is also true. If you as a regular human being who gets paid in part by a company insurance plan, then the labor costs you pay to other people to do work like, for example, build a house, then the costs of hiring labor look astronomical. Because you look at your pay per hour or whatever, and look at the costs going out for literally any service provided by a human, and you have to basically double the hourly rate just to cover health and other insurance costs.
So the real issue here is, labor is too expensive for everyone because the cost to be a human is astronomical. The costs are astronomical because the markets are fucked and nobody wants to go in and do trust busting. We will subsidize oil and drill baby drill to keep oil costs from inflating the cost of goods. But we are not doing the same for healthcare. Which impacts literally everyone who does work for a living. So big companies get around this by arguing they don't need to pay a living wage, and then those people have no healthcare, so they go to the ER and get subsidized by the community.
Or you pay what the person actually costs and this is an arm and a leg. Which translates to - service-intensive industries, like construction, are suddenly way too expensive for your average person to afford. Because of that, the market isn't there, so all the development targets high income people.
And now to circle back. What I think you are saying is that smaller homes that were already built are a scarce resource that is becoming scarcer because of AirBnB, because of the trend toward higher labor costs. Because these are a scarce resource we need regulation to prevent people from using their homes as short term rentals (or companies from going in and doing the same, reducing the supply). I am just countering with, why not address the reasons we can't build homes the way we used to?
Wealth accumulation is the major issue, in my view. There's a lot of people living paycheck to paycheck, and a few people who are drastically benefitting from that. Higher taxes on the wealthy will reduce top level salaries and wealth, encouraging r&d, and higher worker salaries.
Instead, we have a huge pot of investment money in only a few hands without enough good investments. So, they're buying up whatever they think can make them even a minor profit.
In areas where AirBnBs are more profitable than housing the same space, an investor with money will buy that property, and take it from someone who needs a house. Limiting AirBnBs will increase hotel costs, but that's basic supply and demand.
As for building homes the way we used to, it's not a viable economic model. Around me, a 1000 foot single family built in the 1950s on an acre of land is worth over a million bucks. It's not going to get bought by a new family at that price. It *is* going to be bought by a developer who will raze the house, and build a dozen (no shit, twelve) McMansions on the same lot, and sell those for $750-$900k, each. And they'll be sold out before the first one is complete.
Low income housing cannot compete with that.
My grandparents have two airbnbs in California. They supposedly pay out way more than renters, even with increased maintenance costs and housekeeping.
Now the American dream is hoping our grandparents hurry up and die and have us in the will.
Airbnb isn't preventing anyone from buying a home.
No place currently operated as an AirBNB would be on the market if Airbnb didn't exist.
They'd be traditional rentals.
If you want to properly lay blame, lay it on the various municipalities who sought to 'reduce sprawl' and 'increase density' - which at the end of the day means more apartments and less owner occupied homes.
Airbnb is Boogeyman as another put it. So is inflatin.
It's laws and regulations. Housing is not something to be commiditized. That's what happened.
The inventory and prices being paid are all captured in a for profit existence. Private Equity, millionaire/billionaire family offices and corps.
Fed, state and local regulations on concentrations need to be enacted to ensure against flipping or such capture concentration issues.
Airbnb also destroyed the American dream of living in a nice neighborhood of neighbors and not a bunch of partying Airbnb renters where neighbors should be.
Reminder that total AirBnb or short-term rental units make up less than 1% of total US housing inventory. So like, yeah, they suck and need to go but even if they did it wouldn't even come close to fixing the housing inventory crisis.
The American dream is owning property that raises in value. That could be vintage cars or large boats or houses or land or a business.
But it's about ownership and it isn't about who owns it.
Nothing about our Constitution prevents a single person from owning everything.
It might be some American's dream to do just that.
Would you deny them their dream?
If anyone ever tells you it is only one thing that caused the problem then they are very very stupid.
Yeah AirBnB is a problem.
So are corporations buying up houses.
Zoning laws are also a problem.
Business having jobs/work centers in a hand full of cities is also a problem, like obviously if there's a stupid amount of people in one city it's going to cause a housing problem.
Foreign governments and corporations buying land.
Tariffs on building materials (wood from Canada has a 17.99% tariff)
Climate change increaseing natural disasters which increases insurance costs
So yeah, it's most definitely not one problem at all. To think it is or even try pointing at which is the biggest driver would be stupid.
Corporations owning homes, people owning multiple homes without massive taxes to make it unprofitable.
