Great video Uytae! One minor caveat. At around the 4:30 mark you talk about paying off the mortgage and then rent being like really cheap. Many co-ops have used the financial room provided by paying off their mortgage allows them to reinvest in the physical asset to maintain high quality housing, while still keeping reasonable housing charges.
And the other option likely favored by investors: in a market with high prices already normalized, just keep the rent super high and keep raising it for pure profit.
Some co-ops that have lower costs, such as from paying off mortgages, may also choose to create their own subsidies to help those with lower incomes gain housing in the co-op. As government subsidies for rent-geared-to-income supoort is drying up, some are doing this as part of their mission to provide mixed-income housing.
All these are not solutions to anything. They never were, they never going be... Do you want to live in a 4 bedroom Greek Villa with a swimming pool and private access to the sea? The rent is $600 CAD. The construction and material cost is almost nothing compared to the fees and taxes you pay to the government. Just getting water to your lot costs you over $100k.
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighbourhoods. Then you’ve got Better, average sized homes in nicer neighbourhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Personally, I can connect to that. When I began working with a fiduciary financial counsellor, my advantages were certain. I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2021 this time with guidance, Long story short, its been 2years now and I’ve gained over a million dollars following guidance from my investment adviser.
This is huge! think you can point me towards the direction of your advisor? been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Well, first you'd need to change the government and get them to change policies that would enforce rules upon the private market. Don't know why you'd do that though, I think that market is mostly fine. If anything it would be nice to have buying of land more profitable.
The sad part is the world is full of leeches who don't have a shred of humanity in them. Plenty of "landlords" are just like that. Never worked a day in their life, never earned a dollar, only exploited others to get it. They'll pretend it's somehow their tenants' faults, but really the sole problem is that they're greedy apes who invariably got all their land and wealth via inheritance, not hard work.
Overpaid homes bought during low loan rates will spark a housing crisis. As prices drop, owners with no equity will face foreclosure, unable to sell without incurring losses. With mass layoffs and rising living costs looming, many will struggle to afford their homes, exacerbating the catastrophe.
Diversify your portfolio by investing in stocks to offset real estate risks. Even in recessions, markets offer great buying opportunities with caution. Volatility can create excellent short-term trades. (Not financial advice) But with cash yields low, now's a good time to invest!
Exactly! With guidance from an investment coach, I successfully diversified my $450K portfolio across asset classes, generating an impressive $830K in net profits through a strategic mix of high-dividend stocks, ETFs, and bonds.
After a dismal year for my portfolio, I sought new strategies to revitalize my investments, but every approach I attempted fell short. I'm eager to learn from your success - could you please share the name of your financial advisor?
I've experimented with a few over the past years, but I've stuck with Rebecca Noblett Roberts for about 3 years now, and her performance has been consistently impressive. She's quite known in her field, look her up.
Thank you for sharing, I must say, Rebecca appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled a call.
The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.
I get such worries too. I'm 50 and retiring early. Already worried of the future and where its headed, especially in terms of financies and how to get by. I'm also considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
For you to grow your portfolio in today's market, you really need to be coachable and willing to get off your high horses. I for example, have managed to grow mine from $150k to 300% of my initial deposit within the past 8 months just by copying trades from a broker that has better skillset and technical know-how than me.
Finding financial advisors like Annette Marie Holt who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I moved into non-profit housing for the first time, a year and half ago. For the first time in my life, everything makes sense and I am getting ahead financially. I love my place and my rent is a pleasure! I qualified for this non-profit housing by being over 55. Since moving here and seeing my life flourish I have come to believe we should have this solution available for everyone! I live in Squamish, BC a small town with (guess what?) a housing crisis. Rents are approximately Vancouver level. Not mine. Plus I feel security for the future and more connected with my neighbors and the people who run the society that produced this non-market housing. I don't see why we cannot have this in Canada.
"Why we cannot have this in Canada," because of senseless public opinion from those who benefit from the housing crisis. Want to change all this? Take these NIMBY folk to court.
You living in a non-profit building means someone else is covering your cost of living and losing money Why should someone have to work for free just so you can get ahead financially Do you like working for free? No. You go to work to make money. So why should someone else have to build a house for you for free.
@@mortgageapprovals8933Did you watch the video??? Nobody loses money, you get all of your money back at a certain point and other organizations can help. you are not working for free, you're just providing a human right without being greedy. This ultra capitalistic mentality of work profit work profit is what is killing the world.
I work for Vancity and I wish we did more advertising like this. Giving away 30% of our profit each year allows us to make some really impactful changes in our communities. Just imagine if all banks did the same, or if everyone decided to more their banking to FIs with these same values. We could legitimately erase the housing crisis.
Dude, if everybody knows businesses pay the least tax why doesnt the law change in order to accommodate for that. I mean in 2015 people were literally calling it a "loophole", and no one in government thought that it would create a big enough financial disparity in the future to fix? The governemnt isnt governing:/
@@veronikakerman6536i assume the 70% is going back into the company in the way of wages and possibly other things? who knows. plus havign a cusbion of koney can help if any major disaster happens
Much better to address the problem of red tape in housing development. Zoning and its other regulatory cousins are a problem no matter the type of housing you're trying to build.
We just have to convince the people who made this crisis and have everything to gain from it and are simultaneously in charge of handling it that they should do this!
This “crisis” is made to give a green light to this communist agenda. The government created that “crisis” have ties to those “nonprofit organizations” to get private homeowners kicked out from the market when everyone rents those non-market properties owned by WEF guys and people eventually own nothing and “happy”.
@@piledykstra It takes years and years of bureaucratic bullshit to get a house built in Vancouver and it's all low density housing even though it has a huge population. The housing crisis is pure government incompetence and nothing else. The population went up by a million last year and we only built 200,000 new homes. How the fuck is that sustainable?
Back in 2007, during my time working in real estate, I witnessed people purchasing newly built homes from builders with the plan to sell them before the closing of escrow to another buyer for a profit. The crash hit hard and fast, and I vividly recall many of these units ending up foreclosed upon, with the builder's plastic still covering the carpets.
Most people find it difficult to handle a fall since they are used to bull markets, but if you know where to look and how to maneuver, you can make a size-able profit. Depending on how you intend to enter and exit, yes.
The problem I see in my town in the US is that there are droves of people moving here, buying multiple houses, and instead of renting, they are turning them into AirBNB's and timeshares. The average individual income is $28,000 for an individual here, while the average rent is $1450. You need to spend over 60% of your income on rent alone, excluding utilities, rising gas and grocery prices, loans and other bills, etc. The wait time for low income housing is approaching 3 years. Every town council meeting I watch only concerns more benefits for seniors and retirees, while swarms of younger people are moving out because literally cannot afford to rent an 800 square foot studio. Almost every business I see is desperate for workers. Some have had to close down permanently. It's getting ridiculous, but sure, let's keep lowering the cost for the retirees so they can have more money to spend at the closed down stores while they struggle to find somebody to drive them there.
You touch on a lot of issues here … people flooding into the city while units are becoming airBNBs obviously upsets the supply/demand balance, often to the detriment of young renters. That is a major problem around the world. However, not sure I understand what seniors have to do with it? What benefits is your city council providing for seniors? Obviously doesn’t make sense to be providing benefits solely for seniors while driving out the young.
@@bl9531 The retired are usually the ones who attent town hall and zoning meetings and the like, so their concerns are the ones that are usually heard. Other than them, it's NIMBYs in general. So things that those groups of people don't want get blocked, making the trend continue. There needs to be more civic engagement and education in the general population.
@@WindsorMason all true no doubt, but what are the specific measures City Council takes to lower costs for seniors. Hard to say if it is fair without knowing what he is talking about.
The problem is all new construction in The US- virtually all Is Market housing!! That’s why even someone working full time can not afford rent. The standard used to be 25% of one’s income should cover housing. Wages have not kept up with increasing cost of living. Thanks unfettered capitalism and corrupted politicians for creating policies that drive income inequality to ever increasing chasms!
Social housing was a massive stabaliser in the UK until Margeret Thatcher introduced the Right to Buy scheme, it was seemingly a chartiable policy, allowing tenants to buy the houses from the local councils rather than renting. Eventually though, you now have an entire generation that have since brought these social houses on the cheap in prime central locations, sold them at record profits and then gone to spend their retirement in a lovely country home, these homes were of course sold to private landlords, who will now rise the rent and profits and you have my generation, who can never afford a house and can barely afford the predatory rent, and no actual social housing solution, since they were all sold away into the private market. Alas, today a house in the place I grew up costs upwards of 1 million where it was sold for 60k in the 90s But of course our wages have not seen a 2000 % increase to match
Exactly same thing as Australia in the late 70s early 80s. They sold a bunch of gov houses at discount. Since then, have built fuk all! while the population has grow some 30-40% It's sad people are so me me me now, if they think their taxes go to broken people they cant get tax subsiding in their already flourish business.... Sometimes. WE need to just care a little and it goes a long way. ❤
Yep, the elders f*&ked us all up. The boomers have grabbed all land and housing while the 80s, 90s, and 2000s babies have nothing to take and call our own. Many people have 2, 3, 5 homes, just renting them out. Greed! It's pretty disgusting and if I dwell on those thoughts too long, I get physically sick. Becoming a homeowner seems hopeless.
@anonymousone6075 I was in gov housing for my 20s and was grateful for it. It gave me dignity, and the chance to rebuild myself into an independent adult by my 30s. It took time but it happened, and now I hope to repay that by being a good parent to my kids role model strong values. Soon as I was stable I moved out. But yes you get some people who stay forever, even if life takes a good turn, they don't want to give up such a good thing. They have money, secretly rent to other people and make huge savings and refuse to give the next an opportunity. But it can take a person some 10- 20 years to get on track if they were not raised well. But for the few that get there, we should finally share with another to gain entry into a very tight small market. Average wait to get in at Sydney is about 20+ years if you even get accepted anymore. 20 years, your a different person.
@anonymousone6075 part of the reason people are owning cars like that might exactly be the cheap rent, much easier to save for a nice car even with a lower income in that case.
unfortunately, you don't understand any aspect of anything you brought up. It's hard to get out of prison if you don't notice the door's unlocked and that you put yourself there in the first place.
The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of 2020, it had dropped from 68 to 65.
You're not doing anything wrong; the problem is that you don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high salary in these challenging conditions.
Actually, I'm not sure if I'm allowed to mention this, but I'd recommend looking up " Margaret Johnson Arndt” because she was a big deal in 2020. She manages my portfolio and serves as both my coach and my manager.
Canada's housing situation is different though. I can't lis everything but for starters mortgage criteria are stricter so less susceptible to what happened to the US.
im glad you mentioned that it's relatively cheaper because frankly nearly 2k a month is still an insane price to pay to exist in someone else's building
@@JulianFortune I was unaware of this, the way the information is presented in the video led me to understand that it was just not-for-profit rent. thank you for correcting that!
Purchasing a home is already a very difficult thing to do, unless you pay cash or don’t get a loan from the government. If only my minimum monthly house payment, over the course of 30 years I’ll pay more than double what my home is worth. I purchased before things got crazy so I got a good interest rate. I couldn’t imagine trying to rent or buy right now.
I hope to own a home some day, not quite long I started investing. I'm very curious already and need help on how to enhance and increase my returns. Any good investment tips will be appreciated.
The enduring US stock market bull run evokes a mix of fear and excitement, presenting opportunities with insight, resulting in $780k gains in the past ten months, utilizing a portfolio advisor for a well-defined strategy.
The UK used to have a large supply of council housing which operated as non market housing. These were built and maintained by local councils and often used for people who couldn't afford normal market rent. This was effective until they got sold off in the 80s where it's really been going down hill since then.
Thatcherism is the most successful political idology ever to hit the world. The most successful in adoption, not outcome. The outcome is poverty, loss of skills, an education system that doesn't, social disintegration, deindustrialization etc.
Oh the eighties, a time when perhaps the richest generation the west has ever seen decided they wanted to be richer, and that everyone else (past and future) should suffer to make it happen.
@@notgabby604 Yeah because life in 1979 under Labour before Thatcherism was very successful. - Electricity 3 days a week because of strikes. TV switched off after 10pm (so think internet nowadays) to conserve electricity. Bus stations closed on Thursdays. - Garbage all around the country from strikes - UK becomes the first developed country to beg the IMF for a bailout because the government was bankrupt - Recession, 10% unemployment, 22% youth unemployment, 14% inflation - Salaries fall below Italy for the first time in 200+ years - Germany bans imports of British cars in 1977 because the quality of Britain's nationalised car company, British Leyland, was so bad they feared for safety of drivers and passengers. (They later went bankrupt in 1986 because nobody wanted to buy their cars, not that they produced a lot anymore, they were usually busy on strike) - British Overseas Airways, while still a nationalised company, miraculously went bankrupt in 1974 despite having a monopoly on all flights from Britain. Apparently even when you're the only airline that can exist, you can be so bad that still nobody wants to fly with you. Or maybe the crap economy meant nobody could. Either way, they died. As everyone who lived through the 1970s knows, 1979 under Labour was peak civilisation, and since Thatcher ruined the utopia that was handed to her on a plate, everything has been going down since the Golden Age created by the 1974 election and all the intellectuals that spawned.
