I could dump a dozen headlines from the last two days about how great the economy is. And one or two that talk about how the latest "GDP rose by 300 billion" is balanced by "public debt rose by 800 billion."
The economy of the world I live in hasn't been getting better; we've drastically reduced the variety of foods we buy and I'm stretching medications for chronic conditions
Exactly. The question is: who is benefitting from the +300 B in GDP? Everyone?
It would be interesting to know how much homelessness the canceling of student debt prevented? And what about all the Covid stimulation programs, many of which are ending soon, how much homelessness did those delay?
Finally, perception is reality for most voters. If I were to bet on the results of this coming Nov, I don't think I'd be putting my money on the incumbent.
If you are an employee in tech, media, entertainment, or gaming things are much worse than a few years ago. If you are of an age where you didn't buy a house already, things are pretty awful. If you were low enough income that small price increases break your budget, things are pretty awful.
Housing is a huge problem and while it has started to improve in some places that have started building a bit more like 'enough', it's going to take a while to turn that ship around. And there's still a lot of scope for reform in the US.
The good news is that it is something most people can help fix locally.
Like... look at this group of local NIMBYs trying to stop an apartment from being built in their neighborhood, where I live:
What’s wrong with this? People have paid lots of money for those houses and they don’t feel like the local infrastructure can support apartments population density.
I have seen huge problems in Tennessee zoning causing massive traffic issues where I grew up. It’s honestly very bad — maybe we should start by fixing the infrastructure first.
Spending money to try and stop homes from being built in the midst of a severe housing shortage is, to put it bluntly, gross.
The infrastructure is just an excuse. The roads they're talking about are some of the least busy in town.
Also you're never going to "just one more lane, bro" your way out of traffic. You need:
* To put more things people need day to day closer to where they live, so they can walk, bike, or still drive, just not so far. Zoning prevents this in much of the US.
* To build alternatives for the people who are able to use them, like bike infrastructure, transit and so on.
But you have to start somewhere, and you can't wait until everything is 'just right' before you build homes. The real world doesn't line up like that, it works in fits and starts and you do what you can where you can.
NIMBYism is rancid in general because it prevents the realization of anything that could materially help people, and keeps people at arm's length from problems.
Concerns about property values, congestion, and other impacts are valid, but are plainly less important than preventing homelessness. Or not having medical care. Or not having good drinking water. Etc.
It's possible that the NIMBYs in this case are right, especially if the proposed new "affordable housing" isn't really affordable at all, etc.
But in general NIMBYism is essential for keeping things exactly as they are: it lets people feel good about "wanting" better things for society, without having to make material decisions which are inevitably imperfect and zero-sum.
Brand new market-rate housing is rarely "affordable", just like new cars aren't, but the economic research is very, very clear that it creates "moving chains" that fairly rapidly do have effects on the overall market:
The problem is that there always is some objection. Building out in a wilderness area will have environmental impact. Building in a farm area will have a huge impact on the local, formerly rural community. Building in a former industrial area might have cleanup issues. Projects don't have "enough" affordability, or are too dense, or don't match the local style, or will require more investment in public services.
There are many impacts. But collectively if all taken seriously, it means we can't build anything. Or the costs to build just get really high. And then we don't have enough housing and the housing we do have is either very costly or in undesirable areas.
Something must give, and it really might impose costs on locals. But the alternatives ensure housing scarcity and its many ills.
What are the chances of a small group and 10k vs big business with infinite pockets and teams ofa lawyers who went to law school with the legislators and judges?
America is not a country where the little guy wins typically anymore but wishing the best for them.
These folks are not 'the little guy' - they are the lawyers and wealthy and people who have profited from big business, living in million dollar homes, trying to stop renters (actual "little guys") from moving into their neighborhood.
While some prices have decreased, studies show that gouging from pandemic peak times has continued in food. Cost of materials has gone down but prices remain high.
And as for medications, don't expect their prices to go down without legislation and bullying, as shown with insulin. The industry just owns legislators.
Same for housing. Soaking consumers is asymmetrical warfare.