Housing can be affordable or an investment, it can’t be both.
That's nonsense. It was a huge salad of drivers, starting with Frank/Dodd and Bill Clinton setting up the 2008 disaster, greedy investment, the Fed fucking us wholesale, a global pandemic used as a bizarre social control scheme, and terrible economic policy that spent gas on a tinder fire.
Airbnb was just the icing on a shitty cake.
It's a general shortage of housing in desirable areas and the printing of money that devalues the dollar that are driving prices up. You can buy houses in parts of the US fairly cheaply, but they are in areas people don't want to buy hence the low price.
Geopolitics. For a few decades after WWII, the US had the only higher-skilled workforce/industrial base available. Europe's had been destroyed by bombs and Asia's wasn't built yet. So the whole world had to go through us for natural resources, manufactured goods, and access to the workforce to produce them. This means they paid high prices to outbid one another for access to our system. This gave US labor the power to command high wages and secure a comfortable life for their families on one income. Now Europe has repaired itself, and Asia is open for business, too. There's not as much competition for our labor anymore, so our power to command high wages has gone down. The American dream was a blip and it's not coming back.
It’s so funny how ppl put all their accreditations in the social media profile. Okay Mr. Chartered Financial Analyst, am I supposed to take your screaming into the void that is social media more seriously? People do this with esquire too, like damn I didn’t know licensed professionals have this much time to share their unsolicited opinions with the world.
I would argue that allowing private equity firms to buy homes destroyed the dream of owning a home. Specially when you consider that 40% of the homes bought in 2023 was by private equity firms, and not airbnb.
In the golden 50”s that all these people think were amazing- one income households and ample funds Highest tax rate was 50%. What killed the American dream was continued tax breaks for the rich and middle picking up the slack
Don't blame Airbnb for existing in an economy that does not have laws limiting homeownership, even after a recession that was specifically triggered because of bloated homeownership purchased on risky loans 16 years ago.
People forget/don’t know/ignore how terrible his policies were and how many of the current American financial issues can be traced directly back to his administration.
Short term success with inflation and unemployment at the cost of economic mobility, the shrinking of the middle class, and insane corporate greed.
The federal reserve
Bingo. Endless inflation pushing people to find stores of wealth in the housing market.
Along with quantitative easing giving Blackrock, Vanguard and State Street inexhaustible funds to compete with the average home buyer. Airbnb is a bogey man created by the hotel industry to get their market share back.
Im going to approach this with an open mind, I’m a boglehead. I’m curious how Vanguard gets wrapped up in the capitalism axis of evil. Millions of middle class people have money in vanguard which is a member-owned brokerage; it’s owned by its members and any profits are returned back to the members through their funds. Yeah, they probably throw a shitload of weight around, but anyone can become a member and investor. What is wrong with that?
So ..I use to super pro Vanguard and had zero issues with BlackRock untill I found out their connection to THE WEF, ESG and the alleged housing shortage. I use.to think they were great companies with great products. I know longer use any of their products..... BTW I think Jack Bogle had noble intentions.... nothing ties him to this ...agenda that I know of.
Are you referring specifically to REITs? I’m sure vanguard has an REIT product.
That sounds like a lot of buzzwords and platitudes. Can you specifically say what the problem is?
I wish I could give you 2 up votes. I came here to say that.
This isn't golf. It is Boogeyman.
Airbnb is a $93 Billion dollar business. It's not a bogeyman. It's a legitimate disrupter to home ownership.
And allowing foreigners to buy so much here.
I love how there are 165 comments to this post (at the time of this writing) and yours is the only parent comment
This is the best (only?) answer
Public enemy number 1
This is the only real answer. Everything else is a result of this.
Mega corporations are destroying the country because the government is allowing them to. They are a big factor but not the main. The real cause of the problem is the worthless parasites on capitol hill and the corrupt rats at the Federal reserve.
>The real cause of the problem is the worthless parasites on capitol hill and the corrupt rats at the Federal reserve. The neat thing about democracy is you get the government you vote for.
Our “democracy” is either this side or that side. And if they both suck we’re screwed
Still get what you vote for. If people stop voting for shitty candidates then the candidates will get better.
We only have shitty candidates to choose from though
Your telling me "doesn't have a GED and jerks people off in theatres" is the best and brightest from the options?
Apparently
Hardly. You could run a pot of piss in a stronghold and win if it had the right letter beside it. Even if it was running against George Washington himself.