@@varsoo1oh you mean the same 1970s where we built more homes in a single decade than we have both before and after. Mate the 80s were shit too; or did you forget. We've had one good pm in the last 50 years and that was John major. He was a good man, that at least cared when he messed shit up. The rest are soulless, they've have done nothing but systematically ruin our country bit by bit and we we're all to young or too busy to notice
@@varsoo1 I think the point of the video and this discussion in general is that nonmarket housing stabilizes the housing market. That way, you don't end up with a crazy situation like what you're describing. The goal of any society is stabilizing the market and society so they can progress, and less about pushing an extreme political ideology that might be convenient at a particular moment in the 80's. Now everyone is afraid there will be yet another financial crisis and living with uncertainty even when there is a lot of money moving around. In the US at least, basic services are inflated to Weimar Republic levels and there is a lot of political violence from that.
I really really really appreciate how you treated price-regulated housing and increasing the supply the housing as not just compatible, but actually complementary. The worst part of housing debates among progressives is when it devolves into "nothing but rent control" vs. "nothing but new market construction", and this is one of the most elegant avoidances of that tendency I've seen!
If I've learned anything about social issues, it's that problems almost always have more than one cause, and the best solutions have more than one part! "Nothing but x" very rarely is actually the best solution
@@sydneygorelick7484 Exactly, very rarely a problem is solved with an absolutive solution, problems usually have multiple causes and thus multiple solutions that need to be implemented, but because we are stupid, we've put the solutions in rival teams of colours.
I predict a housing crash due to people buying homes over asking price, lacking equity if prices decline further. Foreclosure becomes likely if they can't afford the house, and selling won't yield profits. With anticipated layoffs and rising living costs, many individuals may face this situation.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too
You are right! I’ve diversified my portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
I found her page by searching for her entire name online. After that, I emailed her and we set up a meeting so we could talk; I'm currently waiting on her response.
Another critical part of fixing the housing issue is zoning laws, between mixed use zoning, vertical zoning, better public transit access (there are some cities in canada that are 40% parking lot) and non market housing there is a lot of good ways to combine these to form sustainable communities. Unfortunately NIMBYism tends to cause problems.
THIS - exactly. Moreover, municipalities are in competition with each other to maintain the status-quo - any neighbourhood or municipality that liberalizes their zoning rules will get an entire region's-worth of development. This is reform that needs to happen at the provincial level - the municipal charter needs to be amended to unify zoning rules around zones that can't be used to stop development. No public hearings, no community action. What your neighbor does on his property (even if that neighbor is a developer) is none of your damn business.
‘Vertical housing’ in the USA usually has a ton of bs fees and ‘maintenance’ charges, insurance etc. That’s a huge part of why many only consider single family homes.
I don’t like fees either but it isn’t BS. You have to buy insurance for a single family home too. And the maintenance fee is in lieu of mowing your lawn every Sunday.
You missed some points about non-market housing. Co-ops, which are managed by residents on a cost-recovery basis are great. But paying down the mortgage doesn't necessarily mean that it gets cheap. My co-op had to take out a large, multi-million dollar loan to pay off the existing, higher-interest rate balance on our previous mortgage and to pay for maintenance that is now needed on our 40+ year-old development. It is a large development, with well over 100 units. So housing charges (the equivalent of rent) do go up every year because we have to recover costs and costs keep rising. However, we're still about 60% of the cost of private rentals in our area. But the great thing is that all residents have a vote and nobody is making a profit, we just have cover our costs. The problem with trying to build more co-ops is that politicians get fat bribes...oh, sorry, "donations" from developers who sell them public land for cheap. Back when my place was built, the area was a rundown industrial zone. Now it's a very desirable area and non-market housing was a pioneer of the transformation. Now the private developers are here and there is no talk of more co-ops. And if the topic ever does come up, the developers just muddy the waters by calling it "public housing", insinuating is the poorly run and maintained developments that the government uses to house the poor. One challenge for co-ops is that market conditions are diluting what makes co-ops really special--self-determination. Whenever the waiting list is opened, it gets filled with lots of people who don't want to participate in the work of running the place, they just want a cheap place to live. There's also the challenge, in older co-ops of it getting insular. In some cases you'll see families where two, three, or even four generations live in the same co-op. They have no experience of the private rental market and get some pretty kooky ideas.
Co-ops are certainly an interesting opinion, but I don't think they should be the norm for non-market housing (in the US and Canada at least). Simple not-for-profit corporations with fairly conventional management structure really should be the most common form of development IMO. The problem, of course, is raising the initial capital... Which is incidentally something federal governments can do very well. The basic idea is that the federal government would provide the loan (at a rate only to offset risk) for housing development projects which are approved by the local government (which have to review and approve those projects anyway). Just take the "rent taking" profit motive out of it. Everyone who actually does any real work still gets paid, just not the lender or mere owner.
Thanks Clark. I believe we all need to politically organize to (in a civilized way!) debate & challenge the Developers on the havoc they wreck on the rest of society by maximizing profit and the lies they tell & bribes they pay to get away with it. Are their already organizations that do this? And like almost every single political issue ever, it is ruined by the power of money in politics - named that Elections & Lobbyists are privately funded, rather than Publicly funded. This would make both much, much cheaper too, as well as gearing both more towards the public interest. "Those who pay have the power".
@@travcollier Turning over the running of non-market housing to bureaucrats with no skin in the game is how you get the many public housing disasters that litter North America. Non-equity housing co-ops (there are equity co-ops in which people own their units) are managed by a board of members but the work that requires expertise is done by experts. We have accounts, maintenance staff, profession admin people. There's repairs being done to the brickwork of the building (40+ years, that's gonna need to be done). That's all being done by professionals. As for the issue of land acquisition, that can be done in many ways. First of all, any publicly owned land that is to be developed should prioritize non-market housing. Second, private development can have a levy applied that is used for such acquisitions. There's also the power of expropriation. Getting funding needn't be complicated. Back in the heyday of co-op development (60s and 70s) government-insured loans did the trick. There's simply no political will, though. Those who are lucky enough to own and private developers are a loud voice that politicians listen to.
Very flattered to be pinned. Thank you. I'm glad you made this video. There is never any mention of non-market housing in all the hand-waving that politicians do about "affordable housing."
The issue is similar in USA. California has extremely high rent but whenever anyone tries to build something homeowners come out in mobs to contest it.
@anonymousone6075that’s not the problem I see here in Silicon Valley. The problem here is that the cost of living is incredibly high, because people working at Google or Facebook can afford to pay ridiculous amounts for those houses, and for rentals in the area. This means that the teachers and restaurant employees can’t afford to live here in the city. We need to create more actually affordable housing, including larger multi family houses, non-market housing, and to change our zoning laws to allow more tiny houses/ADUs, and actually walkable neighborhoods.
@anonymousone6075 The problem is the people already live here. They just live in their cars, with their families, in homeless shelters, or in overcrowded apartments. 20,000 people in LA live in their cars -- and most work full time jobs.
I live in a post soviet Eastern European country in what I'd call a multistory concrete jungle. Yet there are plenty of stores, restaurants and even private houses in the area. From what I know about north America, the zoning laws prevent that from happening, making them dependant on a car. I think if you sell to people how much more convenient their life will be without zoning laws, that might help with the housing market in general.
The solution isn’t removing zoning laws entirely, but design zoning that benefit the people living there instead of the automobile industry for instance.
@@alittleofsomething some zoning rules are definitely required. You wouldn’t like a noisy factory as your neighbor. What you have in your country seems to be a balance of local commerce and housing, this is the result of a good zoning policy.
@@antoruby I don't really care where my house is. I found an apartment that's right next to a train facility with regularly running trains, and the thought of living next to that doesn't bother me. My local concrete jungle is result of Soviet Union.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
The thing I’ve always hated about renting, is that they’ll charge huge rates on you, and then talk about how they charge those rates to fix things, but if you’re fixing things so much that every tenant has something broken once a month and it takes more than a thousand dollars to fix, then there’s an issue with the building, or the people who own it, or both. And if their excuse is “oh, but it may not be you that’s causing things to be broken” then great, lower my f*cking rent, and stop making me cough up dough for what other people break. And so when you get down to it, it really is just them taking advantage of people in desperate need of housing.
Years ago I ran for election on the platform on Community Land Trusts in combination with Limited Equity Cooperatives. It was extremely popular in conversations while door knocking. Unfortunately I was outspent 17x1 and lost to someone taking donations from the real estate industry and land developers.
Hi Dana, I'm curious to know more about your plan! I ran in a local election and lost to the incumbent (but got more votes than his previous assistant - small victories), but I'm still trying to push for more solutions to housing crisis. I'm wondering if you have any good books/articles/etc about this topic?
@@denimdaphne "American Apartheid", by Douglas Massey and Nancy Denton was an eye opener for me. I have a degree in planning and learning the history of urban planning was critical in my policy proposals. So I'd suggest going to well established Urban Planning programs at different universities, look up the syllabi for any courses that focus on historical aspects of urban planning, and read the books they lists out.
@@denimdaphne Also try to learn about black neighborhoods pre urban-renewal and post urban-renewal to learn specifically about the policies that we know for a fact destroyed communities and what they were like before.
As someone in a "third world" country, I find it interesting that 1,000 Dollars a month is considered affordable. What you get for the same amount of money varies rather wildly depending on where you are.
@@ralphwarom2514 Those rents are quite insane tho. Even Munich one of the most expensive city in Germany and Europe isn't as expensive as that. (4.500€ for a normal flat,...)
@@lexxihd5843he literally explained how govt funds those European housing markets so it’s cheaper, we have a private market so demand= high rent simple
Currently paying $3500 for a 1 bedroom 20ish minutes outside of downtown Miami. When I moved here a few years back I was paying $2400 for a studio and that went up since then as well. Truly so crazy and I’m not sure how people can afford to live in this city as it continues to rise
You can thank the Government. Raising Property Tax, Fees, Permints etc. I mean for everything. We already Over Pay in taxes. Now they charging us more in in so called Fees and Permints. Guess what landlords do. They pass that expense onto us! That the Government fault! Government is also making new jobs. I went with landlord to one to see why they where charging more. They said this office is for more protection for landlords and tenants. But their was a fee to be paid. Which they suggested the Landlord to pass on to the tenants. I stated I do not need more protection from you. I rather keep my money. You are making my rent go up!
Really enjoyed this video. I'm constantly asking myself what kind of solutions can help ameliorate the housing situation in Canada. I appreciate all the research you put into the videos and of course the fantastic presentation!
The solution is to nationalize the land. Abolishing the rent relation entirely. There are plenty of empty buildings around Vancouver. But this video is sponsored by a bank... and banks want profits.
@@chhhhhris Finally someone said it. In a socialist system there wouldn't be any rent to a landlord, but banks in Canada right now cashing in on 71% of your monthly mortgage payments in interest, and tell you the solution is more private sector dominance.
I'm currently renting a non market house with friends. It's not much cheaper than for profit landlords, but it's a solid 40% bigger, much newer, and is kept to a much higher standard. There was nothing even remotely comparable from any for profit landlords.
This video was so well done! My ex nannied for a couple in co-op housing and it was soooo nice. They were so cheap ($1100/month for a 3 bedroom) And nicer than even the newer buildings at double the rate. Additionally this gives renters a bit more of a sense of agency. Their particular co-op voted on changing the courtyard, intended to be grass, into a community garden. They all voted to increase rent by $50/month for 5 years so they could put solar panels on the roof and once they were paid off rent would go back down. It was truly incredible. I wish more housing was like that! Additionally one of the other problems not mentioned is that landlords are scum because of their profit motive. Like, a lawyer or doctor is incentivized to treat their customer with respect and work on things as soon as possible and keep their customer happy. Landlords will take months to fix a leaky toilet then keep your damage deposit for the damage their inaction caused.
This is something that I don't think people renting "luxury" apts get, the apts are full of the cheapest stuff on the market, flooring, light fixtures, cabinets, appliances, etc. They are mass produced just for the market so it all looks the same, and there isn't anything "luxury" about it.
@@ClaimClam but there are thousands of "luxury" apartments in my neighborhood, my neighborhood is almost all rentals, very few condos. the buildings that went condo in the aughts are all rented out, the owners don't live there. Average income in my neighborhood is 80k, and 20% of the people here live below poverty level. We lose all the independent businesses to Dunkin and Dollar General. Its not a prestigious neighborhood, luxury is just marketing for developers. Slumlords like to act like this is a prestigious neighborhood, it helps them steal everyone's hard earned money.
Unfortunately that statement is completely true. I had one good landlord in all my years renting. Landlording is literally a parasite profession. You buy a house then sit on it charging others to live in it. Doctors and lawyers add value to society. Landlords like to think they do by providing a "service", they're really just leeches.
Smoke and mirrors to confuse gullible voters. Your Rent is through the roof because your property tax is through the roof. Which happens when one area stays hard blue and hard red over many many years. At least in the U.S. the same in other regions that similar political structures. Vote opposite to punish what you don't like. That is the point you are suppose to remember. Remember the ones profiting the most off of you are also the ones controlling the media to keep you in line.
I love this video. I've been making this argument a lot the past few years. I also like to tell people that there's little point in raising the min wage or providing a UBI unless we first address the housing shortage, bc otherwise all the extra income will just go to increased housing prices. And for the cost of 1 year of UBI we could build enough homes to end the housing crisis.
A land value tax (of like 80-95$%) would solve this issue... and since all wealth comes from land, it would be more efficient when it comes to raising money for a UBI :)
11:50 my dad was actually trying to sue this guy and his company for buying our apartment complex and forcing "renovations" so that they could move people around and therefore increase the rent
@@mortgageapprovals8933 Actually the "renovations" they were doing were against regulations and unsafe for the residents of the building and anyone nearby. Also, with no due respect, take your uninformed judgement and shove it where the sun don't shine. You don't know anything about the situation.