Yup tired of the election propaganda trying to make it seem like the current ruling party is doing great because the economy is just humming along.
At this point the media is gaslighting the public. This is the most bleak economic future I have seen in my lifetime. I say this as somebody making multiples of the median income. I greatly worry that one day I will join the lower class (where I started) in misery as my buying power is completely eroded.
> In December 2023, the U.S. median rent continued to see a year-over-year decline for the eighth month in a row, down -0.4% for 0-2 bedroom properties across the top 50 metros, a pace slightly slower than the -0.6% seen in November. The median asking rent was $1,713, down by $4 from last month and $63 (-3.5%) less than the peak seen in July 2022. However, it was still $309 (22.0%) higher than the same time in 2019 (pre-pandemic).
If these numbers are not inflation adjusted, then $309 (the increase) is just about 22% higher than the pre-pandemic number, which almost exactly tracks inflation since then.
16 comments
[ 6.8 ms ] story [ 60.9 ms ] threadThe economy of the world I live in hasn't been getting better; we've drastically reduced the variety of foods we buy and I'm stretching medications for chronic conditions
It would be interesting to know how much homelessness the canceling of student debt prevented? And what about all the Covid stimulation programs, many of which are ending soon, how much homelessness did those delay?
Finally, perception is reality for most voters. If I were to bet on the results of this coming Nov, I don't think I'd be putting my money on the incumbent.
The good news is that it is something most people can help fix locally.
Like... look at this group of local NIMBYs trying to stop an apartment from being built in their neighborhood, where I live:
https://www.gofundme.com/f/save-compass-corner
That's entirely a local problem, not something the supreme court needs to fix.
I have seen huge problems in Tennessee zoning causing massive traffic issues where I grew up. It’s honestly very bad — maybe we should start by fixing the infrastructure first.
The infrastructure is just an excuse. The roads they're talking about are some of the least busy in town.
Also you're never going to "just one more lane, bro" your way out of traffic. You need:
* To put more things people need day to day closer to where they live, so they can walk, bike, or still drive, just not so far. Zoning prevents this in much of the US.
* To build alternatives for the people who are able to use them, like bike infrastructure, transit and so on.
But you have to start somewhere, and you can't wait until everything is 'just right' before you build homes. The real world doesn't line up like that, it works in fits and starts and you do what you can where you can.
Concerns about property values, congestion, and other impacts are valid, but are plainly less important than preventing homelessness. Or not having medical care. Or not having good drinking water. Etc.
It's possible that the NIMBYs in this case are right, especially if the proposed new "affordable housing" isn't really affordable at all, etc.
But in general NIMBYism is essential for keeping things exactly as they are: it lets people feel good about "wanting" better things for society, without having to make material decisions which are inevitably imperfect and zero-sum.
https://bendyimby.com/2024/01/01/housing-supply-and-demand/
Agree with everything else about NIMBYs.
There are many impacts. But collectively if all taken seriously, it means we can't build anything. Or the costs to build just get really high. And then we don't have enough housing and the housing we do have is either very costly or in undesirable areas.
Something must give, and it really might impose costs on locals. But the alternatives ensure housing scarcity and its many ills.
America is not a country where the little guy wins typically anymore but wishing the best for them.
And as for medications, don't expect their prices to go down without legislation and bullying, as shown with insulin. The industry just owns legislators.
Same for housing. Soaking consumers is asymmetrical warfare.
At this point the media is gaslighting the public. This is the most bleak economic future I have seen in my lifetime. I say this as somebody making multiples of the median income. I greatly worry that one day I will join the lower class (where I started) in misery as my buying power is completely eroded.
> In December 2023, the U.S. median rent continued to see a year-over-year decline for the eighth month in a row, down -0.4% for 0-2 bedroom properties across the top 50 metros, a pace slightly slower than the -0.6% seen in November. The median asking rent was $1,713, down by $4 from last month and $63 (-3.5%) less than the peak seen in July 2022. However, it was still $309 (22.0%) higher than the same time in 2019 (pre-pandemic).
Seems like a non-news article to me then.