The economy might be booming, but housing has fallen into a recession: A top real estate CEO says he’s never seen anything like it

7 comments

1. As ever more money is funneled into the hands and pockets of the folks at the top of the economy… a “good economy” doesn’t have the broad based effect it used to have.

   In terms of average working people, unemployment is low, but so are wages so we end up with a lot of people working very hard to barely get by.

   Also housing prices are just so high that they are out of reach for most people under 50 who do not already own. I live in CA and am a fairly successful working professional, and I would say 80% of the people I know are struggling just to pay rent etc. Not one paycheck from homelessness, but maybe 3-4 paychecks from homelessness.

   I would say all of the lower 80% of income earner Gen Z folks have essentially no hope of ever buying a home in CA, or if they do it will need to be in a city far less desirable than where they were born and/or live now (as to Costal California and even places like Fresno and Sacramento that are also getting impressively expensive at this point).

   Seeing the great numbers come out of Wall Street right now makes me really reflect on the apparent fact that what happens at the top and a “good economy” for the folks who own the system has every little impact on the lived experiences of everyone else, particularly in rich states like CA. That said I am sure a “bad economy” will be even worse.

2. In the meantime I can’t afford a 2 bedroom without risking to be buried in debt 🤣

3. The economy is not good. Don’t fall for that shit. It’s only good for the top 10%. Everyone else is poor as fuck.

4. Funnily enough the people currently getting rich in the share market (“the economy”) are also owners of much of the property people can’t afford…

5. Dumb da dumb da dumb

6. Let it crash!

7. Good? We need housing prices to go down.