Very well done. You did your research and presented some very good options. I like how you "gently" discussed how NIMBY's have really made our housing problem worse. I see them and the, "I have mine, you go somewhere else and get yours." Canada and the US are very much alike with this problem. Thank you for bringing a real solution to light. Like you said, it's not a silver bullet, but it would go a very long way in helping solve the problem.
NIMBYs are a big reason why so many things are out of whack in the US. Power plants, apartment complexes, recycling plants, etc. are all projects that get canned or moved somewhere where they're ineffective.
This should definitely be a part in every city. 40% at least, 60+% at best. Vienna is wonderful in this regard, imagine paying so less for such an apartment. It's ok if landlords make their profit, but those prices today are getting ridiculous, shouldn't be an infinitely rising and uncontrolled profit driven.
@@justcommenting4981 Ideally yes, but try to get enough people on board with that in this current social climate. I say there should, at the very least, be an enforced profit cap-off to prevent landlords from raising rent and mortgage prices to such ridiculous heights.
my dream was always to buy or build an apartment building with all my friends, rent it out at market rate until we get back twice the initial cost then hand it over to the tennants as a renters coop then build two more, then repeat. we'd probably get even more donated from the coops we create or they'd continue the same process on their own and in 50 years or something housing just wouldnt be a commodity in our area.
That's called charity. Once you build a solid business as a landlord, you can give to charity in unlimited ways, including offering lower rents to tenants or paying for kid's cancer treatments or any other number of ways that you think will help create a better world. The best thing about a monetary system over a barter system is that a person can earn profit in whatever they are good at or love to do and use it to help people in any way, not just in the field where they make their money. The key to that is creating something that has value. That value basically translates as profit. We have to be very careful about demonizing profit when in reality it is at the heart of a dynamic, prosperous society. We also have to be very careful about transferring profit away from people who earn it and turning it over to government officials who didn't. In most cases, government projects cost much more to build due to inefficiency and corruption than a private individual who has hands-on control over their projects from start to finish. Politicians and bureaucrats will often direct funds to friends and family and insider lobbyists or other political interests.
holy shit i had the exact same idea recently, it breaks my heart seeing how worried my friends are about the future, i just want everyone to get by and to do cool shit with my friends, why have we built a society where that's so difficult
One thing I give credit for is the units you showed being built actually look nice and not ghetto construction. I think that is another problem with zoning is people never want apartments in their neighborhoods because they are always built cheap and somehow use the ugliest designs. It doesn't make much of a price difference to build something pretty.
I would like to see a video on this. I absolutely can't stand the design of so much of the common "luxury" apartment complexes that come up in every city. I always get hit by arguments from ppl saying that it's obviously cheaper and is the same as all-brick buildings or concrete brutalist apartment buildings of the past, of which I both like aesthetically. I can agree to some extent but I feel like there is a lot of value in a nicely designed building, though admittedly one with pretty low tangible value perhaps. A video from About Here on this would be nice.
"I think that is another problem with zoning is people never want apartments in their neighborhoods because they are always built cheap" Correction - people _THINK_ they're always built cheap. Like the example in the video, the actual design and quality of the apartment is completely irrelevant - they could in reality be straight up luxury units, but will still get slandered as a "ghetto" because NIMBYs just assume "apartment = ghetto" and oppose any change whatsoever no matter the context.
@@KingBobXVI NIMBYS also don't want increased traffic, and to be honest not being a NIMBY myself I can tell you my street has gone to poop, its full of potholes because the luxury apt set all need SUVs bigger than the already jumbo ones their parents had.
@@botanrice8340 even poor Soviet Union can give 36m² home for free. Imagine that every man doesn't have be demanded to have a house before he can get married
I got involved with a group that had bought the apartments they were living in when the building was converted to condos, and a manager was hired to manage it, adding to the association fee. Because the owners were elderly and easily scared, they were repeatedly scammed with continual "emergency" repairs by contractors that were associated with the manager. It wasn't until I got involved and demanded expense accountability that they were stopped and a new agency was hired. When my unit was involved in a divorce settlement, there was no one with savvy to oversee the new agency when I moved out. Greed and the lack of human concern remains the major obstacles in anything these days.
Terrific video. The Vienna example cannot be talked about enough, and you explained clearly how it can impact affordability. Fingers crossed for the 2023 ballot initiative in Seattle!
I agree with all the statements above, what this video fails to mention is that everything is paid somewhere - such as the extremely high tax rates in austria, where I am personally taxed at 42% effectively
I don't want capitalism to end! Ya'll seem to forget that capitalism is like ice cream: there are different flavours. Social market economy, as practiced in most of Europe (more social in the north) is something I really vibe with. Y'all be hating on capitalism, because all you know is the anarcho capitalistic hellscape in NA. That's like someone saying ice cream sucks, only because they dislike salted caramel flavour and have not tried anything else....
@@starmorpheus real question, how is some one supposed to support themselve on a 20 dollars an hour job? Yet , we need those people because they work in the retails of the city.
The price of the land makes a difference. Here in Quebec a lot of (non-equity) housing co-ops were built in the 80's and 90's on lands given on rent by the City or a Church. If well managed, they can now offer very affordable rents to their members (600 CAN$ for a 2 bedrooms in a very central neighbourhood of Montreal). If you have to buy the land and pay for the construction of the building, it's a different story, especially now that the prices have skyrocketed pretty much in every big city in Canada. Love your videos btw ;)
@@team419 There are rare because it's been really harder to build new one since the late 90's, but they exist. I live in one of them here in Montreal. Some of them are even cheaper in smaller town, at least the one built in the 80's and 90's.
There are solutions, but like you said it takes a lot of work and those solutions need tweaking as we work through this… but it never hurts to try and educate others on solutions like these. I work at a non-profit and I know how hard it is to come up with money for the cause you’re working for. In my city we’re so lucky that a new zoning code that limits single family homes and adds more mixed zoning and density was passed. Super great video and it definitely makes me think of all the solutions that could be.
As a business owner that has invested a lot of time and effort into providing services for co-ops I can say that, even for some of the shortcomings and human effort needed, cooperative housing IS a solution to the housing problem. I'm proud to work with CHFBC and with the members of numerous co-ops.
Thank you for making this video. I have been preaching, and teaching, this principle to people around me for years as a building contractor. It makes me very happy to see this message put together so well, and reaching a larger audience. Thank you!!!!
I go to a church in New West that is currently in plan to do the same thing that Oakridge Lutheran did; Take down an old church building that needs to be replace and build a non market housing with a church attached to it. It was supposed to start construction this October and the developers we partnered with decided to drop out because the developer won't make enough money from it. So much for adding more affordable housing options to people in the greater Vancouver area 😢
Oh no, I loved your video until you mentioned Vienna, Yes 60% live in non-market housing BUT 100% try to get into non-market housing and the waitlists are crazy long, I am in a waitlist for 10YEARS now. And while it’s subsidized, for those 40% it feels like they pay for the other 60. And those 40 are NOT extremely wealthy people. There is a lot of corruption in the decision making and f who gets a non-market apartment in a good area. Such as politicians or their friends. Always happy to talk more about this if anyone is interested. And yes it is not all bad, but the bad is really bad.
I really enjoy your work. It's just discussion, I never feel like you're trying to take down the otherside, and you bring real examples. Whenever I think "Okay, but there's also this to consider" and go to start typing you say "Okay, but there is also this to consider". Wonderful.
This guy is great. I like each new video of his more and more. He actually confronts these issues in a way we can understand instead instead of just going around them in circles like most political talking points do.
The solution is to nationalize the land. Abolishing the rent relation entirely. There are plenty of empty buildings around Vancouver. But this video is sponsored by a bank... and banks want profits.
Damn $1900/month is still crazy expensive! My current rent is about $1700/mo and my gross income monthly is about $3K. After taxes it doesn't leave a lot left over. I'm working on increasing income eventually.
My Grandmother lived for 25 years after she retired. Her retirement did not keep up with inflation. She told me that had her house not been paid for she wouldn't have been able to survive. For this to truly work, there has to be a path to ownership so that seniors on fixed/low incomes will be able to have security in their old age.
My grandmother had this issue as well. And as the child minder for the neighbourhood she never went back to working in a factory after having kids, so no pension on her end. My grandfathers was cut in half after he died. If you go into a co-op as a young adult and stay their your whole life can you be kicked out when you no longer have an income?
@@ShomoGoldburgler It's a crime that we charge taxes on the elderlies meager pensions. And it is too a crime we charge much if any taxes on their property in retirement. This is a youngster (compared to a retiree I still have decades left before reaching 60) demanding we treat our elderly with much greater appreciate and care. Of course I'm speaking mostly as a US citizen with our barbaric various non-existent healthcare system and housing systems.
@@jmitterii2 We must also take care of our elders in developed western nations, it's disgusting the culture of abandonment in old age homes by the ungrateful children here. Having lived in South America, we live with our grandparents and care for them. Something is wrong in a society when the elderly are abandoned.
In "my" countries which are Croatia and Greece, there is too much focus on owning rather than renting. The "help" given to younger people (with an overwhelming advantage to people with children while neglecting anyone who can't procreate or chooses not to), is often in some specifically designed mortgages, sometimes for specifically designated housing units. It means that 1) people still need to be able to afford a loan (will not go into many details about it, and it differs between the two countries), 2) smaller interest rates of these special loans lead to even higher prices, as market always adapts to an idea that buyers could pay more, 3) (this for Croatia specifically) if it is a property designated for "affordable housing", some people will buy it and then rent it out resell it for market prices as there are no enough strict rules who can get it or what should they do with that - the only criteria is that they have to be younger than some age limit and they need to be a family, a couple with one or more children.
In my country (Czech Republic, central Europe) is a co-op still a pretty significant part of all the buildings, especially in bigger cities. Some of them were transformed into "unions of owners" with basically the same responsibilites. How does that work? Imagine a multistory "soviet style" prefab building with 5-10 entrances. Usually, as each entrance has a separate section of the house, each such entrance (part of the prefab) has it´s own "board", occasionaly few neighboring ones have one common (especially in 3-5 story prefabs). This "board" is voted for few (usually4) years FROM PARTICIPANTS of said co-op/union, and their responsibility it to do solve maintenance issue, run reserve fonds (for repairs and such), schedule improvements and renovations (elevator, painting, insulation, roof repairs...), communicate with city office and utility providers, run contracts with such etc. The key part is that such co-op here is OWNED by either people living in those flats (or their family members), making it a ownership union, or you have a co-op owned units "rented" to members. But both ways you are paying a huge money by moving into such housing (you basically buy yourself in, co-op membership or owner for market price). Co-op may be harder to sub-rent for others, but besides that you are basically owning the building (or its part) together and vote some of you to take care for amenities (for small charge). That´s it. Every year you have a meet up where cash-flow and plans are presented, new fund payments are presented and voted for (majority wins). It is relatively low, hundreds of dollars at max. But the initial investment is high. -------- Canadian coops look different from what video present. We also can have government help in these in terms of loan (discussion started after 30 years of pause), but every new co-op would need to get its funding from somewhere BEFORE it proceeds to building stage. It would be basically like setting up a new non-profit organisation where all future tenants will be participants and their share´s price will be according to square meters of their (future) flats. And people can go and new can come (if there is a space) and everyone is ruled by house-board. Many times you cannot even sell the flat to anyone you want from the street, you need to offer it to others from the union beforehand (usually a 1 month notice). I like this system and it has multiple pluses. Can it work in Canada?
I think it's always good to have a set of solutions to a problem. In this case, fixing zoning and nimby, non market housing, public housing, etc. However, in Canada the problem is mainly zoning. That's the biggest difference between Vancouver, and Vienna.
The problem is the way to "fix" NIMBYism requires overriding those selfish AHs who use their lobbying and "concern" efforts to artificially jack up their own property values. But those same individuals will cry that they're being "0ppr3ss3d" for being prevented to act like gh0u1s. The only real solution is to wait for these people to pass from old age.
I’m American and studied at Emily Carr , I have never been to a city more in need of affordable housing than Vancouver; a place who’s main market is housing rich people meanwhile nearly 5 thousand homeless people try to survive. Thank you for this educational video!
Admittedly I wasn't alive during the height of CMHC investing, but I still always bring it up. I want the federal government to fund housing - especially as people travel across Canada to seek refuge in Vancouver, and we have so much room for them if we just rezoned.
I've been thinking about how boarding houses might make a comeback. You have your private space, but many of the amenities which are often needlessly duplicated are shared. Meals and maybe cleaning included. Would be great for young people that are becoming more independent, but maybe can't afford their own place and perhaps can't cook. It's basically what college dormitories are.
I totally agree, but I'd like to see them look more like the Community Alternatives Coop in Kitsilano than the SROs that don't give their tenants a voice in their building.
Personally I think this should be provided as Government run public housing. I also think its a big missing part of the market, and being relatively inexpensive to build its a great way to pull people out of the market who are young in particular.
In a way, boarding houses are already back in Vancouver. So many suburban houses have been converted into dorms. Living rooms and offices are turned into bedrooms. They go for $700-1300 a bed. What would be nice is buildings actually designed to be boarding houses and we had a lot more of them. Also, this used to play a vital role in housing. People who couldn't afford more than a single tiny room with a shared bathroom at least had a place to store their belongings and take a shower, so they could hold a job. Now we have families living and young adults in tents on the streets. I feel like I'm one mistake away from the street too.
