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» Harris to give $25k for down payment [rentcels were right]
08-16-2024, 06:32 PM
#151
Originally Posted By Dave22reborn⏩
I agree that its a stupid idea, im against it.
Yeah, and they're in the middle of nowhere. I just love the mentality that someone is "entitled" to a home, and that this will help broke ass Zoomers purchase a home.
They're not in the "middle of nowhere" but definitely not the most desirable areas.
And lots of these homes are actually great for buying cash for passive income.
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08-16-2024, 06:37 PM
#152
everyone who doesnt own a house should get 25k for their 1st house
get phucked landlord chads
get phucked landlord chads
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08-16-2024, 06:44 PM
#153
I'll take a BJ
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08-16-2024, 06:49 PM
#154
DEI loans at the top of the market? What could possibly go wrong
Just a reminder for the peasants out there with the memory of a goldfish, the government did the same thing with NINJA loans in 2007 and then the big banks vacuumed up the foreclosures for the next three years
Ain’t socialism great?
Just a reminder for the peasants out there with the memory of a goldfish, the government did the same thing with NINJA loans in 2007 and then the big banks vacuumed up the foreclosures for the next three years
Ain’t socialism great?
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08-16-2024, 07:35 PM
#155
This may possibly be the dumbest policy proposal ever. This is Bernie Sandersesque Modern Monetary Theory and it is comical.
The only way to make housing more affordable is to increase the supply of homes a) build a chit ton more homes &/or b) deport the 20+ million illegals that occupy housing. Throwing money on the buy side will only make prices continue to climb - 1) cause you are directly driving prices up and 2) the money supply is increasing causing MORE inflation which will make EVERYTHING more expensive for EVERYONE.
Imagine being a first time homebuyer with your crispy 25k credit. You throw your max bid at your dream house only to get outbid by another first time homebuyer with their crispy 25k credit that has a higher pre-approval than you. Get fukkd brokie.
p.s. the tax payers lose, the first time home buyers are at no advantage, and the only winner is the home seller - they just got an additional 25k. LAND CHADS WIN AGAIN!
The only way to make housing more affordable is to increase the supply of homes a) build a chit ton more homes &/or b) deport the 20+ million illegals that occupy housing. Throwing money on the buy side will only make prices continue to climb - 1) cause you are directly driving prices up and 2) the money supply is increasing causing MORE inflation which will make EVERYTHING more expensive for EVERYONE.
Imagine being a first time homebuyer with your crispy 25k credit. You throw your max bid at your dream house only to get outbid by another first time homebuyer with their crispy 25k credit that has a higher pre-approval than you. Get fukkd brokie.
p.s. the tax payers lose, the first time home buyers are at no advantage, and the only winner is the home seller - they just got an additional 25k. LAND CHADS WIN AGAIN!
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08-16-2024, 07:38 PM
#156
Originally Posted By Masterchieffer⏩
After the crash was a great time to buy a house.
DEI loans at the top of the market? What could possibly go wrong
Just a reminder for the peasants out there with the memory of a goldfish, the government did the same thing with NINJA loans in 2007 and then the big banks vacuumed up the foreclosures for the next three years
Ain’t socialism great?
Just a reminder for the peasants out there with the memory of a goldfish, the government did the same thing with NINJA loans in 2007 and then the big banks vacuumed up the foreclosures for the next three years
Ain’t socialism great?
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08-16-2024, 07:44 PM
#157
Originally Posted By FA*******⏩
And left wing retards will gobble this chit up then blame Republicans when it doesn't work
So far, Harris has proposed
-helicopter money for homebuyers
-tax cuts while govt spending is already 30% higher than income.
-price controls on food
End well this will not…
-helicopter money for homebuyers
-tax cuts while govt spending is already 30% higher than income.
-price controls on food
End well this will not…
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08-16-2024, 10:57 PM
#158
Originally Posted By DeadlyStriker⏩
As a first time homebuyer myself waiting to buy, I don't want this. That's absurd.