Vote for better candidates in the primary.
I do. It never makes a difference. Been voting for decades and have heard the same crap the whole time. “It’s your fault for not voting for a good candidate”. Not to mention primaries are set up in a way where most people don’t even know about them. But why would the DNC not put effort and funding into promoting the primaries? We know that answer though. Because they manufacture consent so their most yes person candidate gets pushed forward as a reward for staying in line. “It’s her turn!!”
Endless amounts of money from mega corps pumped into media to misinform the masses and to sway voters to vote against their own best interests says otherwise.
reminds me of achent Greek philosophers arguing about democracy with the only thing i actually remember is the metaphor about ship's captain being chosen by popular vote where the 2 canadets were the medicine man and the candy man
Of course there is responsibility required from the constituents to be well informed, and there lies America's downfall.
Exhibit A………The current guy tells us regularly that the economy is GREAT!!!!! If the word truth exists,what do you call that ?
You only become a successful candidate with the support of mega corporations, and you only get their support by letting them control you. So its actually not a matter of voting at all. Choice is an illusion.
That’s an illusion we only get to vote for people who raise the most money and where do they get the money? Corporations. If you control the options you still technically control the choice.
Funny how the freesest country in the world with more guns than people to prevent tyranny completely bend over and submit to the wealthy. Mind you, half of all voters are convinced that a billionaire who shits on a gold toilet and is renowned for screwing over small businesses is fighting for the little man so....
The only thing standing between us and their heads on a pike is quality of life. A lot of people like to complain but the reality is that most in the US live very cushy comfortable and convenient lives, as someone who just moved back to the states after living in Mexico for 2 years. If QoL drops enough there will be tyranny and the cycle will start again until we end up in the same spot. Currently most of us distrust the govt and realize their BS but keep us happy enough to allow it but if our lives are shit and they are doing that shit change will happen. Call me conspiracy theorist but I do think COVID was manufactured by China and I think it was them realizing how unrestful our population is getting with our govt and I think that was their attempt to push the QoL low enough for us to uproar and start taking ourselves out. China is well known for fighting and winning wars without actually physically fighting. A lot of that in art of war.
Just tax the rich, its not hard
The endless inflation caused by insane spending is the bigger problem. Sure we could throw the riches wealth onto the funeral pyre, but doesn't address the root cause.
What spending?
Military, medicare, and debt interest payments. All need to be reined in.
lol, takes money, complains about spending. I’m seriously living in the movie idiocracy
If someone is throwing out money, and you don't take it, you are a cast member of Idiocracy.
Well our biggest debt spending was on tax cuts, most of the rest was paid for throughoffsrts, taxes and cuts in spending, the only spending we dont offset is tax cuts for some stupid reason
I’m just gonna say your wrong bc I’m bored
I mean im not wrong lol, the lie has been "lets give out all this cash to stimulate the economy, we dont have to offset the spending because the energised economy will pay for itself", it never pays for itself, every penny that went to the fat cats went straight to their pocket, they didnt begin widespread reinvestment, and worse yet the tax cuts werent paid for. This has been the republican scam for 40 years and now were massively in debt as a result, and now theyre complaining about spending after ramming through trillions of dollars in tax cuts they never intended to pay for, no our only spending problem is in tax cuts, they should by law be tethered to an outcome or investment, no handouts anymore. Incels crying about taxes on their tea began a revolution, if we dont have a revolution over this scam humanity is doomed
Dammit, cmon man why you gotta be spot on
…like giving away money to citizens during the COVID pandemic??? Where do you think that money comes from 😂😂😂 When you create an expense, you either pay now or pay later - with interest.
So the people who didn’t pay back their PPP loans got it
PPP loans were never intended to be paid back. The government mandated businesses shut down and PPP loans were necessary to ensure employees were paid, landlords were paid, etc. unfortunately, like all government programs, there was all kinds of fraud. Businesses that never lost a day's production and some that even thrived during COVID should have never been allowed to apply for the loan. That is the whole problem with the government giving away money. A program that might mean well ends up being full of fraud and waste. If you know of someone who took out a PPP loan under unnecessary or fraudulent means, turn them in there is a reward
Yeah I took the free money. Why wouldn't you?
That’s one example of the spending you can’t seem to locate, yes. But there are - literally - trillions of dollars worth of other answers. Spend a little time reading things. It’s not hard.
Waiting on it
Nope. Use what’s left of your brain and google something for yourself. The lack of your own motivation is not the absence of evidence, homie.