Fun Fact! /S: Unfortunately in most municipalities, unrelated people are not permitted to live together by law over a certain number of people. Roommate situations in university towns are generally permitted in by-laws, and many municipalities have rules permitting licensing for rooming houses, however it is not an "as of right" land use. To some extent that's a safety precaution, but these rules were also enforced to keep out "the rabble" from single family neighbourhoods over time. To bring back boarding houses, we need to push for a change to these regulations!
Social housing is provided in the Netherlands by co-operations too. At very cheap prices of maximum 700 Euros, 550 Euros even after tax break. The downsides are: long waiting list of 10 years and people who earn too much can stay in their houses for ever. The co-operations are semi-civil servants, so the government has decided that granted asylumseekers can at the nr. 1 spot on the waitinglist.
The main problem in the Netherlands and Amsterdam especially, is that there is simply too much demand and too less supply, the city is overcrowded. I study in Amsterdam and I received an email from my uni that if I dont find housing until September, i shouldn't come here to study at all :/
Id like to add that the Dutch government was litterally paying for ads in the UK in the early 2000's to 'invest in Dutch real estate!', so many houses are owned by foreign investors which was even pushed by the right-wing government. At the same time tax cuts were taken away from social housing organisations, not making them able to invest in making new buildings. At this moments it's normal to bid 20k more when trying to buy a house, because otherwise they won't even look at your offer (a friend of mine just bought a house in Amsterdam). This problem was created, not grown like this. So sad.
You are one of the very best channels on RUclips! I'm starting to write my thesis on these sort of issues and this video really got me back into work after more than a few days of... not working 😅
Had the pitchfork ready. Glad I took the time to listen. We can't count on the government to get us out of this. Their plan is to do this, but give it to huge wall street companies like BlackRock. Tell your politicians no to wall street and yes to this. ⬆️
Great video, and nice to see a progressive credit union highlighting its role in facilitating this activity (unlike corporate banks). I'd add the importance of Community Land Trusts here, where a plot of land is taken off the market and placed under control of a local non-profit. The concept is also non-market, but can be used at any scale to make housing permanently affordable both for large cooperatives and for smaller single-family homes.
Thank you, Colin! We were thrilled to partner with Uytae and About Here to show the great work we're doing alongside our partners and community. And how our member's money is making a difference.
@@vancitycu even poor Soviet Union can give 36m² home for free. Imagine that every man doesn't have be demanded to have a house before he can get married
This is very enlightening. My key takeaways: - Non-market housing (NMH) can contribute solutions to the housing crises where that is the case - NMH can be complex and needs several stakeholders to contribute - NMH is one way to have a neighborhood with multiple socio-economic groups living side-by-side My key concerns: - NMH that ignores how a healthy community is built e.g. the time it takes, the role of not just multiple but also diverse stakeholders, the role that artists, open spaces, parks, and nature plays in the health of a community (e.g. when you referred to nature views as 'trivial', or to water and mountains as 'getting in the way of getting more housing', it hints to a defunct understanding of healthy communities. This is particularly important in light of research & realities highlighted during covid of how quality of housing, presence of natural light, open spaces etc correlates to mental health and other health challenges. In summary, I think that we don't have to sacrifice one for the other. We can pursue NMH while respecting the natural landscape and diverse contributions of artists, landscapers, etc in a more comprehensive understanding of how housing affects communities & also how communities affect housing! Asante.
Fantastic video, I don't think anyone could have done a better job of describing the problem and demonstrating a tangible solution. You've opened my eyes and I want to participate in local government to make this change happen.
Awesome video! There are multiple types of non-market housing and we need to look at the pros & cons of each as solutions to our massive housing problems. Co-ops, public housing, social housing, etc. exist in many different countries. Personally I think we need to make investing in housing flat-out illegal, as homes/apartments are places for human being to live in, not for investors to make a profit off of.
Yeah, it's amazing how all communist and socialist countries have around 90% of people owning and having a home while capitalists countries at best get up to 65%. Socialized housing, as with everything, is better than the capitalist alternative.
This is a good video and more balanced than I expected. I am glad you touched on the core problem, which is scarcity. The only thing that affects real housing prices is the balance of net housing supply and demand. Non-market housing is essentially rent control performed by the people. Scarcity for the private market generally will get worse, as a portion of the housing supply is effectively locked, with existing tenants heavily incentivized to hold their leases indefinitely. The reality is most urban areas have more people that want to live there than there is capacity. We can re-zone and increase density and build outwards, all of which can make a very real difference. No matter what you do, some areas will always, inevitably have more demand than supply. In those scenarios, you can choose to either assign apartments by lottery, prioritizing existing tenants and the arbitrary lucky few. Or you can have apartments that charge the market rate, i.e. the actual rate that people are willing to pay, aligned to the actual overall supply demand curve. Neither of these options are entirely "fair". You can choose if you'd rather have the random lottery system, or the actual fair market system. As a note, if market rate is very high, allowing redevelopment and increased density can have huge impact. Private developers have strong financial incentive to increase housing supply until the demand is met and market prices become less attractive for development.
As a ex student who lived in a coop apartment (Ottawa, CCOC) and also benefit from university coop book store. I really see part of our future economy in coop model. Unfortunately in our very capitalist world, economic and social success is solely base on money profit instead of a broader term of profit.
@@avasdv What are you talking about? All types of products have skyrocketed in prices the last 3 years. The 1% literally looted the economy just for fun. They didn't even want let us eat the crumbles. Honestly this isn't the fault of capitalism. Capitalism advocates the private ownership of capital and the ability to use capital to gain more capital. What has ruined everything is people who have almost everything demanding even the scraps. It is a self-destructive and greedy approach that is going to burn them at some point.
You might be sure, but you're also wrong. Living in the country here is still not that cheap. Literally every town in BC has had a massive increase in the homeless population. Just because Vancouver is the most extreme example doesn't mean it isn't a widespread issue.
Love the video and the attention to the housing crisis! Non-market housing is definitely an avenue that can relieve pressure on the broader housing market (or at least provide downward pressure over time). It's a great way for our govt's to support housing. I also think there needs to be some federal action on investment banks and even local landlords that are owning quite a few properties and renting them out. Like the recent investigations in the US into the property management software that has been encouraging landlords to leave units vacant in order to raise rents.
Coop is just being your own land lord. It's only substantially cheaper after you pay it off. Is that a better deal than renting? Sure, as long as you want to be there very long term. In addition to the huge costs, there is substantial risk that you might not actually come out ahead on the investment. You are also stuck dealing with the other people in your coop. If you rent and end up hating your neighbors, you can just move and not have a huge amount of your net worth tied up in the building you are trying to get away from. This isn't "non-market" or "non-capitalist". It's just you being the capitalist yourself. You can do this for food by planting your own garden, or clothes with a sewing machine. It's beneficial if you are willing to take on that work and risk, but most people don't. There is a good reason we have specialization of labor. It's overall much more efficient, and hands off a lot of concerns to other people so you can focus on your specialty.
It's not though? A renter in the coop building doesn't have to stay long term... What are you talking about? When had "hating your neighbors" ever been someone's excuse for literally moving house?? This is super disingenuous. Return on investment? Again I don't think you get what a coop is?
@@thomasmiller8289 Sure, in the same way that if you buy a house you don't have to stay long term. You could rent it to someone and find a different place to live, but it's the same situation. You own it, so you have to either utilize it, sell it, or I guess you could just let it sit, but then you spend your money for nothing. People move all the time because of their neighbors. I'm not sure why that's a crazy thought. If you put a bunch of money into a coop you probably want to get something out of it over time, that's your return on investment. Combining your capital with other people to do things doesn't make it not capitalism.
@@ageofdoge ok so youre referring to the people who participated in the initial buy. Sure i guess, it sounded like the focus was on the people treating it as an alternative to higher rents elsewhere though. Maybe im the one who doesnt understand - do new incoming tenants in a coop have to buy in versus just “renting”?
@thomasmiller8289 Well generally speaking they would become members (part owners). Now, there are a lot of ways to do a coop, some do have non member customers, but if that's the case then it's just a normal rental relationship.
Rental prices in US are insane too. For $1800 in my state, I would only get a small, dingy apartment, usually located in a rough neighborhood with lots of homeless and drug addicts. Bigger and better located apartments are $2400 and higher. That’s more money than my parents paid for mortgage each month. It’s actually cheaper to buy a house with a long 40 year mortgage than to rent. People have extended families living together. Kids move back in to parents home with their own kids, siblings or close friends moving in together. It’s the reason why housing investors can charge so much. People have no choice, but to live together in homes designed for single families. When I visited my Brother who lives in a smaller city in Japan. I was floored how little he pays for his apartment. Note that he lives in a smaller city in the Hiroshima prefecture so rent are much lower than Tokyo. He pays a bout $500 dollars US equivalent for rent teach month. His apartment is small, but way bigger than ones in Tokyo. He actually has two small rooms. It’s perfect for him as he lives alone. People in our home state in US would kill to pay $500 bucks for an apartment like his. His neighborhood is nice too. It’s so quiet and safe at night, there is many shops an restaurants that are a short walking distance away. A major train station that has access to commuter lines and the Bullet Train is only a 20 minute walk away. The neighborhood has single family homes, apartments, and shops all mixed together. I think people in North America should see mixed use Zoning first hand so they know how much better it is than the car dependent zoning laws we have here.
Something to note is that ALL of Olympic village was supposed to be co-op housing. But a corrupt city hall/developer deal meant the development corporation that was supposed to build all of Olympic village, they went bankrupt and another developer (owned by some of the same people) bought up the contracts/land but without the caveat that it would be co-op or controlled rental housing, building out Olympic village to the luxury community it is known as today. It was corporate greed and a corrupt city hall 15 years ago that screwed Vancouver in a major way. They basically stole public lands and handed Vancouverites the bill while laughing their way to the bank.
I would love to hear you cover land value taxes. Or similar schemes; you can look at Pittsburgh, or land leasing in Singapore, or Imputed income rules in Switzerland, or Ground Lease in the Netherlands. I think its the best first move to rebuild cities; stop allowing all the rent to flow to investors, stop taxing buildings, stop coddling low density sprawl with subsidies. Instead, push down land costs, open up land being held for speculation, and build up municipal finances. One day, every municipality will have to run off just taxes and no greenland development fees. Lets optimize the wealth of a city for that.
The funny thing is that ground rent had been the most prevalent tax in every city and village for at least the last 3000 years until the 20th century. Then income tax became prevalent because it was assumed to be progressive, but with the rich have been able to dodge and avoid paying income tax for decades using both legal and illegal methods.
@@DieNibelungenliad Dude the rich pay all the taxes, its the corporations that are working with your government that are paying nothing and making you pay for them with increased product costs.
Landlords and their ilk will do anything and everything they can to keep life miserable for everyone else. Anything that sufficiently challenges their power will be met with violence. I think the first step has to be creating strong local communities that are willing and able to resist that violence.
@@AndrewFullerton Idk strong local communities are how NIMbYs NIMBY and HOAs HOA. Looking at Toronto for example, nothing would get done if Metrolinks wasn't basically responsible to no one in thier goal of building out transit.
Fantastic video Uytae! The breakdown of scenarios, players and costs when it comes to housing and solving our housing crisis makes your content digestible and actionable for everyone from youth to seniors, renters to developers, voters to politicians, and everyone in between. I'll be sharing this with my newly elected Council. Hope you get sponsored by VanCity!
Yup totally agree, it's a mix of more housing supplies, both non/for-market housing, enforcing hard cap rent control, and highly taxing investment properties. Housing is for people, not profits.
Such great content and analysis. Well done! I work at a bank in the US that provides affordable housing finance so this is a really important message that I plan to share with everyone I know!
This channel is pure gold. Thank you for making this content! I watch a lot of urbanist type channels and they mention things like missing middle and mixed use neighborhoods but this is the first time I heard of non-market housing.
Make sure to use ad block while watching their content. That way they don’t make any profit from their hard work researching and filming these segments. Just like how a landlord would in building, maintaining, and running some non market housing.
@@imacyclepath440 Housing is a necessity which is why solutions like non market housing needs to exist. Capitalism isn't the answer to our most fundamental needs
@@imacyclepath440 Some people were criticizing corruption, not being a landlord. Such as this video said some people and some corps monopolize some houses so they can create false scarcity to price gouge.
the biggest advantage of non-market rentals is that once the mortgage is paid off, the rent goes way down, even with maintenance costs increasing as the building gets older. Non-market housing is pretty in certain countries like austria, and that's exactly what's happening there. edit: well shoot I should have finished the video before commenting shouldn't I? lol
Another factor for why it's hard to have low rents in regular housing is the cost of moving, both in terms of actual money, but also in terms of life disruption. If your favorite brand of t-shirts raises their prices it's not a big deal to just buy a different brand. If your rent goes up you have to live with it, or upend your whole life to move. The apartment I live in is Section 8 (I'm on disability). It was built privately using grants, and the government pays a large portion of my rent (well, all of it, but some of it comes as a cash benefit that I then give to the landlord). They then used the profits to build more apartments that were regular market rate (and then another whole, more upscale complex down the street). Of course, it was expensive for the government (grants in the first place) and they still have to shell out a fair amount in rent subsidies, and, because the apartments weren't built all at the same time they aren't intermingled (there was also a zoning exemption, I think, for senior/disabled housing). That means that the complex, despite the fact that they get nearly as much for our apartments after the government portion, can put more flowers out in the more competitive rent apartments at the top of the hill. This could have been fixed at inception though with better funding.
