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this post was submitted on 31 Aug 2023
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People that can’t afford a property now won’t be able to either when we go in a recession. Housing prices will drop, sure, but so will people’s incomes/savings. Individuals and entities that have deep pockets can withstand this dip and swoop in to buy up all the cheap properties and hoard them until the prices inevitably go up again.
I’m not the only person that thinks this way.
Or do you think the housing market exists in a vacuum and the bubble will pop without any other economic consequences?
Why do you keep saying recession?
I don't think prices will drop, period. The moment they do, a company will buy up all it can and prevent the average citizen from owning anything, just as you said.
As far as income is concerned, there's no way in hell it will drop proportionally in a real estate crash, just like wages didn't rise proportionally with a bubble.
I don’t know if you’re being intentionally obtuse about this? In case you’re asking in good faith, I say recession because I don’t think it’s mutually exclusive from the housing bubble popping. I think if one happens the other will follow. But that’s just me.
Ok then.