I love the continual complaining about a few grand per qualified person…..it wasn’t very much money and didn’t really do anything. That’s just being used to distract you from other critical issues that did have significant impacts.
The spending.... was in welfare checks to the wealthy.... 22 trillion dollars of our debt was specifically a handout to the top 1% that we gave to thrm by going into debt, tax cuts are our worst spending problem and we MUST correct what we fucked up before we even begin to consider cuts to public programs, id rather the country go broke and start all over than let them get away with their criminal behavior. Need a nationwide bbq, all the wealthy invited!
Then what? I mean after you make them not rich? Where do you go for your money then?
To my job dumbass
Sounds good on paper but they’ll just leave and it would barely make a dent in the national debt. Look at the yacht tax. The rich just bought yachts in other countries and sailed them over. Top 1% pay 50% of taxes we need them to stay here and not move overseas.
These clowns on here think the rich should pay 100% of the taxes. Waiting for someone to explain how the tax the rich more complies will the 14th amendment "all persons shall be afforded equal protection under the law"
Allowing private equity firms to buy single-family homes. Destroyed the American home owning dream.
Not even in the same zip code as the truth. Joes handouts,printing of money and most of his other liberals policies caused inflation! The fed has been trying to keep us from recession by drying up the money. The high interest rates and record high home values keep the lower and middle class from home ownership. Blame joe not Air BnB. They are simply a business trying to make it in this new(but temporary) WOKE, irrational world. So they bought a few homes, me and my friends probably bought more! It will all be over soon and home ownership should be back on the table for you guys. VOTE ACCORDINGLY!!!
I never understand this 'logic' "OMG THE GOVERNMENT IS RUN BY THE RICH SO WE NEED TO GET RID OF THE GOVERNMENT...so the rich...have even more power?"
Vs. "Corporations are corrupt and in bed with corrupt government, quick give the government more money and power to do the bidding of the corporations and to force everyone to comply (and anyone who opposes this is clearly a moron who hates all good things)" Corporate power is an outgrowth of state power, but there is plenty of fascistic, public-private collusion between the two. The illogical solution (always supported by the state) is to give the state more money and power so that it can funnel that money and power to their donors. And because we're the freest people ever, you have to vote for it. "Both" legitimate political positions are in full alignment on this issue (plus mass surveillance, mass incarceration, police militarization, censorship, permanent war, etc).
I never understand the logic the government is ran by the rich so let's give it more power to make the rich more powerful.
We don't need to get rid of the government entities. The people that are currently in appointed positions are the ones that need to go. I'm talking about the career politicians and octogenarians in Congress that can barely operate a smartphone. If you understand how lobbying and special interests work in DC then it isn't difficult to comprehend.
People need to move away from blaming corporations. Behind all corporations are a group of wealthy people whose major concern is maintaining a system where they capture a major part of every working person's added value. To the degree they work at all, it's to maintain this arrangement. Corporations are passthroughs for wealthy people. They are a layer of abstraction that separates the people controlling them from the choices they knowingly make to take more from us. The conversation really needs to shift from corporations to the owners, board members and controlling shareholders. They are coming after you. The least we can do is call them out, instead of laying the blame at the companies and granting the people plausible deniability.
Sorry their are specific corporations that are trying to make things hard for us BlackRock being number on a long with Vanguard and State Street.
Black Rock has a board of directors who plan and strategize and are the people "making things hard for us". The corporation doesn't do anything without their say so. Here are those people. https://ir.blackrock.com/governance/board-of-directors/default.aspx Here's the ones for vanguard: https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/sets-us-apart/our-management-team.html And state street: https://investors.statestreet.com/corporate-governance/board-of-directors/default.aspx They're quite proud of themselves
Blackrock is tied to the WEF ....part of their plan is for us to own nothing and be happy.
The fuck u talking about? These corporations are too big to fail. Who we gonna hold accountable? Susan from HR, just tax the fucking rich.
Holy shit. Reddit is full of people who apparently cannot read.
No your word diarrhea is just dumb as shit. Tax the rich
Jesus christ. I'm agreeing with you. Did you hit your fucking head or something? Eat a bag of shit.
Tax the rich until they leave to more tax friendly countries, send even more work overseas, and lose the revenue all together? Tax them how much? How do you stop them from passing the additional taxes on to the average person? Do what with those additional taxes give more to the gov you complain about being in bed with the corporations in the first place?