Interesting to include Hong Kong in the comparisons. It's wild the difference in that city and how extreme it is the price of private vs "government" housing and the limits on who can buy non-market housing. Overall well done with the video! Great production quality and I enjoyed it.
Great video - I was hoping you would include Singapore as an example of non-market housing. Obviously it is in edge case of what's possible given It is only a dense city state, but it is extraordinarily impressive the results they've built over the last 50 years in getting most people in Singapore to own their own homes through non-market housing policies, and there isn't major wait lists. It's not mean tested (any income level can access it), it's not free (you still have to take out debt to pay for the house, but its sold to you at cost and the loan is below market rates) and It's not a perfect system (nothing is) - but it does mean that every single Singaporean has a vested interest in the quality (avoids slums) and price (It's meant to be cheap so that everyone can afford it) of the housing market.
The trick is that you need a government to back up these coops. For example make it easier and cheaper for coops to develop new building than it is for commercial developers. There are other ways to help them out of course.
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who were forced to witness the 2008 financial crisis could expect to generate a large wage.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with “Tenley Megan Amerson”” for the last five years or so, and her returns have been pretty much amazing.
I deeply appreciate this invaluable advice. Swiftly, I conducted a search on the name, crafted an email outlining my financial market ambitions, and scheduled a call.
How money works has a video about how a housing crisis will not make housing affordable for you. Hope it helps. ruclips.net/video/uT0kHewjzkE/видео.htmlsi=7Oi-02c8Yp5Ucl3R
We believe in treating homes the way they were intended, as foundations where we build our lives and not just as investments, and we were thrilled to partner with Uytae and About Here to show how we can get there. And how our member's money is making a difference. -DD
Interesting video and as always very high media production quality. I see you've found a sponsor to assist your business model. The influence of the sponsor was sprinkled in just enough that it didn't distract from your overall premise and opinions on the non-market housing stock benefits and why it might be part of the much needed solution to more affordable housing in this city. I hope you have some more content in the oven that'll be ready soon.
excellent video, your research and presentation of ideas is always so clear and helpful. We don't bat an eye when it comes to building highways, transit, giant government buildings, you name it through public dollars to help everyone in the long run i don't know why we are so worried about stepping into housing. Sure it might still be a lotto for who gets in but those are still families that can afford to live better in our communities and less pressure on the existing rentals, its still a win/win even if its a slow start. We have a huge opportunity with our post covid slower downtowns with empty older offices to get some prebuilt housing stock on the "cheap" going in core areas.
I've lived in Vancouver since the 90s and it frustrates me how slow (re)development is because of zoning laws, regulations, bureaucracy, resistance from residents, etc. so housing supply, market or otherwise, is limited. The low-income/affordable housing that the government is prioritizing would only serve a fraction of the population. Good video.
Finally, someone who gets it. The city, province and feds are 100% of the problem. The feds allow the population to increase at a much, much faster rate than new housing, and new housing is insanely slow to get approved and it costs a third of a million bucks in Vancouver just for the permission to build a single family home. That's insane. For a condo it's a quarter million. Governments need to stop making the problem worse, then work on making it better. Blaming it on investors is insane. Prices are high. What does that do? It gives a massive incentive to build more and more units. People there think developers see high prices and don't want to get that money? Of course they do. That's why actual markets work just fine. There's money to be made so people will increase the number of units until that makes the prices drop because of over supply. It's a self correcting mechanism if the damn government would get out of the way. I can buy a whole home for a third of a million in many places in Canada.
I just found your channel, I'm about 11 minutes in to this video, but I am stoked. So glad to see this pop up on my feed, and your take on coop housing is comprehensible and entertaining. Looking forward to more! edit: Watched your front yard businesses video months but didn't make the connection, time to subscribe!
Great video Uytae! One minor caveat. At around the 4:30 mark you talk about paying off the mortgage and then rent being like really cheap. Many co-ops have used the financial room provided by paying off their mortgage allows them to reinvest in the physical asset to maintain high quality housing, while still keeping reasonable housing charges.
And the other option likely favored by investors: in a market with high prices already normalized, just keep the rent super high and keep raising it for pure profit.
@@KingBobXVI Tell me you dont understand housing co-ops without saying you don't understand housing co-ops.
Some co-ops that have lower costs, such as from paying off mortgages, may also choose to create their own subsidies to help those with lower incomes gain housing in the co-op. As government subsidies for rent-geared-to-income supoort is drying up, some are doing this as part of their mission to provide mixed-income housing.
and capitalism? co-ops are totally compatible with a free market...
All these are not solutions to anything. They never were, they never going be...
Do you want to live in a 4 bedroom Greek Villa with a swimming pool and private access to the sea? The rent is $600 CAD.
The construction and material cost is almost nothing compared to the fees and taxes you pay to the government. Just getting water to your lot costs you over $100k.
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighbourhoods. Then you’ve got Better, average sized homes in nicer neighbourhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Personally, I can connect to that. When I began working with a fiduciary financial counsellor, my advantages were certain. I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2021 this time with guidance, Long story short, its been 2years now and I’ve gained over a million dollars following guidance from my investment adviser.
This is huge! think you can point me towards the direction of your advisor? been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
I checked Aileen up out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response.
"Sending a reminder that ultimately housing is for people, not profits" wow this hit hard, how to we get this message across to the government?
So financial sustainability is a problem now ?
Well, first you'd need to change the government and get them to change policies that would enforce rules upon the private market. Don't know why you'd do that though, I think that market is mostly fine. If anything it would be nice to have buying of land more profitable.
The sad part is the world is full of leeches who don't have a shred of humanity in them. Plenty of "landlords" are just like that. Never worked a day in their life, never earned a dollar, only exploited others to get it. They'll pretend it's somehow their tenants' faults, but really the sole problem is that they're greedy apes who invariably got all their land and wealth via inheritance, not hard work.
end speculation buying, end corporate buying, end agents over-valuating for commissions, replace income tax with rental investment tax
But but communism
Overpaid homes bought during low loan rates will spark a housing crisis. As prices drop, owners with no equity will face foreclosure, unable to sell without incurring losses. With mass layoffs and rising living costs looming, many will struggle to afford their homes, exacerbating the catastrophe.
Diversify your portfolio by investing in stocks to offset real estate risks. Even in recessions, markets offer great buying opportunities with caution. Volatility can create excellent short-term trades. (Not financial advice) But with cash yields low, now's a good time to invest!
Exactly! With guidance from an investment coach, I successfully diversified my $450K portfolio across asset classes, generating an impressive $830K in net profits through a strategic mix of high-dividend stocks, ETFs, and bonds.
After a dismal year for my portfolio, I sought new strategies to revitalize my investments, but every approach I attempted fell short. I'm eager to learn from your success - could you please share the name of your financial advisor?
I've experimented with a few over the past years, but I've stuck with Rebecca Noblett Roberts for about 3 years now, and her performance has been consistently impressive. She's quite known in her field, look her up.
Thank you for sharing, I must say, Rebecca appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled a call.
The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.
I get such worries too. I'm 50 and retiring early. Already worried of the future and where its headed, especially in terms of financies and how to get by. I'm also considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
For you to grow your portfolio in today's market, you really need to be coachable and willing to get off your high horses. I for example, have managed to grow mine from $150k to 300% of my initial deposit within the past 8 months just by copying trades from a broker that has better skillset and technical know-how than me.
@@williamDonaldson432 my partner’s been considering going the same route, could you share more info please on the advisor that guides you.
Finding financial advisors like Annette Marie Holt who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I moved into non-profit housing for the first time, a year and half ago. For the first time in my life, everything makes sense and I am getting ahead financially. I love my place and my rent is a pleasure! I qualified for this non-profit housing by being over 55. Since moving here and seeing my life flourish I have come to believe we should have this solution available for everyone! I live in Squamish, BC a small town with (guess what?) a housing crisis. Rents are approximately Vancouver level. Not mine. Plus I feel security for the future and more connected with my neighbors and the people who run the society that produced this non-market housing. I don't see why we cannot have this in Canada.
"Why we cannot have this in Canada," because of senseless public opinion from those who benefit from the housing crisis. Want to change all this? Take these NIMBY folk to court.
You living in a non-profit building means someone else is covering your cost of living and losing money
Why should someone have to work for free just so you can get ahead financially
Do you like working for free? No. You go to work to make money. So why should someone else have to build a house for you for free.
@@mortgageapprovals8933Did you watch the video??? Nobody loses money, you get all of your money back at a certain point and other organizations can help. you are not working for free, you're just providing a human right without being greedy. This ultra capitalistic mentality of work profit work profit is what is killing the world.
@@clover7726uh, they need huge grants from government to build…
@@CrimsonA1the nimbys are the wealthy ones, why would poorer people take them to court?
I work for Vancity and I wish we did more advertising like this. Giving away 30% of our profit each year allows us to make some really impactful changes in our communities. Just imagine if all banks did the same, or if everyone decided to more their banking to FIs with these same values. We could legitimately erase the housing crisis.
*cough* financial cooperatives 😅
Dude, if everybody knows businesses pay the least tax why doesnt the law change in order to accommodate for that. I mean in 2015 people were literally calling it a "loophole", and no one in government thought that it would create a big enough financial disparity in the future to fix? The governemnt isnt governing:/
What is the other 70% of profit doing? I hope that it is being invested somewhere, and the returns from that investment used to fund more housing.
@@veronikakerman6536i assume the 70% is going back into the company in the way of wages and possibly other things? who knows. plus havign a cusbion of koney can help if any major disaster happens
Much better to address the problem of red tape in housing development. Zoning and its other regulatory cousins are a problem no matter the type of housing you're trying to build.
We just have to convince the people who made this crisis and have everything to gain from it and are simultaneously in charge of handling it that they should do this!
This “crisis” is made to give a green light to this communist agenda. The government created that “crisis” have ties to those “nonprofit organizations” to get private homeowners kicked out from the market when everyone rents those non-market properties owned by WEF guys and people eventually own nothing and “happy”.
Facts
@@Riorozenyou just described capitalism. Capitalism is the problem
@@piledykstrabut... He described what the government did, not the capitalists. The capitalists would build more housing
@@piledykstra It takes years and years of bureaucratic bullshit to get a house built in Vancouver and it's all low density housing even though it has a huge population.
The housing crisis is pure government incompetence and nothing else. The population went up by a million last year and we only built 200,000 new homes. How the fuck is that sustainable?
Back in 2007, during my time working in real estate, I witnessed people purchasing newly built homes from builders with the plan to sell them before the closing of escrow to another buyer for a profit. The crash hit hard and fast, and I vividly recall many of these units ending up foreclosed upon, with the builder's plastic still covering the carpets.
Most people find it difficult to handle a fall since they are used to bull markets, but if you know where to look and how to maneuver, you can make a size-able profit. Depending on how you intend to enter and exit, yes.
Could you possibly recommend a CFA you've consulted with?
The problem I see in my town in the US is that there are droves of people moving here, buying multiple houses, and instead of renting, they are turning them into AirBNB's and timeshares. The average individual income is $28,000 for an individual here, while the average rent is $1450. You need to spend over 60% of your income on rent alone, excluding utilities, rising gas and grocery prices, loans and other bills, etc. The wait time for low income housing is approaching 3 years. Every town council meeting I watch only concerns more benefits for seniors and retirees, while swarms of younger people are moving out because literally cannot afford to rent an 800 square foot studio. Almost every business I see is desperate for workers. Some have had to close down permanently. It's getting ridiculous, but sure, let's keep lowering the cost for the retirees so they can have more money to spend at the closed down stores while they struggle to find somebody to drive them there.
The real stats might even be worse. You used mean, instead of median. Median income is usually a more accurate number and is usually lower than mean.
You touch on a lot of issues here … people flooding into the city while units are becoming airBNBs obviously upsets the supply/demand balance, often to the detriment of young renters. That is a major problem around the world. However, not sure I understand what seniors have to do with it? What benefits is your city council providing for seniors? Obviously doesn’t make sense to be providing benefits solely for seniors while driving out the young.
@@bl9531 The retired are usually the ones who attent town hall and zoning meetings and the like, so their concerns are the ones that are usually heard. Other than them, it's NIMBYs in general. So things that those groups of people don't want get blocked, making the trend continue.
There needs to be more civic engagement and education in the general population.
@@WindsorMason all true no doubt, but what are the specific measures City Council takes to lower costs for seniors. Hard to say if it is fair without knowing what he is talking about.
The problem is all new construction in The US- virtually all Is Market housing!! That’s why even someone working full time can not afford rent. The standard used to be 25% of one’s income should cover housing. Wages have not kept up with increasing cost of living. Thanks unfettered capitalism and corrupted politicians for creating policies that drive income inequality to ever increasing chasms!
Social housing was a massive stabaliser in the UK until Margeret Thatcher introduced the Right to Buy scheme, it was seemingly a chartiable policy, allowing tenants to buy the houses from the local councils rather than renting.
Eventually though, you now have an entire generation that have since brought these social houses on the cheap in prime central locations, sold them at record profits and then gone to spend their retirement in a lovely country home, these homes were of course sold to private landlords, who will now rise the rent and profits and you have my generation, who can never afford a house and can barely afford the predatory rent, and no actual social housing solution, since they were all sold away into the private market.
