RE: The Layout For The Globalization Of Real Estate
I've said this before and I'll say it again. This would hurt my net worth considerably if it happens but I would welcome a complete collapse of the real estate market because it would be so beneficial to young people trying to make a life for themselves. There's no logical reason for real estate to be so expensive, even in the most sought after places in North America or other first world countries. 75 years ago the cost of housing was cheap, and it became that way due to technology. I always think about that Chuck Berry song You Never Can Tell. He talks about a young couple who get married and the man takes a job. Then they buy a car and get an apartment, put some appliances and furniture in it and have a great life together. In the song it's all possible for an average married couple, and there's no mention of struggle to pay for it, and they don't sound like they have advanced degrees or come from rich families either. Most people had very little education and training back then, but they were able to do okay anyway.
On both sides of my family, my grandparents, who lived through this era as young people, started their own businesses and did quite well for themselves. They weren't rich by any stretch of the imagination, but they weren't struggling either. This is not the scenario that played out for their children, and it got even harder for my generation, their grandchildren. It's even harder now for young people than it was for us. This is due to massive market distortions inflicted by the government in my opinion. People think this is just how things go because this is the only thing most people alive have experienced, but they don't understand that what's happening with information technology now used to happen with things like housing, medical care and education before the government got involved. Living should be cheaper than ever and it's not, and it's because society decided to use coercive force to "fix" it. Hopefully we get back to a place where technological advances make it cheap to live again soon and my own kids and their peers can benefit from it.