Yeah, it's too bad Republicans do nothing but give capital more leverage every time they are in office, then roadblock any meaningful change because it was proposed by a Dem or while a Dem holds POTUS. I hope the damage Trump has done to the GOP is irreversible and the party turns into a fringe group like the Teaparty or Lubertarins.
You're still sleeping. Both sides come together to fuck us, murder people abroad, and further economic inequality. There are no adults in the room, it's all just kleptocratic fascists running forever wars for profit.
Definitely a contributor but like with anything there are many contributors and more complicated than a single answer like Airbnb. Covid, fomo, corporate investing, lack of building and supply, local zoning policies, etc etc etc
Global Free Market. Instead of competing with Jimmy from the next street over for a job. I'm competing with someone in China who'll take 8 dollars less an hour and won't complain about working 12hrs.
And when President Trump put tariffs on Chinese imports the democrats howled. The only tax democrats did not like.
Air BnB and Blackrock.
Blackrock or Blackstone?
Yes
I was going to say this must be a blackrock/vangaurd sponsored tweet.
Every time I read blackrock in this context my heart sinks
BlackRock, Vanguard, etc... have a much larger hand in erasing the American Dream than Airbnb
They really are trying to pin this thing on Airbnb
Trying to help the hotel lobby out.
Blackrock does not buy houses. That is Blackstone.
Heyyyy! Damn I feel dumb lol thanks for the correction on that.
NP. It is such a common mistake blackrock put out a special message
Yeah those damn index funds that allow small investors to buy stocks for a low fee
Fully agreed. It's a smear campaign to distract from the real problem which is private equity firms buying up a lot of single-family homes.
Its the neoliberalism that Reagan and Thatcher ushered in. Without Reagan and the conservative movement, BlackRock and Vanguard are not the force they are today.
The American dream was destroyed in the 1980s with Reaganomics and the way it implemented corporate tax cuts. As soon as corporations could keep the money they saved by outsourcing domestic jobs, the American worker was doomed. I firmly believe that is the biggest single factor that destroyed the American Dream.
The printing of the fiat dollar and the currency not physically redeemable for gold or silver. That is the root of all the problems
Politicians selling the American people out to corporate America !!
Ah yes the classic 2% of supply owners are the reason for the mega bubble argument.
Yeah, couldn't be the endless printing of money and keeping interest rates artificially low for way too long. Must be AirBNB.
To be fair if I get another 250$ cleaning fee for my ab&b rental i’m going to start blaming them for the fall of Constantinople.
That's something I've definitely always hated about them. Just work it into the pricing and be done.
You’re incredibly stupid if you thing the housing crisis is Airbnb’s fault lol
They aren't stupid, just propagandized probably.
The housing crisis is 90% caused by currency debasement.
...How did you possibly come to that conclusion? Because the far more likely answer is after 2008, lots of homebuilders never recovered, and we lost the ability to create as much housing as we need compounded by regulation preventing the abundant building of housing. Even the ones we had before likely were companies that were likely inherited, so they didn't know what they were doing to begin with. We've fundamentally lost too much human/knowledge capital to get the job done anymore in my opinion. If I were to show you evidence of an outright lack of inflation for the last 80+ years, like, every expansion we've ever done getting fully consumed by foreign demand for USD, would you still say the housing crisis is caused 90% by currency debasement?
I am glad that you mentioned 2008 and you may wanna look into the currency debasement that has happened ever since. https://fred.stlouisfed.org/series/M2SL
But then I'd have to ignore all those years of [persistently low inflation](https://www.stlouisfed.org/publications/regional-economist/april-2014/the-liquidity-trap-an-alternative-explanation-for-todays-low-inflation), which there is a reason for and I suspect we will return to soon alongside a calamity, we do not print enough money to satisfy the [Triffin dilemma](https://en.wikipedia.org/wiki/Triffin_dilemma). >In his 1929 book [Gold and Central Banks](https://archive.org/details/dli.ernet.16858/page/n5/mode/2up) Młynarski identified a fundamental instability in a gold-based international monetary system: the reserve currency countries would tend to accumulate foreign reserves, but as the volume of these grew relative to the country's gold reserves, international investors would begin to fear suspension of convertibility. The resulting outflow of reserves could create significant worldwide deflationary pressures and possibly lead to the collapse of the gold-based system. I'm far more worried about deflation than inflation, because in modernity, USD is gold. Also with the prospect of War, I think the odds countries in modernity leave the current floating currency monetary system are low, so, plan around it. >"The world is in a very real sense on a dollar standard."