Alas, today a house in the place I grew up costs upwards of 1 million where it was sold for 60k in the 90s
But of course our wages have not seen a 2000 % increase to match
Exactly same thing as Australia in the late 70s early 80s. They sold a bunch of gov houses at discount. Since then, have built fuk all! while the population has grow some 30-40%
It's sad people are so me me me now, if they think their taxes go to broken people they cant get tax subsiding in their already flourish business.... Sometimes. WE need to just care a little and it goes a long way. ❤
Yep, the elders f*&ked us all up. The boomers have grabbed all land and housing while the 80s, 90s, and 2000s babies have nothing to take and call our own. Many people have 2, 3, 5 homes, just renting them out. Greed! It's pretty disgusting and if I dwell on those thoughts too long, I get physically sick. Becoming a homeowner seems hopeless.
@anonymousone6075 I was in gov housing for my 20s and was grateful for it. It gave me dignity, and the chance to rebuild myself into an independent adult by my 30s. It took time but it happened, and now I hope to repay that by being a good parent to my kids role model strong values. Soon as I was stable I moved out.
But yes you get some people who stay forever, even if life takes a good turn, they don't want to give up such a good thing. They have money, secretly rent to other people and make huge savings and refuse to give the next an opportunity.
But it can take a person some 10- 20 years to get on track if they were not raised well. But for the few that get there, we should finally share with another to gain entry into a very tight small market.
Average wait to get in at Sydney is about 20+ years if you even get accepted anymore. 20 years, your a different person.
@anonymousone6075 part of the reason people are owning cars like that might exactly be the cheap rent, much easier to save for a nice car even with a lower income in that case.
unfortunately, you don't understand any aspect of anything you brought up. It's hard to get out of prison if you don't notice the door's unlocked and that you put yourself there in the first place.
The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of 2020, it had dropped from 68 to 65.
You're not doing anything wrong; the problem is that you don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high salary in these challenging conditions.
Actually, I'm not sure if I'm allowed to mention this, but I'd recommend looking up " Margaret Johnson Arndt” because she was a big deal in 2020. She manages my portfolio and serves as both my coach and my manager.
Canada's housing situation is different though. I can't lis everything but for starters mortgage criteria are stricter so less susceptible to what happened to the US.
@macClinton-di6qvdoodoo
doodoo
im glad you mentioned that it's relatively cheaper because frankly nearly 2k a month is still an insane price to pay to exist in someone else's building
pedantic point, but it’s not “someone else’s building”; the residents own the building
@@JulianFortune I was unaware of this, the way the information is presented in the video led me to understand that it was just not-for-profit rent. thank you for correcting that!
@@JulianFortune the non-profit owns the building. that's what renting is. you can't rent a building from yourself
It's totally fine due to the location. The 4,500 is just crazy
No it’s a normal price. Your expectations are ridiculous if you think you can live in such a location for less than that
Purchasing a home is already a very difficult thing to do, unless you pay cash or don’t get a loan from the government. If only my minimum monthly house payment, over the course of 30 years I’ll pay more than double what my home is worth. I purchased before things got crazy so I got a good interest rate. I couldn’t imagine trying to rent or buy right now.
I hope to own a home some day, not quite long I started investing. I'm very curious already and need help on how to enhance and increase my returns. Any good investment tips will be appreciated.
The enduring US stock market bull run evokes a mix of fear and excitement, presenting opportunities with insight, resulting in $780k gains in the past ten months, utilizing a portfolio advisor for a well-defined strategy.
Mind if I ask you to recommend this particular coach you using their service?
Sonya Lee Mitchell maintains an online presence that can be easily found through a simple search of her name on the internet.
I searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
The UK used to have a large supply of council housing which operated as non market housing. These were built and maintained by local councils and often used for people who couldn't afford normal market rent. This was effective until they got sold off in the 80s where it's really been going down hill since then.
Thatcherism is the most successful political idology ever to hit the world. The most successful in adoption, not outcome. The outcome is poverty, loss of skills, an education system that doesn't, social disintegration, deindustrialization etc.
Oh the eighties, a time when perhaps the richest generation the west has ever seen decided they wanted to be richer, and that everyone else (past and future) should suffer to make it happen.
@@notgabby604 Yeah because life in 1979 under Labour before Thatcherism was very successful.
- Electricity 3 days a week because of strikes. TV switched off after 10pm (so think internet nowadays) to conserve electricity. Bus stations closed on Thursdays.
- Garbage all around the country from strikes
- UK becomes the first developed country to beg the IMF for a bailout because the government was bankrupt
- Recession, 10% unemployment, 22% youth unemployment, 14% inflation
- Salaries fall below Italy for the first time in 200+ years
- Germany bans imports of British cars in 1977 because the quality of Britain's nationalised car company, British Leyland, was so bad they feared for safety of drivers and passengers. (They later went bankrupt in 1986 because nobody wanted to buy their cars, not that they produced a lot anymore, they were usually busy on strike)
- British Overseas Airways, while still a nationalised company, miraculously went bankrupt in 1974 despite having a monopoly on all flights from Britain. Apparently even when you're the only airline that can exist, you can be so bad that still nobody wants to fly with you. Or maybe the crap economy meant nobody could. Either way, they died.
As everyone who lived through the 1970s knows, 1979 under Labour was peak civilisation, and since Thatcher ruined the utopia that was handed to her on a plate, everything has been going down since the Golden Age created by the 1974 election and all the intellectuals that spawned.
@@varsoo1oh you mean the same 1970s where we built more homes in a single decade than we have both before and after. Mate the 80s were shit too; or did you forget. We've had one good pm in the last 50 years and that was John major. He was a good man, that at least cared when he messed shit up. The rest are soulless, they've have done nothing but systematically ruin our country bit by bit and we we're all to young or too busy to notice
@@varsoo1 I think the point of the video and this discussion in general is that nonmarket housing stabilizes the housing market. That way, you don't end up with a crazy situation like what you're describing. The goal of any society is stabilizing the market and society so they can progress, and less about pushing an extreme political ideology that might be convenient at a particular moment in the 80's. Now everyone is afraid there will be yet another financial crisis and living with uncertainty even when there is a lot of money moving around. In the US at least, basic services are inflated to Weimar Republic levels and there is a lot of political violence from that.
I really really really appreciate how you treated price-regulated housing and increasing the supply the housing as not just compatible, but actually complementary. The worst part of housing debates among progressives is when it devolves into "nothing but rent control" vs. "nothing but new market construction", and this is one of the most elegant avoidances of that tendency I've seen!
If I've learned anything about social issues, it's that problems almost always have more than one cause, and the best solutions have more than one part! "Nothing but x" very rarely is actually the best solution
@@sydneygorelick7484 Exactly, very rarely a problem is solved with an absolutive solution, problems usually have multiple causes and thus multiple solutions that need to be implemented, but because we are stupid, we've put the solutions in rival teams of colours.
I predict a housing crash due to people buying homes over asking price, lacking equity if prices decline further. Foreclosure becomes likely if they can't afford the house, and selling won't yield profits. With anticipated layoffs and rising living costs, many individuals may face this situation.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too
You are right! I’ve diversified my portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
Do you mind sharing info on the adviser who assisted you?
Rebecca Nassar Dunne is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
I found her page by searching for her entire name online. After that, I emailed her and we set up a meeting so we could talk; I'm currently waiting on her response.
Another critical part of fixing the housing issue is zoning laws, between mixed use zoning, vertical zoning, better public transit access (there are some cities in canada that are 40% parking lot) and non market housing there is a lot of good ways to combine these to form sustainable communities. Unfortunately NIMBYism tends to cause problems.
THIS - exactly. Moreover, municipalities are in competition with each other to maintain the status-quo - any neighbourhood or municipality that liberalizes their zoning rules will get an entire region's-worth of development. This is reform that needs to happen at the provincial level - the municipal charter needs to be amended to unify zoning rules around zones that can't be used to stop development. No public hearings, no community action. What your neighbor does on his property (even if that neighbor is a developer) is none of your damn business.
‘Vertical housing’ in the USA usually has a ton of bs fees and ‘maintenance’ charges, insurance etc. That’s a huge part of why many only consider single family homes.
If you own a house, then you will also hate the idea of an apartment being built behind you.
🔥 comment
I don’t like fees either but it isn’t BS. You have to buy insurance for a single family home too. And the maintenance fee is in lieu of mowing your lawn every Sunday.
You missed some points about non-market housing. Co-ops, which are managed by residents on a cost-recovery basis are great. But paying down the mortgage doesn't necessarily mean that it gets cheap. My co-op had to take out a large, multi-million dollar loan to pay off the existing, higher-interest rate balance on our previous mortgage and to pay for maintenance that is now needed on our 40+ year-old development. It is a large development, with well over 100 units. So housing charges (the equivalent of rent) do go up every year because we have to recover costs and costs keep rising. However, we're still about 60% of the cost of private rentals in our area. But the great thing is that all residents have a vote and nobody is making a profit, we just have cover our costs.
The problem with trying to build more co-ops is that politicians get fat bribes...oh, sorry, "donations" from developers who sell them public land for cheap. Back when my place was built, the area was a rundown industrial zone. Now it's a very desirable area and non-market housing was a pioneer of the transformation. Now the private developers are here and there is no talk of more co-ops. And if the topic ever does come up, the developers just muddy the waters by calling it "public housing", insinuating is the poorly run and maintained developments that the government uses to house the poor.
One challenge for co-ops is that market conditions are diluting what makes co-ops really special--self-determination. Whenever the waiting list is opened, it gets filled with lots of people who don't want to participate in the work of running the place, they just want a cheap place to live. There's also the challenge, in older co-ops of it getting insular. In some cases you'll see families where two, three, or even four generations live in the same co-op. They have no experience of the private rental market and get some pretty kooky ideas.
Co-ops are certainly an interesting opinion, but I don't think they should be the norm for non-market housing (in the US and Canada at least). Simple not-for-profit corporations with fairly conventional management structure really should be the most common form of development IMO.
The problem, of course, is raising the initial capital... Which is incidentally something federal governments can do very well. The basic idea is that the federal government would provide the loan (at a rate only to offset risk) for housing development projects which are approved by the local government (which have to review and approve those projects anyway). Just take the "rent taking" profit motive out of it. Everyone who actually does any real work still gets paid, just not the lender or mere owner.
Thanks Clark. I believe we all need to politically organize to (in a civilized way!) debate & challenge the Developers on the havoc they wreck on the rest of society by maximizing profit and the lies they tell & bribes they pay to get away with it.
Are their already organizations that do this?
And like almost every single political issue ever, it is ruined by the power of money in politics - named that Elections & Lobbyists are privately funded, rather than Publicly funded.
This would make both much, much cheaper too, as well as gearing both more towards the public interest.
"Those who pay have the power".
@@travcollier
Sure Travis that's another avenue, but pls see my comment too if you would 😁
@@travcollier Turning over the running of non-market housing to bureaucrats with no skin in the game is how you get the many public housing disasters that litter North America. Non-equity housing co-ops (there are equity co-ops in which people own their units) are managed by a board of members but the work that requires expertise is done by experts. We have accounts, maintenance staff, profession admin people. There's repairs being done to the brickwork of the building (40+ years, that's gonna need to be done). That's all being done by professionals. As for the issue of land acquisition, that can be done in many ways. First of all, any publicly owned land that is to be developed should prioritize non-market housing. Second, private development can have a levy applied that is used for such acquisitions. There's also the power of expropriation. Getting funding needn't be complicated. Back in the heyday of co-op development (60s and 70s) government-insured loans did the trick. There's simply no political will, though. Those who are lucky enough to own and private developers are a loud voice that politicians listen to.
Very flattered to be pinned. Thank you. I'm glad you made this video. There is never any mention of non-market housing in all the hand-waving that politicians do about "affordable housing."
The issue is similar in USA. California has extremely high rent but whenever anyone tries to build something homeowners come out in mobs to contest it.
Especially here in Palm Springs where those homeowners often are only here for a couple months out of the year.
@anonymousone6075that’s not the problem I see here in Silicon Valley. The problem here is that the cost of living is incredibly high, because people working at Google or Facebook can afford to pay ridiculous amounts for those houses, and for rentals in the area. This means that the teachers and restaurant employees can’t afford to live here in the city. We need to create more actually affordable housing, including larger multi family houses, non-market housing, and to change our zoning laws to allow more tiny houses/ADUs, and actually walkable neighborhoods.
@anonymousone6075 The problem is the people already live here. They just live in their cars, with their families, in homeless shelters, or in overcrowded apartments. 20,000 people in LA live in their cars -- and most work full time jobs.
Wow @@peaceness888
California isnt the US, dont lump the rest of us with caliPoors.
I live in a post soviet Eastern European country in what I'd call a multistory concrete jungle. Yet there are plenty of stores, restaurants and even private houses in the area. From what I know about north America, the zoning laws prevent that from happening, making them dependant on a car. I think if you sell to people how much more convenient their life will be without zoning laws, that might help with the housing market in general.
The solution isn’t removing zoning laws entirely, but design zoning that benefit the people living there instead of the automobile industry for instance.
@@antoruby I dunno man, I think removing laws is better than changing laws, because changing might give a reason and loopholes to do nothing at all.
@@antoruby The people living there own the land and houses. The current zoning bylaws do benefit them, greatly.
@@alittleofsomething some zoning rules are definitely required. You wouldn’t like a noisy factory as your neighbor. What you have in your country seems to be a balance of local commerce and housing, this is the result of a good zoning policy.
@@antoruby I don't really care where my house is. I found an apartment that's right next to a train facility with regularly running trains, and the thought of living next to that doesn't bother me. My local concrete jungle is result of Soviet Union.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
This feels like a bot chain that missed a few points.
