As a homeowner it’s not great to hear that something I have put so much into (and will be putting into for along time) will in the end be worth less than I paid for it.
However, if the housing situation doesn’t improve, we’re looking at another major emigration wave, new companies will not set up in Ireland as they won’t be able to find workers, the economy slows down, etc.
So, do I support more development to ease the pressure on young people, on the ability for the economy to expand, on keeping a good job and make peace with a little drop in the value of my house? Or, do I object and in turn make life miserable for a large part of the population, risk the economy tanking and possibly losing a good job… and in the end the value of my house tanking completely?
I don’t know how an economics professor can completely miss the bigger issue of falling house prices not being the pissing off of homeowners, but that the banks would have billions in loans for assets in negative equity.
The second problem with that it is it would probably grind sales of second hand homes to a virtual halt given that thousands of homeowners would be in negative equity and won’t sell up to up/downsize.
Prices coming down is good, prices coming down a lot is bad.
A history lesson with something about ruffling feathers at the very end.
Rising house prices don’t even benefit homeowners for the most part. It only helps those with **multiple homes**.
TBF, even if prices just stopped rising for a few years until wages caught up we’d be doing fine.
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As a homeowner it’s not great to hear that something I have put so much into (and will be putting into for along time) will in the end be worth less than I paid for it.
However, if the housing situation doesn’t improve, we’re looking at another major emigration wave, new companies will not set up in Ireland as they won’t be able to find workers, the economy slows down, etc.
So, do I support more development to ease the pressure on young people, on the ability for the economy to expand, on keeping a good job and make peace with a little drop in the value of my house? Or, do I object and in turn make life miserable for a large part of the population, risk the economy tanking and possibly losing a good job… and in the end the value of my house tanking completely?
I don’t know how an economics professor can completely miss the bigger issue of falling house prices not being the pissing off of homeowners, but that the banks would have billions in loans for assets in negative equity.
The second problem with that it is it would probably grind sales of second hand homes to a virtual halt given that thousands of homeowners would be in negative equity and won’t sell up to up/downsize.
Prices coming down is good, prices coming down a lot is bad.
A history lesson with something about ruffling feathers at the very end.
Rising house prices don’t even benefit homeowners for the most part. It only helps those with **multiple homes**.
TBF, even if prices just stopped rising for a few years until wages caught up we’d be doing fine.