realbadaccountant

realbadaccountant t1_jd4d7v8 wrote

This is mostly a good thing, akin to UBI for a small group of means tested people chosen at random. In effect, a lottery will need to be drawn for below market rents if this ever gets built. It will help those who are selected. It will add housing. Those who are not selected will wait years because there will be nothing close to this price for anything good on the market. One thing I didn’t see the article address is what impact this has had in Montgomery County.

The real problem is more housing is needed, period. All types and all densities are necessary to address the problem at hand. Every time you see housing shut down by NIMBYs, you can thank them for existing home prices. Don’t be shocked if this gets the same treatment as Fane Tower. They’re NIMBYs of a different stripe with different beliefs, but the result will be the same - no new housing.

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realbadaccountant t1_jd2y8h3 wrote

I do finance for a local municipality. My wife is an NP. Our combined income is 250k. Our house (bought in 2017) and cars are old and cheap. I am all about not having debt / investing whatever we can for our family & retirement. Maybe someday when the mortgage is paid, we’ll splurge on a boat or a vacation house, but right now with a small child that’s a totally unnecessary luxury we would rarely use.

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realbadaccountant t1_jd2wyah wrote

Reply to comment by Rhody1964 in What do you do? by Loveroffinerthings

That’s how we’re doing it too. House was bought in 2017 for a price well below our means then and even more so now. Cars were bought used and paid off quickly and we hope to ride them into the ground for 10 more years (they’re Lexus so it’s possible). We ditched Whole Foods / Dave’s unless it’s absolutely necessary and shop more at Aldi now than ever before. That has essentially saved us an additional car payment each month.

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realbadaccountant t1_jcym2m2 wrote

The answer is NIMBYs. We don’t have more housing because every development that includes more housing than a site had before is pushed back on by “concerned citizens” who claim to want to prevent this or that or save this or save that, but ultimately don’t want condos near them, especially if they’re “affordable”, whatever that means. And because less housing means homeowners net worth goes up, it’s there’s little incentive to allow further development.

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realbadaccountant t1_jbx6cbh wrote

Good on you guys for being patient. I know it can be hard when you’re gung ho about buying and sometimes if you squint, a house that’s not right for you looks like the right one.

We own but almost bought a house that cost 2.5x our current house with no additional square footage just to be 5 minutes from the ocean. Then it dawned on us: who gives a shit if you’re 5 minutes from the ocean or 25 minutes from the ocean? You still have to drive. Best decision we’ve made since buying our first house.

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realbadaccountant t1_jbspiip wrote

News flash: we want people from out of state with money moving here. They bring high education levels, improving the labor market and attracting business.

But even ignoring that point, the taxes would be from the businesses and people living in that building along with all the jobs building it would have created for several years, and the additional businesses that would have been able to open as a result of the influx of high earners providence sorely needed for its tax base.

But even ignoring that indisputable point, we need more units of housing EVERYWHERE at all levels. This is basic supply and demand. Now we get nothing for at least 10 more years. Watch as NIMBY heads explode at whatever new project is proposed. They will find some excuse.

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realbadaccountant t1_jbqp8t9 wrote

So do you honestly believe housing stays empty forever if they’re considered “luxury” and nobody can pay that price? Or do they eventually reduce the price to whatever the market will allow, get filled, the new occupants old houses become vacant, and so on. Because that is how economics works my friend.

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realbadaccountant t1_jbqnn4n wrote

A) you’re wrong. More housing is the only true affordable housing, period. And B) In case you weren’t aware, developers need profit incentive. NIMBYs doing a great job at scaring big ones away. Good luck finding a charitable development organization. And wait until you see the NIMBY backlash if there ever was a development with all “affordable” housing, which is an arbitrary term that means whatever the idiot uttering the phrase wants it to mean.

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realbadaccountant t1_jbqfcbt wrote

The city just lost many millions. Instead of getting tons of property taxes the City gets nothing and the homeowners will have to make up the difference. Oh well. Not like there’s a housing shortage, pension deficit and educational crisis. I’m sure they have plenty of time to wait another 5 years so NIMBYs can prevent housing again.

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