Wednesday, October 19, 2016

Housing 911 in Our Cities

When you mention those three numbers, nothing good comes to mind.  Sadly, there are more ways and reasons to die. The one that I'm referring too is a slow process that has already begun.
At present there are eleven major US cities whereby nine have more renters than home ownership.
1)Miami with 65% renters.
2)New York has 64%
3)Boston 60%
4)San Fran with 51%
5)Houston & DC with 54%
7)Dallas 53%
8)Chicago 52%
9)Atlanta 49%
There is another large grouping with Philadelphia on top with 44% and onward or downward?
Many reasons, but on top, cost. Economists talked about "white flight" back in the 70s. This is so typical of shills. They post half truths to cover the full truth. It is true that whites moved to avoid blacks, but central to that fear would be the perception that it would lead to a loss of value in their present home, not to mention crime. At the same time this same class could get a new home in the suburbs with lower taxes and gas was cheap. Many black families suffered from the first US economic haircut - the loss of small manufacturing jobs  Drugs and booze came as medicine for their depression. We know that that is no help. This was the whole picture. The suburbs was a no brainer!
Today, gas is high along with taxes in the burbs while cities offer services, no commute with transportation to work. Wait! You say. Gas is now cheap. Wrong Kimosabe! Gas in the 70s was .61 cents a gallon. Now, even with the lower price, it is still 4x as expensive. It is not cheap and car insurance, maintenance and drive time must all be factored into the equation.
With that said, cities are also desperate for revenues to pay for those services as well as infrastructure, pension plans and other costs. Do I have to remind you that it cost $14. one way over a bridge in New York or under a tunnel? As cities raise taxes, especially on businesses, they face another "flight" to a tax haven state or location where taxes are traded for jobs. This flight has begun and outsourcing will only make it worse.  The renters will follow. This will leave city budgets with a vacuum bigger than any sinkhole on record. A push for seniors will not work as the southern warm belt already has their grandkids. This is a slow death that nine of eleven US cities face. It will be a sad process, but because of the Fed's destruction of our currency which destroys our living standard, our cities are facing a slow death not to mention our government wasting all our lives and resources to police the world. One solution is to end external conflicts and use needed funds at home. Our citizens need to know that all lives matter. Give Peace A Chance!
P.S. I have not posted because I have undertaken a long distance move. I had no internet nor time. Little by little I'm returning to form. Your patience is appreciated. Thank you, dear reader.