The thing I’ve always hated about renting, is that they’ll charge huge rates on you, and then talk about how they charge those rates to fix things, but if you’re fixing things so much that every tenant has something broken once a month and it takes more than a thousand dollars to fix, then there’s an issue with the building, or the people who own it, or both. And if their excuse is “oh, but it may not be you that’s causing things to be broken” then great, lower my f*cking rent, and stop making me cough up dough for what other people break. And so when you get down to it, it really is just them taking advantage of people in desperate need of housing.
Years ago I ran for election on the platform on Community Land Trusts in combination with Limited Equity Cooperatives. It was extremely popular in conversations while door knocking. Unfortunately I was outspent 17x1 and lost to someone taking donations from the real estate industry and land developers.
We need more people like you
@EmPi Same things happens in my suburbs right outside a major U.S. City
Hi Dana,
I'm curious to know more about your plan! I ran in a local election and lost to the incumbent (but got more votes than his previous assistant - small victories), but I'm still trying to push for more solutions to housing crisis. I'm wondering if you have any good books/articles/etc about this topic?
@@denimdaphne "American Apartheid", by Douglas Massey and Nancy Denton was an eye opener for me. I have a degree in planning and learning the history of urban planning was critical in my policy proposals. So I'd suggest going to well established Urban Planning programs at different universities, look up the syllabi for any courses that focus on historical aspects of urban planning, and read the books they lists out.
@@denimdaphne Also try to learn about black neighborhoods pre urban-renewal and post urban-renewal to learn specifically about the policies that we know for a fact destroyed communities and what they were like before.
I remember the "promise" prior to the 2010 Olympics that Olympic Village would be affordable housing. Didn't quite work out that way.
I don't even live in BC and I remember that promise.
As someone in a "third world" country, I find it interesting that 1,000 Dollars a month is considered affordable. What you get for the same amount of money varies rather wildly depending on where you are.
@@ralphwarom2514 Those rents are quite insane tho. Even Munich one of the most expensive city in Germany and Europe isn't as expensive as that. (4.500€ for a normal flat,...)
@@lexxihd5843he literally explained how govt funds those European housing markets so it’s cheaper, we have a private market so demand= high rent simple
That's because the 2010 Olympic bid was mostly about making Jim Pattison rich(er).
I've missed your content like you wouldnt believe. This is civic engagement at the highest level
just yesterday i found myself wondering when we were going to get more of this stellar content
@@brettcraigie6976
The radio? XD
Currently paying $3500 for a 1 bedroom 20ish minutes outside of downtown Miami. When I moved here a few years back I was paying $2400 for a studio and that went up since then as well. Truly so crazy and I’m not sure how people can afford to live in this city as it continues to rise
Any city at this rate. Something’s gotta change.
You can thank the Government. Raising Property Tax, Fees, Permints etc. I mean for everything. We already Over Pay in taxes. Now they charging us more in in so called Fees and Permints. Guess what landlords do. They pass that expense onto us! That the Government fault! Government is also making new jobs. I went with landlord to one to see why they where charging more. They said this office is for more protection for landlords and tenants. But their was a fee to be paid. Which they suggested the Landlord to pass on to the tenants. I stated I do not need more protection from you. I rather keep my money. You are making my rent go up!
You would pay half of that to buy a 2 bedroom condo in Miami.
That’s why sexyy red was down in Miami looking for the hoochie daddies
Is because people rather pay 4x times to live in a city than in any other place
Really enjoyed this video. I'm constantly asking myself what kind of solutions can help ameliorate the housing situation in Canada. I appreciate all the research you put into the videos and of course the fantastic presentation!
Thanks so much! Means a lot coming from a channel like yours :)
The solution is to nationalize the land. Abolishing the rent relation entirely. There are plenty of empty buildings around Vancouver. But this video is sponsored by a bank... and banks want profits.
@@chhhhhris Georgism ftw
@@lordgemini2376 nah just go to communism
@@chhhhhris Finally someone said it. In a socialist system there wouldn't be any rent to a landlord, but banks in Canada right now cashing in on 71% of your monthly mortgage payments in interest, and tell you the solution is more private sector dominance.
I'm currently renting a non market house with friends. It's not much cheaper than for profit landlords, but it's a solid 40% bigger, much newer, and is kept to a much higher standard. There was nothing even remotely comparable from any for profit landlords.
If you get more area for the same price it sounds like it is cheaper than for profit landlrods
@@Beazice Agree. Price/unit area
Not much cheaper? But you're comparing it to the apartments that are 40% smaller. Lol
This is really such a silly comment lol.
Hey, I'm a landlord and I keep my properties in really nice condition
This video was so well done! My ex nannied for a couple in co-op housing and it was soooo nice. They were so cheap ($1100/month for a 3 bedroom) And nicer than even the newer buildings at double the rate.
Additionally this gives renters a bit more of a sense of agency. Their particular co-op voted on changing the courtyard, intended to be grass, into a community garden. They all voted to increase rent by $50/month for 5 years so they could put solar panels on the roof and once they were paid off rent would go back down. It was truly incredible. I wish more housing was like that!
Additionally one of the other problems not mentioned is that landlords are scum because of their profit motive. Like, a lawyer or doctor is incentivized to treat their customer with respect and work on things as soon as possible and keep their customer happy. Landlords will take months to fix a leaky toilet then keep your damage deposit for the damage their inaction caused.
This is something that I don't think people renting "luxury" apts get, the apts are full of the cheapest stuff on the market, flooring, light fixtures, cabinets, appliances, etc. They are mass produced just for the market so it all looks the same, and there isn't anything "luxury" about it.
@@notverynotoriousg5674 luxury is not about the quality of the product, it is about exclusivity and prestige
@@ClaimClam but there are thousands of "luxury" apartments in my neighborhood, my neighborhood is almost all rentals, very few condos. the buildings that went condo in the aughts are all rented out, the owners don't live there. Average income in my neighborhood is 80k, and 20% of the people here live below poverty level. We lose all the independent businesses to Dunkin and Dollar General. Its not a prestigious neighborhood, luxury is just marketing for developers. Slumlords like to act like this is a prestigious neighborhood, it helps them steal everyone's hard earned money.
Unfortunately that statement is completely true. I had one good landlord in all my years renting. Landlording is literally a parasite profession. You buy a house then sit on it charging others to live in it. Doctors and lawyers add value to society. Landlords like to think they do by providing a "service", they're really just leeches.
Smoke and mirrors to confuse gullible voters. Your Rent is through the roof because your property tax is through the roof. Which happens when one area stays hard blue and hard red over many many years. At least in the U.S. the same in other regions that similar political structures. Vote opposite to punish what you don't like. That is the point you are suppose to remember. Remember the ones profiting the most off of you are also the ones controlling the media to keep you in line.
I love this video. I've been making this argument a lot the past few years. I also like to tell people that there's little point in raising the min wage or providing a UBI unless we first address the housing shortage, bc otherwise all the extra income will just go to increased housing prices. And for the cost of 1 year of UBI we could build enough homes to end the housing crisis.
A land value tax (of like 80-95$%) would solve this issue... and since all wealth comes from land, it would be more efficient when it comes to raising money for a UBI :)
11:50 my dad was actually trying to sue this guy and his company for buying our apartment complex and forcing "renovations" so that they could move people around and therefore increase the rent
or just let the building crumble? why are you against renovations when it makes the building better
you want to live in a nasty run down unit?
@@mortgageapprovals8933 Actually the "renovations" they were doing were against regulations and unsafe for the residents of the building and anyone nearby.
Also, with no due respect, take your uninformed judgement and shove it where the sun don't shine. You don't know anything about the situation.
Very well done. You did your research and presented some very good options. I like how you "gently" discussed how NIMBY's have really made our housing problem worse. I see them and the, "I have mine, you go somewhere else and get yours." Canada and the US are very much alike with this problem. Thank you for bringing a real solution to light. Like you said, it's not a silver bullet, but it would go a very long way in helping solve the problem.
NIMBYs are a big reason why so many things are out of whack in the US. Power plants, apartment complexes, recycling plants, etc. are all projects that get canned or moved somewhere where they're ineffective.
This should definitely be a part in every city. 40% at least, 60+% at best. Vienna is wonderful in this regard, imagine paying so less for such an apartment. It's ok if landlords make their profit, but those prices today are getting ridiculous, shouldn't be an infinitely rising and uncontrolled profit driven.
No
No profits for rent or other utilities. Cost should be set to reduce waste as needed.
@@justcommenting4981 Ideally yes, but try to get enough people on board with that in this current social climate. I say there should, at the very least, be an enforced profit cap-off to prevent landlords from raising rent and mortgage prices to such ridiculous heights.
@@peggedyourdad9560 ah. Realistically? Yes, but equally unlikely...at least in the U.S.
Landlords are by far the worst everyday people.
my dream was always to buy or build an apartment building with all my friends, rent it out at market rate until we get back twice the initial cost then hand it over to the tennants as a renters coop then build two more, then repeat. we'd probably get even more donated from the coops we create or they'd continue the same process on their own and in 50 years or something housing just wouldnt be a commodity in our area.
That's called charity. Once you build a solid business as a landlord, you can give to charity in unlimited ways, including offering lower rents to tenants or paying for kid's cancer treatments or any other number of ways that you think will help create a better world. The best thing about a monetary system over a barter system is that a person can earn profit in whatever they are good at or love to do and use it to help people in any way, not just in the field where they make their money. The key to that is creating something that has value. That value basically translates as profit. We have to be very careful about demonizing profit when in reality it is at the heart of a dynamic, prosperous society. We also have to be very careful about transferring profit away from people who earn it and turning it over to government officials who didn't. In most cases, government projects cost much more to build due to inefficiency and corruption than a private individual who has hands-on control over their projects from start to finish. Politicians and bureaucrats will often direct funds to friends and family and insider lobbyists or other political interests.
@@billworden6642 landlords dont earn anything, they're parasites who live off of others hard work.
Until you get back TWICE your initial investment? That's like a 25+ year wait.
holy shit i had the exact same idea recently, it breaks my heart seeing how worried my friends are about the future, i just want everyone to get by and to do cool shit with my friends, why have we built a society where that's so difficult
One thing I give credit for is the units you showed being built actually look nice and not ghetto construction. I think that is another problem with zoning is people never want apartments in their neighborhoods because they are always built cheap and somehow use the ugliest designs. It doesn't make much of a price difference to build something pretty.
I would like to see a video on this. I absolutely can't stand the design of so much of the common "luxury" apartment complexes that come up in every city. I always get hit by arguments from ppl saying that it's obviously cheaper and is the same as all-brick buildings or concrete brutalist apartment buildings of the past, of which I both like aesthetically. I can agree to some extent but I feel like there is a lot of value in a nicely designed building, though admittedly one with pretty low tangible value perhaps. A video from About Here on this would be nice.
"I think that is another problem with zoning is people never want apartments in their neighborhoods because they are always built cheap"
Correction - people _THINK_ they're always built cheap. Like the example in the video, the actual design and quality of the apartment is completely irrelevant - they could in reality be straight up luxury units, but will still get slandered as a "ghetto" because NIMBYs just assume "apartment = ghetto" and oppose any change whatsoever no matter the context.
@@botanrice8340 i live in Atlanta, all the new luxury apts look like communist bloc and they paint a mural on the side to liven it up.
@@KingBobXVI NIMBYS also don't want increased traffic, and to be honest not being a NIMBY myself I can tell you my street has gone to poop, its full of potholes because the luxury apt set all need SUVs bigger than the already jumbo ones their parents had.
@@botanrice8340 even poor Soviet Union can give 36m² home for free. Imagine that every man doesn't have be demanded to have a house before he can get married
I got involved with a group that had bought the apartments they were living in when the building was converted to condos, and a manager was hired to manage it, adding to the association fee. Because the owners were elderly and easily scared, they were repeatedly scammed with continual "emergency" repairs by contractors that were associated with the manager. It wasn't until I got involved and demanded expense accountability that they were stopped and a new agency was hired. When my unit was involved in a divorce settlement, there was no one with savvy to oversee the new agency when I moved out. Greed and the lack of human concern remains the major obstacles in anything these days.
Terrific video. The Vienna example cannot be talked about enough, and you explained clearly how it can impact affordability. Fingers crossed for the 2023 ballot initiative in Seattle!
The Vienna example is not all roses, you need to know the right people to get in, very corrupt system, greetings from Vienna
@@werwertuu naja perfekt ist's nicht aber ich kenn genug Leute, die ohne Kontakte ihre Wohnung bekommen haben
I guess the important thing about the Vienna effect is that it has curbed the rise of market housing.
I'm not in the know, what's the initiative in Seattle??
I agree with all the statements above, what this video fails to mention is that everything is paid somewhere - such as the extremely high tax rates in austria, where I am personally taxed at 42% effectively
"it is easier to imagine an end to the world than an end to capitalism"
That line is repeated so much it loses all meaning. Use your imagination and stop saying it’s too hard.
I don't want capitalism to end! Ya'll seem to forget that capitalism is like ice cream: there are different flavours. Social market economy, as practiced in most of Europe (more social in the north) is something I really vibe with.
Y'all be hating on capitalism, because all you know is the anarcho capitalistic hellscape in NA. That's like someone saying ice cream sucks, only because they dislike salted caramel flavour and have not tried anything else....
@@leviathan5207you act like socialism hasn't been tried many times over...
Non market housing is projects. He wants to bring back slums. If liberals stopped "helping" people it would solve most of the worlds problems
@@Rays_Bad_Decisions social market isn't socialism. Socialism is Socialism. I really think we gotta stop coming up with misleading names like this.