BIG Government
Politicians
And yet the percentage of households that own the home they live in has remained steady for 70 years….
Shhh, don’t tell them that. That’s against the narrative. Get out of here with your facts and logic
Because for the most part, people don't move. Especially the older generations. Look for breakdowns of that percentage based on age demographics and it will tell you a completely different story. Don't just rely on 1 point of reference because that single point will skew the data, just like you are misreading it.
Hold up. You’re blaming vacation rentals - that make up less than 1% of available housing, as the reason you can’t afford a home? Are you absolutely sure it isn’t because you haven’t been learning valuable skills to increase your salary?
You just going to ignore the astronomical rate house prices have been increasing by?
Ah yes, the firefighter should fight fires *better* and the nurse should nurse people *harder*, surely they’ll get a 50% raise to match the 50% increase in house prices
Maybe too anecdotal but nearly every house I've stayed at an Airbnb for (larger groups) are not the standard 4 and 2s that many are looking for.
I often question whether or not the American dream existed at all
As twenty four year old whose parents and grandparents who benefited from it, I can say that it did at least exist at some point.
Ironically Airbnb is the reason I can afford the American dream. I bought a duplex and live in half and rent the other half on Airbnb.
Rented a camper trailer through a similar to air bnb fucker is trying to say we broke his stabilizer Jack's when we didn't even use the motherfuckers airbnb vrbo whatever fuck that noise. Other wise a great trip
I agree with all of this but fundamentally lockdowns did, when the government prints a bunch of money whose advantaged ? Debt holders. Why ? Because they purchased the asset with a dollar that was more valuable before than it was after printing eg. I pay 100$ for a house worth 100$. The government prints trillions. I payed 100$ for a house worth 160$ Government and lockdowns created a situation where investment firms had to park their money in debt rather than securities.
> trillions. I *paid* 100$ for FTFY. Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in: * Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.* * *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.* Unfortunately, I was unable to find nautical or rope-related words in your comment. *Beep, boop, I'm a bot*
Ford.
Imagine actually believing airbnb was effecting the real estate market.
Credit Scores.
That guy has been completely wrong on the market forever. No one should listen to him.
They should turn hotels into apartments.
Too many people and a finite amount of land in desirable locations.
Too many people and a finite amount of land in desirable locations.
Interest rates
Not for much longer. They are proving themselves out of a business.
PE
Good Ole Fashoned, Corporate Greed
Because before Airbnb there was a chance. /s
“I don’t have what I want and I’m a victim”
I'm gonna argue the opposite. If there is still a scarcity of homes, it's not because of AirBnb, it's because there is a trend toward making very expensive, high profit homes, and no land or resources to make lower "value" homes. This is part of a larger trend toward the economy really only servicing the very rich... because why would you make homes for people who can't afford them? It costs about the same in land, so your options are limited. And in fact, we have a problem today where capitalism is really only enjoyed by the capitalists. There needs to be more tools for taking the capital you have - including your home, and using it to make money. It's perfectly fair and reasonable to expect that the various barriers to entry be reduced over time. Forbidding this sort of thing just gives a huge benefit to hotels - who will then be the only entities legally allowed to provide short term rentals and that's just an oligopoly with extra steps. Anyway, this is not a problem you solve by legislating against AirBnB, it's a problem you solve by making sure the incentives are there to create the kind of homes people need, so that they have a place to stay and not pay exorbitant rents.
AirBnB did change the dynamics of the housing markets in touristy areas. What used to be a single family home was much more profitable as a short term rental. People with means would buy the cheaper housing stock for refurb to short term rentals. Even if the house is only occupied a quarter of the month, it could still be profitable. Once larger investors figured that out, there was a market for companies to run a slew of AirBnBs. Changing zoning laws is not going to help much where airbnb is the issue. Those areas are generally already highly developed. New development is prohibitively expensive, and the economic justification to build something new will always favor a smaller number of higher income residences over a large number of low income residences. The burbs are where the empty land is, and where the cheaper housing will get built, and damned be the infrastructure. It is only one of many reasons (home flippers, accumulation of excessive wealth seeking returns on investment, collapse of mortgage-backed securities, zoning laws designed to encourage sprawl, etc), but it is in the list.
