What do you think of these real estate headlines when even middle class people struggle to afford a home?

Question

I don't mind people having nice things, but where is the limit when people are going without?

Saudi Billionaire's Beverly Hills Estate Sells for $24.5 Million

Crate & Barrel Heiress Pays $10 Million Cash for Trousdale Estates Midcentury

Deepak Chopra's Daughter Buys $19 Million Brentwood Mansion

Barnes & Noble Heiress Seeks $20 Million for Penthouse Mansion

McGraw-Hill Publishing Heir Lists Greta Garbo’s 3,000 sq. ft. $38,000 Apartment for $85 million

Zoom CFO Uses Covid Riches to Move onto Malibu's Broad Beach

Sharper Image Massage Chair Heiress Seeks $64.5 Million for Brentwood Estate With Underground Conference Room

Daughter of Netscape Browser Inventor Pays Record $177 Million for 13-Structure Malibu Compound

Pritzker Heir Pays $15.8 Million for Extravagant Montecito Estate

Rumer Willis Grabs $4 million Los Feliz Fixer-Upper

Jeffrey Katzenberg's Daughter Buys $19.5 Million Brentwood Mansion

David Geffen Flips Vacant Lot in Beverly Hills for $34 million

lightbulb27 · Accepted Answer

Wealth disparity is the number one issue facing the USA and is a feeder root to the social problems and division we see. It's bad because of how extreme the weath gap has grown in a short time over the last decade or two. I saw this happening decades ago with executive pay vs workers and before that the Vietnam and Korean wars would be the start of the collapse. It became very apparent after the succession of bailouts (2000, 2008) where the govt took peoples money (by printing) and passed it out to people who held certain assets. Those people grew in wealth tremendously while devaluing currency in every way possible... purchasing power, quality of goods and thus planned obsolescence primarily.

These are the results of the policies of your government and how they manage you. The federal reserve... printing press is the core cause, it is excluded in the constitution... but here we are... printing away to pacify people. If we stop now, you'd see total chaos... so can't. In earlier times, we had more middle class wealth.

Both president Bush and Obama spoke to this issue at minimum. Bush noted his base was the super rich. Obama noted after the bailouts of 2008 the goal of "rebuilding the middle class". It has been trashed and it was the design, but best the plan they could come up with.

Listen to Ray Dalio if you want more affirmation of this and consequences and risks. He's super rich, trying to educate people.

What you going to do about it is the question... H. Clinton wanted to tax estates, but that funnels $ to the govt... which wastes it.

This is the mess we have from 1913 decision to enact the Fed... We're "going off the rails on a crazy train" or sinking like the Titanic in a mountain of debt.

TroyDT · Accepted Answer

Something should be done, starting with lessening the crazy regulations that in California, for example, add almost $200K to the cost of a new house (except for tiny houses in some areas). I own a five-unit building in neighboring Costa Mesa. Across the street is a vacant lot that has been empty for almost 40 years. There is sufficient space on the lot for at least 40 two-bedroom apartments and parking for them, but the zoning is an issue and with attorneys fees and licenses it would cost $millions just to break ground.

George McGovern (yes, the 1972 Democratic nominee for POTUS) talked about this type of thing, after he left office and tried to start a business. The business failed, not because of lack of finances or potential clients, but because of government regulations that were completely unnecessary and insanely costly and burdensome.

https://www.wsj.com/articles/SB10001424052970203406404578070543545022704

Jacadia · Accepted Answer

Its rather disguisting the amount of greed since covid. I live in Canada and this city is 70,000. We have only 3 big grocers here. One has high prices and its in an area that is poor. There isn't anything under 5 dollars there. The CEO made 123 million dollars last year from putting the prices up!!

Bricealan · Answer

I don't think anything about it. I have WHAT I COULD afford! I don't resent others that are "RICH"! Why should I? We are living in a capitalist society, not communistic society. Your question suggests that we should resent the rich?

I bought a home in Huntington Beach years ago, and it was seemingly too costly then, but I bought it as a single homeowner and eventually paid it off, AND I am not one of the WEALTHY, I just know how to manage my money and don't' have 5 children.

Anonymous · Answer

Okay, being 100% serious, it just reminds me how important it is to vote conservative. These rich "celebs" openly push socialist Democrat politicians for office, who run on platforms talking about equity, equality, and income redistribution, but it never seems to affect these rich people.

They want US to be splitting our money with illegals, paying for government programs that give them all the free education, healthcare, and whatever else they can handle, while THEY continue amassing huge-ass fortunes, and are barely affected by such programs. I'm waiting to see these multi-millionaires start sending us some cash in the name of income redistribution, but they never will.

CALIGVLA · Answer

I totally agree with you, white girl. I'm not bothered by rich people buying expensive stuff, but I think they should be taxed in order to guarantee that every member of their society will be able to have at least a basic living standard met. Also, rich people should be forbidden to influence politics through lobby.

loveslongnails · Answer

Naturally, it seems obscene that some people struggle just to stay afloat while others make purchases for more money than us common folk will ever earn in 20 lifetimes. But the concentration of 85% of the world's wealth among 3-5% of the population is an issue unto itself.

nawtee_me · Answer

Deepak Chopra's Daughter Buys $19 Million Brentwood Mansion

Jeffrey Katzenberg's Daughter Buys $19.5 Million Brentwood Mansion

Sharper Image Massage Chair Heiress Seeks $64.5 Million for Brentwood Estate With Underground Conference Room

Are these the same place or is this just a fancy rich neighborhood?

WindAtMyBack · Answer

I couldn't care less. It has no affect on me or anyone else, except the very few people directly involved.

GoodGuyBreakingBad · Answer

I agree most of these real estate sellers could be from other countries they live off of the fat of the lamb while we struggle and no offense to them.

Luopio27 · Answer

Glad Im not the only one who thinks like this. The entire worlds of business and politics has so big holes in them that scales everything out of balance. There's no hope for the human race.

Raaj4you · Answer

Middle class people in India can't afford to buy or construct a house anymore. Just 15-20 years back it was affordable. Even if they manage to buy or construct the house then they are unable to repay their home loans.

TallAnon · Answer

Don't really care. I'm getting a mortgage next year, already got everything set up and saved up. I'm doing it alone as a programmer, so a couple should easily be able to do it if you delay having kids and are wise with your spendings.

maximumpower · Answer

Family and I are middle class. None of us has ever had an issue finding adequate housing. We live within our means. If it isn't enough, we figure out how to make it work.

MrPickles13 · Answer

It doesn't really bother me as there will always be that divide I believe. However, I hate that it ends up in the news or in social media as well it doesn't actually matter.

Guanfei · Answer

People cry about it, but if they were as rich as those people, they'd do the same. Their problem isn't how the money is spent, it's that they are not the ones who spend it.

exitseven · Answer

I live in a modest 4 bedroom house. Nobody would laugh if I asked a million dollars for it.

Andres77 · Answer

Reminder that the middle class will continue to disappear

Staximus · Answer

I don't care because those are not places I would want to live, even if I had the money

Zolly99999 · Answer

The housing market is ridiculous these days.

Anonymous · Answer

Wish i was rich too. That's all I'm gonna say. They're not rich for nothing.

Anonymous · Answer

I'm sorry but what is this socialist nonsense in your tune

Nerdvana · Answer

And the rich keep getting richer.

What do you think of these real estate headlines when even middle class people struggle to afford a home?

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