Ok but let’s stop blaming people for buying places to live and recognize that a larger problem is corporations buying properties by the dozens and using them as sky-high rentals or just a place to park money.
I’m okay with blaming nepotism. I also want to point out the other problem is the vast majority of new housing builds in cities is entirely luxury condos. You can’t fix a supply and demand issue if you never address supply.
Calling that nepotism is a stretch imo. There is nothing wrong with borrowing money from your parents for a down payment just like there’s nothing wrong with your parents paying your tuition.
The problem you highlighted - luxury development - is a significantly bigger issue. And that’s less of an issue than corporate landlords.
Then there’s private rentals which I’d say is the biggest factor involving individuals (not companies)
But a 28 year old borrowing money from dad is a drop in the bucket. It feels unfair to me to place any blame on them at all
Only 40%? That seems…not true.
That’s not nepotism. Nepotism would be some land baron giving land to his kids, or a city official changing zoning to allow their family member to build something otherwise restricted.
Obama (or Illinois?) gave me 10k down payment in 2009 and I got a tiny townhome at 23 right after I got a job outta college. I stayed in it for 10 years and traded it in for a bigger house like a crab after I got married.
I was not money conscious at the time but my dad pretty much forced me to get a house if I had the means. I’m glad he did.
So I guess I was also gifted my down payment from my parents and other tax payers parents.
God, if only people could just like pool their resources together to build homes or something…
We could even call it something like “social housing,” and have it be a publically regulated service instead of treating housing as some sort of game of investment for the wealthy? No no, totally impossible…