The only way I could see that as part of a democrat plan is if they show us all the provisions of what makes you eligible. If it's like "Must have 780+ credit score, supporting income, low debt monthly payments, etc" then it could be something she could run on. The only time these things will push through is if they are precise with their stipulations because it automatically shows only a small percentage of the pool is eligible and the policy would at least seem in good faith.
Otherwise giving any first time homebuyer 25k for a down payment is economic suicide. Her economic plan is the most radical insanity I've seen yet. Not even Bernie was throwing out this kind of communist heat.
The only way I could see that as part of a democrat plan is if they show us all the provisions of what makes you eligible. If it's like "Must have 780+ credit score, supporting income, low debt monthly payments, etc" then it could be something she could run on. The only time these things will push through is if they are precise with their stipulations because it automatically shows only a small percentage of the pool is eligible and the policy would at least seem in good faith.
Otherwise giving any first time homebuyer 25k for a down payment is economic suicide. Her economic plan is the most radical insanity I've seen yet. Not even Bernie was throwing out this kind of communist heat.
Originally Posted By r32gojirra⏩
On average, it does affect house prices
If you removed from the market everyone who was gifted money or loan guarantees, prices would be lower than they are.
If you removed from the market everyone who was gifted money or loan guarantees, prices would be lower than they are.
Originally Posted By r32gojirra⏩
I'm with DeadlyStriker on this one, it's pure inflationary policy and you note that in your first post. Your second post only goes further to prove the point.
In 1998, I used a AUD$14k federal government home builders grant as a down payment to build my first home (building a house back then started in the low-100ks)
In 1998 dollars that’s much more than US$25k
Kept leveraging the equity I built and now I have a property development business bringing in 7 figures annually after tax, and an identical distribution for my business partner (wife)
So sometimes handing money to immigrants can work out well
In 1998 dollars that’s much more than US$25k
Kept leveraging the equity I built and now I have a property development business bringing in 7 figures annually after tax, and an identical distribution for my business partner (wife)
So sometimes handing money to immigrants can work out well
I've just purchased in the same market as you (Australia), and the fact that you apparently live a CEO 10k/day both on 7 figures based on equity is proof that these sort of policies don't work. I'm around 10 years younger than you, earn a good 6 figures, and had to pay a fortune to just make it into the market so that I could escape the rent bullchit. That fortune goes to those that had the opportunity to enter the market earlier (late 90's is pretty golden), which on the whole is unproductive.
I won't be afforded a similar opportunity to build equity across multiple properties as I cannot conceive how prices could go up to the extent you have experienced on your assets in Australia. I don't have a problem with this either, as I'm happy to work as a productive member of society and have some security in owning my own place (eventually).
What I do have a problem with is that the Australian property market was a one trick pony that was good for around 20 years, now it's phucking over younger people and who knows wtf their children are going to do in 20 years time. Beyond that, it's unproductive and selling houses to one-another in a merry-go-round does not lead to the advancement or stability of the country. Even the boomers are now coming to realise this as it bites their kids who are much less likely to enjoy the same quality of life and retirement as their parents. Australians all got rich selling property to each other and decided that essential productive work like manufacturing was below us and now we're left completely dependent on other countries like China for our continued existence.
I'm no expert on the US but I dare say it's a similar picture there with a widening wealth gap and the middle class becoming relatively poorer and that contributes to the political situation there. I can see why some of Trump's policies speak to the population.
08-16-2024, 11:03 PM
#159
Originally Posted By OGfrom06⏩
also funny how all the people who are against UBI FREEDOM DIVIDENDS TAX ROI also support Rich People Giving their OffSpring some UBInheritance and it is quite possible those Rich People benefit from some Corporate Welfare to fund their SilverSpoon Dynasties
Funny how when trust fund babies get $100k from their parents, it never seems to affect home prices
08-16-2024, 11:35 PM
#160
Originally Posted By Chasbrah⏩
I’ve paid back that grant hundreds, if not thousands of times over in GST, income taxes, company taxes, wages and council rates
I'm with DeadlyStriker on this one, it's pure inflationary policy and you note that in your first post. Your second post only goes further to prove the point.
