Greed, greed, greed
Regarding why the housing crunch exists across the country: There is no such thing as “the law of supply and demand.” That’s a euphemism for greed, made up for the benefit of the rich by economists. There are some exceptions to this blanket statement, such as when the supply systems were interrupted during the pandemic and employers needed income to pay employees.
But really, it’s plain old price gouging by persons whose costs have not risen a lick. They have something more than one person needs, so they jack up their prices. In this brave new world created by politicians bribed by the rich (lobby money is also a euphemism, for bribery), a whole lot of people, let’s say 1%, which in the U.S., is more than 3 million persons, have been allowed to be paid/steal – not “earn” – tens of millions of dollars per year. This gives us a group of persons with more money than they know what to do with. But, who nevertheless believe they should have all the money in the world, since it’s their only measure of self-worth.
One of the evils such folk perpetrate is using their relatively unlimited wealth to bid up properties upward of 50 times their normal market value. I know a person who bid on more than 30 houses, stretching their ability to pay and losing every time to higher bidders. They finally were sold a house they bid over the listed price on, and were not the highest bidder, because the seller recognized a kindred soul. They paid $735,000 for what was once a $35,000 house. I know another person, renting a 920-square-foot house for $2,100 a month, on a lot with a smaller house, rented at $1,200, who was forced out after eight years so the landlord could sell at a listed $1.2 million. It was on the market one day, bought by cash, for more than $1.2 million. The buyer intends to charge $3,000 and $2,400 rents, respectively.
That’s not supply and demand; that’s out and out greed. And it’s time for governments at all levels to act to control the 1% of the population who are destroying society, which is a euphemism for “you and me.”
– Charles Larson, Arizona