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Posted by on Aug 9, 2017 in Boomer Liquidations, Boomers, Jim's Take on the Market, Listing Agent Practices | 5 comments | Print Print

Boomers Causing Gridlock

Hat tip to daytrip for sending this in!

LINK

An excerpt:

People 55 and older own 53 percent of U.S. owner-occupied houses, the biggest share since the government started collecting data in 1900, according to real estate website Trulia. That’s up from 43 percent a decade ago. Those ages 18 to 34 possess just 11 percent. When they were that age, baby boomers had homes at almost twice that level.

Public policy contributes to the generational standoff. Property-tax exemptions for longtime residents keep older Americans from moving. Zoning rules make it harder to build affordable apartments attractive to senior citizens.

“The system is gridlocked,” says Dowell Myers, a professor of urban planning and demography at the University of Southern California. “The seniors aren’t turning over homes as fast as they used to, so there are very few existing homes coming online. To turn it over, they’ll have to have a landing place.”

Read full article here:

https://www.bloomberg.com/news/articles/2017-08-08/baby-boomers-who-won-t-sell-are-dominating-the-housing-market

5 Comments

  1. For Godssakes boomers!

    Since 2000, we’ve been bringing in around 1 million legal immigrants a year! That’s not counting undocumented workers and dreamers! And that’s on top of the *native* born!

    Add that up, and we have a BIG housing problem for destination cities, as we’ve been noticing/not noticing!

    Quit being selfish! Die already!

    You’ve had this country for over 200 years!

    Time to hand it over! Let folks from other countries have a chance at the wheel!!

  2. How many states have “property-tax exemptions for longtime residents” besides California?

  3. How many states have “property-tax exemptions for longtime residents” besides California?

    I’ve never heard of any – thanks for the note!

    It will probably mean that the boomer gridlock will last longer here!

  4. “Given the magnitude of property tax increases, we need real reform now.”

    I’d respectfully disagree. They need real reform yesterday. It’s the only way to hamper horrible government policy when they try to mitigate the damage they’ve caused by their random acts against their citizens.

    Property ownership beats out “gimme your poor, your tired…”

    Sanctifying unqualified third world fertility is not an economic answer. It’s the problem. Creating a social pressure valve for assorted Oligarchs and local mugs so that their citizens don’t attack them isn’t an economic solution that helps anyone. It perpetually infantilizes the exploited country, and creates an enormous fiscal burden on the host country, while changing it’s character forever, imo:

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