I've just purchased in the same market as you (Australia), and the fact that you apparently live a CEO 10k/day both on 7 figures based on equity is proof that these sort of policies don't work. I'm around 10 years younger than you, earn a good 6 figures, and had to pay a fortune to just make it into the market so that I could escape the rent bullchit. That fortune goes to those that had the opportunity to enter the market earlier (late 90's is pretty golden), which on the whole is unproductive.
I won't be afforded a similar opportunity to build equity across multiple properties as I cannot conceive how prices could go up to the extent you have experienced on your assets in Australia. I don't have a problem with this either, as I'm happy to work as a productive member of society and have some security in owning my own place (eventually).
What I do have a problem with is that the Australian property market was a one trick pony that was good for around 20 years, now it's phucking over younger people and who knows wtf their children are going to do in 20 years time. Beyond that, it's unproductive and selling houses to one-another in a merry-go-round does not lead to the advancement or stability of the country. Even the boomers are now coming to realise this as it bites their kids who are much less likely to enjoy the same quality of life and retirement as their parents. Australians all got rich selling property to each other and decided that essential productive work like manufacturing was below us and now we're left completely dependent on other countries like China for our continued existence.
I'm no expert on the US but I dare say it's a similar picture there with a widening wealth gap and the middle class becoming relatively poorer and that contributes to the political situation there. I can see why some of Trump's policies speak to the population.
I've just purchased in the same market as you (Australia), and the fact that you apparently live a CEO 10k/day both on 7 figures based on equity is proof that these sort of policies don't work. I'm around 10 years younger than you, earn a good 6 figures, and had to pay a fortune to just make it into the market so that I could escape the rent bullchit. That fortune goes to those that had the opportunity to enter the market earlier (late 90's is pretty golden), which on the whole is unproductive.
I won't be afforded a similar opportunity to build equity across multiple properties as I cannot conceive how prices could go up to the extent you have experienced on your assets in Australia. I don't have a problem with this either, as I'm happy to work as a productive member of society and have some security in owning my own place (eventually).
What I do have a problem with is that the Australian property market was a one trick pony that was good for around 20 years, now it's phucking over younger people and who knows wtf their children are going to do in 20 years time. Beyond that, it's unproductive and selling houses to one-another in a merry-go-round does not lead to the advancement or stability of the country. Even the boomers are now coming to realise this as it bites their kids who are much less likely to enjoy the same quality of life and retirement as their parents. Australians all got rich selling property to each other and decided that essential productive work like manufacturing was below us and now we're left completely dependent on other countries like China for our continued existence.
I'm no expert on the US but I dare say it's a similar picture there with a widening wealth gap and the middle class becoming relatively poorer and that contributes to the political situation there. I can see why some of Trump's policies speak to the population.
There’s still plenty of money to be made in residential real estate. The COVID bump alone meant that everyone who had significant exposure to the market is now a multimillionaire
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08-16-2024, 11:53 PM
#161
So list a starter home for $425,000 instead of $400,000 as originally planned. More corporate profit, let government debt pay the difference. Cha-ching for homebuilders. What am I missing?
Yeah Buddyyy! Light weight! Light weight baby!!!!
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08-17-2024, 12:46 AM
#162
sellers will raise prices, this fixes nothing but wastes government money
idiot policy.
idiot policy.
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08-17-2024, 01:14 AM
#163
Originally Posted By r32gojirra⏩
I've no doubt with your income it is indeed thousands of times over you've paid back the grant in taxes. The tax rate here is very high once you're earning over 80k/year, not to mention stamp duty, land tax, payroll tax (if you're paying wages) etc.
