It will become like it is in some Turd World nations. 80 - 90% of the nation becomes renters of this sort while the other 10 to 20% remain owners. This small section of the country would consist of what are now the upper middle class and rich, just like it is in Turd World countries. There is no large middle class otherwise, and the 80 to 90% are in essence peasants or worse, for all intents slaves.
Throughout most of human history, this was the rule in nation after nation. It slows economic, intellectual, social, and every other sort of societal growth but for the 10 to 20% it's a great thing and they are the ones that control everything.
Right now, about 8.8% of Americans are millionaires. That's how this works. If you are in that group, or near it, you would be one of the 10 to 20% not stuck as a perpetual renter in a sucky job subject to the whims of government and the authorities.
We can thank the Fed for so many institutional investors getting into the residential market. Does the business model make sense with higher rates and a slowing market (or prices dropping)? Not sure it does. They may have millions ready to be deployed but no guarantee they do in these conditions. Talking to folks who do this they’ve said they are reevaluating their strategy going forward
Really no more or less than at any other time in our history. What's changing is that social mobility--a major hallmark of American history--is rapidly coming to an end. More and more, Americans are finding themselves stuck where they are in society economically and socially. The paths that used to be open for this in America are slowly being choked to death, primarily from the Left. Some examples:
Destruction of organized religion (being involved in one and a church gave you a social path to success outside of church)
Destruction of the nuclear family and marriage (a major route for women who typically marry "up.")
Education (even a good high school education could get you into a good job, while college was affordable. Now neither is the case)
Inheritance (Onerously high inheritance taxes are a staple of the Left. Why should you inherit the family farm or family wealth and grow it?
Generational improvement (abortion abstinence, and lack of children--again the nuclear family all leave one generation to the next without this path)
Ownership (be it land or "stuff" Americans over generations grew wealth through ownership. That's being taken away by taxes and government policy)
Those are just a few of the paths the Left has done everything possible to remove from society. Without them, most people stand little chance of moving up and certainly families cannot over generations like they traditionally did. It makes most of society into proles and peasants locked into servitude and destitution by their masters, The Rich and government.
This illegal illegitimate regime that runs America is at fault...not me.... they do not represent me and I have long objected to their crimes against humanity.
This illegal illegitimate regime that runs America is at fault...not me.... they do not represent me and I have long objected to their crimes against humanity.
Exactly. The Left has been successful in getting people out of these things. Here's a good paper on it
https://www.tesd.net/cms/lib/PA01001...wlingAlone.pdf
It's the loss of group activities that has made the social glue come apart. Top that off with a stripping of the means to accumulate wealth over generations and you get a society where a small fraction of people can succeed and the rest end up pawns.
This illegal illegitimate regime that runs America is at fault...not me.... they do not represent me and I have long objected to their crimes against humanity.
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