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Andy's avatar

This sounds like bullshit to me, but perhaps I’m biased. Asides from myself, my entire family is what one might call “working poor” and just this week three people have called asking for help because they’re struggling. Two of them got promotions during the pandemic and one of them works as a train mechanic by day for Amtrak and had to pick up a second job in the evenings 3 nights a week to stay afloat. None of them have recreational drug habits, gambling addictions, or a penchant for spending money they don’t have aka crippling credit card debt. Sadly, not one of them can afford to purchase a modest home because every bit of their down payment savings dried up during the pandemic. My three person sample size is statistically irrelevant but I do have 43 cousins on my mom’s side alone nearly all of which have expressed similar misgivings in the family group chat.

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Rohit Krishnan's avatar

> If you manage nationwide housing prices and supply over time like Singapore does, then it can be OK, but that’s very tough to do.

Worth noting in Singapore the rent's gone up enormously (40-80%) for many over the past couple years or so too. Marginal supply-demand imbalance and influx of new money can have disproportionate impacts that reverberate through the system.

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