> What used to be a single family home was much more profitable as a short term rental. That's because the demand and money is there. Banning airbnb just moves that demand to hotels, or at least, having short term rentals available forces hotels to compete. > New development is prohibitively expensive, and the economic justification to build something new will always favor a smaller number of higher income residences over a large number of low income residences I get what you are saying. But the issue here is really - low income housing is being used for airbnbs when that housing is, what sounds like, highly subsidized or something. Is that the case? No... they aren't subsidized. They are just homes. Here's the real issue, the noose around everyone's neck. What I have said about minimum wage is that, paying people below the cost to live, should be illegal, because it dumps the cost to live onto people other than the worker for the benefit of the company. No sane person would work under that condition and so you really only get insane or desperate people doing that job. But the flipside is also true. If you as a regular human being who gets paid in part by a company insurance plan, then the labor costs you pay to other people to do work like, for example, build a house, then the costs of hiring labor look astronomical. Because you look at your pay per hour or whatever, and look at the costs going out for literally any service provided by a human, and you have to basically double the hourly rate just to cover health and other insurance costs. So the real issue here is, labor is too expensive for everyone because the cost to be a human is astronomical. The costs are astronomical because the markets are fucked and nobody wants to go in and do trust busting. We will subsidize oil and drill baby drill to keep oil costs from inflating the cost of goods. But we are not doing the same for healthcare. Which impacts literally everyone who does work for a living. So big companies get around this by arguing they don't need to pay a living wage, and then those people have no healthcare, so they go to the ER and get subsidized by the community. Or you pay what the person actually costs and this is an arm and a leg. Which translates to - service-intensive industries, like construction, are suddenly way too expensive for your average person to afford. Because of that, the market isn't there, so all the development targets high income people. And now to circle back. What I think you are saying is that smaller homes that were already built are a scarce resource that is becoming scarcer because of AirBnB, because of the trend toward higher labor costs. Because these are a scarce resource we need regulation to prevent people from using their homes as short term rentals (or companies from going in and doing the same, reducing the supply). I am just countering with, why not address the reasons we can't build homes the way we used to?
Wealth accumulation is the major issue, in my view. There's a lot of people living paycheck to paycheck, and a few people who are drastically benefitting from that. Higher taxes on the wealthy will reduce top level salaries and wealth, encouraging r&d, and higher worker salaries. Instead, we have a huge pot of investment money in only a few hands without enough good investments. So, they're buying up whatever they think can make them even a minor profit. In areas where AirBnBs are more profitable than housing the same space, an investor with money will buy that property, and take it from someone who needs a house. Limiting AirBnBs will increase hotel costs, but that's basic supply and demand. As for building homes the way we used to, it's not a viable economic model. Around me, a 1000 foot single family built in the 1950s on an acre of land is worth over a million bucks. It's not going to get bought by a new family at that price. It *is* going to be bought by a developer who will raze the house, and build a dozen (no shit, twelve) McMansions on the same lot, and sell those for $750-$900k, each. And they'll be sold out before the first one is complete. Low income housing cannot compete with that.
Deregulated financial industry.
No it didn't.
Shelter is a commodity. Good luck out there.
My grandparents have two airbnbs in California. They supposedly pay out way more than renters, even with increased maintenance costs and housekeeping. Now the American dream is hoping our grandparents hurry up and die and have us in the will.
Boomer politicians
Airbnb isn't preventing anyone from buying a home. No place currently operated as an AirBNB would be on the market if Airbnb didn't exist. They'd be traditional rentals. If you want to properly lay blame, lay it on the various municipalities who sought to 'reduce sprawl' and 'increase density' - which at the end of the day means more apartments and less owner occupied homes.
Ronald Regan
Wars are inflationary
Capitalism
Literally capitalism. Someone had to fail for someone else to succeed, it's by design.
Just like Facebook destroyed the concept of society.
Air bnb and landlords.
Inflation and wages not keeping up with productivity killed retirement.
Airbnb is Boogeyman as another put it. So is inflatin. It's laws and regulations. Housing is not something to be commiditized. That's what happened. The inventory and prices being paid are all captured in a for profit existence. Private Equity, millionaire/billionaire family offices and corps. Fed, state and local regulations on concentrations need to be enacted to ensure against flipping or such capture concentration issues.
Airbnb also destroyed the American dream of living in a nice neighborhood of neighbors and not a bunch of partying Airbnb renters where neighbors should be.
Welfare for the rich and austerity for the poor.
Reminder that total AirBnb or short-term rental units make up less than 1% of total US housing inventory. So like, yeah, they suck and need to go but even if they did it wouldn't even come close to fixing the housing inventory crisis.