I’ve paid back that grant hundreds, if not thousands of times over in GST, income taxes, company taxes, wages and council rates
There’s still plenty of money to be made in residential real estate. The COVID bump alone meant that everyone who had significant exposure to the market is now a multimillionaire
There’s still plenty of money to be made in residential real estate. The COVID bump alone meant that everyone who had significant exposure to the market is now a multimillionaire
My problem is that people can become multimillionaires off the back of non-productive speculation alone, and as you say, so many people as well- all for doing sweet phuck all for society. What's worse is they don't seem to have the insight that it's damaging to those that come after them and the country as a whole. While it's a lot of people who've gotten rich off property, there's a whole lot more younger people who won't be afforded that opportunity and are going to likely be economically stuck. In a system where living comfortably increasingly relies on "moving up", this can't be a good thing. We're lucky we have our government funded healthcare but it's always getting worse as the increase in population and population age stresses it.
My parents retired in their 40's off the back of the early property boom, they paid plenty of tax through their business, to employees etc. While they have lived well and think they're pretty clever as a result of their early retirement, they didn't quite make enough to give me a leg up, and I certainly wouldn't have the option to retire in my 40's (not that I'd want to anyway). They can't believe I paid more for a small place then they did for 4 properties combined that ultimately afforded them their retirement. I certainly can't see myself being able to give a meaningful chunk of cash to any kids I may have.
08-17-2024, 01:36 AM
#164
Originally Posted By Chasbrah⏩
We made our money from new development, not passively buying and selling existing homes.
I've no doubt with your income it is indeed thousands of times over you've paid back the grant in taxes. The tax rate here is very high once you're earning over 80k/year, not to mention stamp duty, land tax, payroll tax (if you're paying wages) etc.
My problem is that people can become multimillionaires off the back of non-productive speculation alone, and as you say, so many people as well- all for doing sweet phuck all for society. What's worse is they don't seem to have the insight that it's damaging to those that come after them and the country as a whole. While it's a lot of people who've gotten rich off property, there's a whole lot more younger people who won't be afforded that opportunity and are going to likely be economically stuck. In a system where living comfortably increasingly relies on "moving up", this can't be a good thing. We're lucky we have our government funded healthcare but it's always getting worse as the increase in population and population age stresses it.
My parents retired in their 40's off the back of the early property boom, they paid plenty of tax through their business, to employees etc. While they have lived well and think they're pretty clever as a result of their early retirement, they didn't quite make enough to give me a leg up, and I certainly wouldn't have the option to retire in my 40's (not that I'd want to anyway). They can't believe I paid more for a small place then they did for 4 properties combined that ultimately afforded them their retirement. I certainly can't see myself being able to give a meaningful chunk of cash to any kids I may have.
My problem is that people can become multimillionaires off the back of non-productive speculation alone, and as you say, so many people as well- all for doing sweet phuck all for society. What's worse is they don't seem to have the insight that it's damaging to those that come after them and the country as a whole. While it's a lot of people who've gotten rich off property, there's a whole lot more younger people who won't be afforded that opportunity and are going to likely be economically stuck. In a system where living comfortably increasingly relies on "moving up", this can't be a good thing. We're lucky we have our government funded healthcare but it's always getting worse as the increase in population and population age stresses it.
My parents retired in their 40's off the back of the early property boom, they paid plenty of tax through their business, to employees etc. While they have lived well and think they're pretty clever as a result of their early retirement, they didn't quite make enough to give me a leg up, and I certainly wouldn't have the option to retire in my 40's (not that I'd want to anyway). They can't believe I paid more for a small place then they did for 4 properties combined that ultimately afforded them their retirement. I certainly can't see myself being able to give a meaningful chunk of cash to any kids I may have.
So we employ architects, hydraulic and civil engineers, fire safety engineers, structural engineers, builders and all the subcontractors in productive economic activity
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08-17-2024, 01:41 AM
#165
Originally Posted By r32gojirra⏩
This I can get on board with and support. Creating new homes and enabling skilled employment.
We made our money from new development, not passively buying and selling existing homes.
So we employ architects, hydraulic and civil engineers, fire safety engineers, structural engineers, builders and all the subcontractors in productive economic activity
So we employ architects, hydraulic and civil engineers, fire safety engineers, structural engineers, builders and all the subcontractors in productive economic activity
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