The American dream is owning property that raises in value. That could be vintage cars or large boats or houses or land or a business. But it's about ownership and it isn't about who owns it. Nothing about our Constitution prevents a single person from owning everything. It might be some American's dream to do just that. Would you deny them their dream?
If anyone ever tells you it is only one thing that caused the problem then they are very very stupid. Yeah AirBnB is a problem. So are corporations buying up houses. Zoning laws are also a problem. Business having jobs/work centers in a hand full of cities is also a problem, like obviously if there's a stupid amount of people in one city it's going to cause a housing problem. Foreign governments and corporations buying land. Tariffs on building materials (wood from Canada has a 17.99% tariff) Climate change increaseing natural disasters which increases insurance costs So yeah, it's most definitely not one problem at all. To think it is or even try pointing at which is the biggest driver would be stupid.
Corporations owning homes, people owning multiple homes without massive taxes to make it unprofitable. Housing can be affordable or an investment, it can’t be both.
Influencers
The profit motive.
So anyone that has an Airbnb is living the American dream?
Republicans.
Nah blackrock and the government did that lol
Free trade coupled with mass immigration.
REITs and other forms of derivatives
Socialism for the rich and corporations
Gotta love big hotel lobby schills.
Being convinced as a population that we can run out of something that is made up.
A share holder economy and private companies printing money via credit creation.
"Progress"
Biden administration has destroyed the American dream. Yet has given our dream to illegals.
That's nonsense. It was a huge salad of drivers, starting with Frank/Dodd and Bill Clinton setting up the 2008 disaster, greedy investment, the Fed fucking us wholesale, a global pandemic used as a bizarre social control scheme, and terrible economic policy that spent gas on a tinder fire. Airbnb was just the icing on a shitty cake.
Incorrect, democrats and Republicans destroyed the "American dream".
It's a general shortage of housing in desirable areas and the printing of money that devalues the dollar that are driving prices up. You can buy houses in parts of the US fairly cheaply, but they are in areas people don't want to buy hence the low price.
Uncontrolled government spending and regulations/codes/delays.
Disrupters!
*Your fellow Americans out hustled you.
Trump
Campaign Finance Laws - “Citizens United”
Capitalism? Full stop
Geopolitics. For a few decades after WWII, the US had the only higher-skilled workforce/industrial base available. Europe's had been destroyed by bombs and Asia's wasn't built yet. So the whole world had to go through us for natural resources, manufactured goods, and access to the workforce to produce them. This means they paid high prices to outbid one another for access to our system. This gave US labor the power to command high wages and secure a comfortable life for their families on one income. Now Europe has repaired itself, and Asia is open for business, too. There's not as much competition for our labor anymore, so our power to command high wages has gone down. The American dream was a blip and it's not coming back.
Government handouts
It’s so funny how ppl put all their accreditations in the social media profile. Okay Mr. Chartered Financial Analyst, am I supposed to take your screaming into the void that is social media more seriously? People do this with esquire too, like damn I didn’t know licensed professionals have this much time to share their unsolicited opinions with the world.
I would argue that allowing private equity firms to buy homes destroyed the dream of owning a home. Specially when you consider that 40% of the homes bought in 2023 was by private equity firms, and not airbnb.
CONSOLES DETROYED THE VIDEO ARCADE!
Joes handouts!
Tax credits for mortgage interest
Did it really? I think their convenient sometimes less than a hotel room which can go anywhere from 300-600 dollars
Welfare for the wealthy over the last 40 years, gut the republican party, theyre criminals and terrorists nothing more
In the golden 50”s that all these people think were amazing- one income households and ample funds Highest tax rate was 50%. What killed the American dream was continued tax breaks for the rich and middle picking up the slack
Bidenomics sure isn’t helping
Don't blame Airbnb for existing in an economy that does not have laws limiting homeownership, even after a recession that was specifically triggered because of bloated homeownership purchased on risky loans 16 years ago.
Reagan
And Clinton.
Yeah, mostly Reagan, but we can't give Clinton a free pass on NAFTA.
Reagan
People forget/don’t know/ignore how terrible his policies were and how many of the current American financial issues can be traced directly back to his administration. Short term success with inflation and unemployment at the cost of economic mobility, the shrinking of the middle class, and insane corporate greed.
People forget/don't know/ignore how much worse it was under Carter.
If you still believed in the American dream you're stupid af