I've always wanted to start a non-market neighborhood with tiny homes and its own laundromat and community garden.
Seen 'Some More News' and 'Second Thought'
cover all this and more?
So a hippie commune?
Same life goals lowkey
The government would never allow it
@@jesseking9254 or just a neighborhood of people who don’t live with capitalism constantly threatening to take home…
Hilarious when even the "affordable" option is miles outside my budget
Lol, get a better job bro
@@starmorpheus real question, how is some one supposed to support themselve on a 20 dollars an hour job? Yet , we need those people because they work in the retails of the city.
@@starmorpheus also , 4500 dollars is a respectable engineer salary In québec. That makes no sense .
@@starmorpheus yeah cause it's just that simple if you're living paycheck to paycheck
@@starmorpheus don’t be a dick
The price of the land makes a difference. Here in Quebec a lot of (non-equity) housing co-ops were built in the 80's and 90's on lands given on rent by the City or a Church. If well managed, they can now offer very affordable rents to their members (600 CAN$ for a 2 bedrooms in a very central neighbourhood of Montreal). If you have to buy the land and pay for the construction of the building, it's a different story, especially now that the prices have skyrocketed pretty much in every big city in Canada.
Love your videos btw ;)
Seen 'Some More News' and 'Second Thought'
cover all this and more?
Lol where tf are these 600$ apts? Youre insane. 1500+ for a 2bed is basic these days. Coops are nowhere to be found
@@team419 There are rare because it's been really harder to build new one since the late 90's, but they exist. I live in one of them here in Montreal. Some of them are even cheaper in smaller town, at least the one built in the 80's and 90's.
@@loturzelrestaurant nope
@@team419 yup
There are solutions, but like you said it takes a lot of work and those solutions need tweaking as we work through this… but it never hurts to try and educate others on solutions like these. I work at a non-profit and I know how hard it is to come up with money for the cause you’re working for. In my city we’re so lucky that a new zoning code that limits single family homes and adds more mixed zoning and density was passed. Super great video and it definitely makes me think of all the solutions that could be.
As a business owner that has invested a lot of time and effort into providing services for co-ops I can say that, even for some of the shortcomings and human effort needed, cooperative housing IS a solution to the housing problem. I'm proud to work with CHFBC and with the members of numerous co-ops.
Thank you for making this video. I have been preaching, and teaching, this principle to people around me for years as a building contractor. It makes me very happy to see this message put together so well, and reaching a larger audience.
Thank you!!!!
When Oakridge said, "Dance is part of life" I really felt that.
I go to a church in New West that is currently in plan to do the same thing that Oakridge Lutheran did; Take down an old church building that needs to be replace and build a non market housing with a church attached to it. It was supposed to start construction this October and the developers we partnered with decided to drop out because the developer won't make enough money from it. So much for adding more affordable housing options to people in the greater Vancouver area 😢
The graphics are crisp, script is amazingly paced, and content is well researched. This is fantastic - can't wait to see more!
Oh no, I loved your video until you mentioned Vienna,
Yes 60% live in non-market housing BUT 100% try to get into non-market housing and the waitlists are crazy long, I am in a waitlist for 10YEARS now.
And while it’s subsidized, for those 40% it feels like they pay for the other 60. And those 40 are NOT extremely wealthy people.
There is a lot of corruption in the decision making and f who gets a non-market apartment in a good area. Such as politicians or their friends.
Always happy to talk more about this if anyone is interested. And yes it is not all bad, but the bad is really bad.
I really enjoy your work. It's just discussion, I never feel like you're trying to take down the otherside, and you bring real examples. Whenever I think "Okay, but there's also this to consider" and go to start typing you say "Okay, but there is also this to consider". Wonderful.
$1900 dollars for a 2 bedroom is still insane
yes, thanks
This guy is great. I like each new video of his more and more. He actually confronts these issues in a way we can understand instead instead of just going around them in circles like most political talking points do.
The solution is to nationalize the land. Abolishing the rent relation entirely. There are plenty of empty buildings around Vancouver. But this video is sponsored by a bank... and banks want profits.
@@myratsalad yea our current western governments "steal" you mean nationalizes businesses all the time anyway.
Damn $1900/month is still crazy expensive! My current rent is about $1700/mo and my gross income monthly is about $3K. After taxes it doesn't leave a lot left over. I'm working on increasing income eventually.
My Grandmother lived for 25 years after she retired. Her retirement did not keep up with inflation. She told me that had her house not been paid for she wouldn't have been able to survive. For this to truly work, there has to be a path to ownership so that seniors on fixed/low incomes will be able to have security in their old age.
My grandmother had this issue as well. And as the child minder for the neighbourhood she never went back to working in a factory after having kids, so no pension on her end. My grandfathers was cut in half after he died.
If you go into a co-op as a young adult and stay their your whole life can you be kicked out when you no longer have an income?
That is an other issue.
Removing property taxes on seniors and not charging income tax on their pensions would help...
@@ShomoGoldburgler It's a crime that we charge taxes on the elderlies meager pensions. And it is too a crime we charge much if any taxes on their property in retirement.
This is a youngster (compared to a retiree I still have decades left before reaching 60) demanding we treat our elderly with much greater appreciate and care.
Of course I'm speaking mostly as a US citizen with our barbaric various non-existent healthcare system and housing systems.
@@jmitterii2
We must also take care of our elders in developed western nations, it's disgusting the culture of abandonment in old age homes by the ungrateful children here. Having lived in South America, we live with our grandparents and care for them.
Something is wrong in a society when the elderly are abandoned.
What I like about these videos is that you give us the power to take action. It's more than just empty information, thank you for providing good news
In "my" countries which are Croatia and Greece, there is too much focus on owning rather than renting. The "help" given to younger people (with an overwhelming advantage to people with children while neglecting anyone who can't procreate or chooses not to), is often in some specifically designed mortgages, sometimes for specifically designated housing units.
It means that 1) people still need to be able to afford a loan (will not go into many details about it, and it differs between the two countries), 2) smaller interest rates of these special loans lead to even higher prices, as market always adapts to an idea that buyers could pay more, 3) (this for Croatia specifically) if it is a property designated for "affordable housing", some people will buy it and then rent it out resell it for market prices as there are no enough strict rules who can get it or what should they do with that - the only criteria is that they have to be younger than some age limit and they need to be a family, a couple with one or more children.
In my country (Czech Republic, central Europe) is a co-op still a pretty significant part of all the buildings, especially in bigger cities. Some of them were transformed into "unions of owners" with basically the same responsibilites.
How does that work? Imagine a multistory "soviet style" prefab building with 5-10 entrances. Usually, as each entrance has a separate section of the house, each such entrance (part of the prefab) has it´s own "board", occasionaly few neighboring ones have one common (especially in 3-5 story prefabs). This "board" is voted for few (usually4) years FROM PARTICIPANTS of said co-op/union, and their responsibility it to do solve maintenance issue, run reserve fonds (for repairs and such), schedule improvements and renovations (elevator, painting, insulation, roof repairs...), communicate with city office and utility providers, run contracts with such etc.
The key part is that such co-op here is OWNED by either people living in those flats (or their family members), making it a ownership union, or you have a co-op owned units "rented" to members. But both ways you are paying a huge money by moving into such housing (you basically buy yourself in, co-op membership or owner for market price). Co-op may be harder to sub-rent for others, but besides that you are basically owning the building (or its part) together and vote some of you to take care for amenities (for small charge). That´s it.
Every year you have a meet up where cash-flow and plans are presented, new fund payments are presented and voted for (majority wins). It is relatively low, hundreds of dollars at max. But the initial investment is high.
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Canadian coops look different from what video present. We also can have government help in these in terms of loan (discussion started after 30 years of pause), but every new co-op would need to get its funding from somewhere BEFORE it proceeds to building stage. It would be basically like setting up a new non-profit organisation where all future tenants will be participants and their share´s price will be according to square meters of their (future) flats. And people can go and new can come (if there is a space) and everyone is ruled by house-board. Many times you cannot even sell the flat to anyone you want from the street, you need to offer it to others from the union beforehand (usually a 1 month notice).
I like this system and it has multiple pluses. Can it work in Canada?
I think it's always good to have a set of solutions to a problem. In this case, fixing zoning and nimby, non market housing, public housing, etc.
However, in Canada the problem is mainly zoning. That's the biggest difference between Vancouver, and Vienna.
The problem is the way to "fix" NIMBYism requires overriding those selfish AHs who use their lobbying and "concern" efforts to artificially jack up their own property values. But those same individuals will cry that they're being "0ppr3ss3d" for being prevented to act like gh0u1s. The only real solution is to wait for these people to pass from old age.
I’m American and studied at Emily Carr , I have never been to a city more in need of affordable housing than Vancouver; a place who’s main market is housing rich people meanwhile nearly 5 thousand homeless people try to survive. Thank you for this educational video!
Admittedly I wasn't alive during the height of CMHC investing, but I still always bring it up. I want the federal government to fund housing - especially as people travel across Canada to seek refuge in Vancouver, and we have so much room for them if we just rezoned.
Luckly at has at least started to by guaranteeing loans for Co-ops
I've been thinking about how boarding houses might make a comeback. You have your private space, but many of the amenities which are often needlessly duplicated are shared. Meals and maybe cleaning included. Would be great for young people that are becoming more independent, but maybe can't afford their own place and perhaps can't cook. It's basically what college dormitories are.
I totally agree, but I'd like to see them look more like the Community Alternatives Coop in Kitsilano than the SROs that don't give their tenants a voice in their building.
Personally I think this should be provided as Government run public housing. I also think its a big missing part of the market, and being relatively inexpensive to build its a great way to pull people out of the market who are young in particular.
In a way, boarding houses are already back in Vancouver. So many suburban houses have been converted into dorms. Living rooms and offices are turned into bedrooms. They go for $700-1300 a bed. What would be nice is buildings actually designed to be boarding houses and we had a lot more of them.
Also, this used to play a vital role in housing. People who couldn't afford more than a single tiny room with a shared bathroom at least had a place to store their belongings and take a shower, so they could hold a job. Now we have families living and young adults in tents on the streets. I feel like I'm one mistake away from the street too.
Fun Fact! /S: Unfortunately in most municipalities, unrelated people are not permitted to live together by law over a certain number of people. Roommate situations in university towns are generally permitted in by-laws, and many municipalities have rules permitting licensing for rooming houses, however it is not an "as of right" land use. To some extent that's a safety precaution, but these rules were also enforced to keep out "the rabble" from single family neighbourhoods over time. To bring back boarding houses, we need to push for a change to these regulations!
They already exist, and they're called SROs.
Social housing is provided in the Netherlands by co-operations too. At very cheap prices of maximum 700 Euros, 550 Euros even after tax break. The downsides are: long waiting list of 10 years and people who earn too much can stay in their houses for ever.
The co-operations are semi-civil servants, so the government has decided that granted asylumseekers can at the nr. 1 spot on the waitinglist.
The main problem in the Netherlands and Amsterdam especially, is that there is simply too much demand and too less supply, the city is overcrowded. I study in Amsterdam and I received an email from my uni that if I dont find housing until September, i shouldn't come here to study at all :/
Sounds like France. Takes 10 years to get into your HLM. If they ever take it away from you, it'll have your teeth marks on it.
Id like to add that the Dutch government was litterally paying for ads in the UK in the early 2000's to 'invest in Dutch real estate!', so many houses are owned by foreign investors which was even pushed by the right-wing government. At the same time tax cuts were taken away from social housing organisations, not making them able to invest in making new buildings. At this moments it's normal to bid 20k more when trying to buy a house, because otherwise they won't even look at your offer (a friend of mine just bought a house in Amsterdam). This problem was created, not grown like this. So sad.
You are one of the very best channels on RUclips! I'm starting to write my thesis on these sort of issues and this video really got me back into work after more than a few days of... not working 😅
Getting an ad for a get rich quick scheme about flipping Airbnb mattresses was the icing on the cake while watching this video.
Had the pitchfork ready. Glad I took the time to listen. We can't count on the government to get us out of this. Their plan is to do this, but give it to huge wall street companies like BlackRock. Tell your politicians no to wall street and yes to this. ⬆️
Great video, and nice to see a progressive credit union highlighting its role in facilitating this activity (unlike corporate banks). I'd add the importance of Community Land Trusts here, where a plot of land is taken off the market and placed under control of a local non-profit. The concept is also non-market, but can be used at any scale to make housing permanently affordable both for large cooperatives and for smaller single-family homes.
Thank you, Colin! We were thrilled to partner with Uytae and About Here to show the great work we're doing alongside our partners and community. And how our member's money is making a difference.
@@vancitycu even poor Soviet Union can give 36m² home for free. Imagine that every man doesn't have be demanded to have a house before he can get married
This is very enlightening.
My key takeaways:
- Non-market housing (NMH) can contribute solutions to the housing crises where that is the case
- NMH can be complex and needs several stakeholders to contribute
- NMH is one way to have a neighborhood with multiple socio-economic groups living side-by-side
My key concerns:
- NMH that ignores how a healthy community is built e.g. the time it takes, the role of not just multiple but also diverse stakeholders, the role that artists, open spaces, parks, and nature plays in the health of a community (e.g. when you referred to nature views as 'trivial', or to water and mountains as 'getting in the way of getting more housing', it hints to a defunct understanding of healthy communities.
This is particularly important in light of research & realities highlighted during covid of how quality of housing, presence of natural light, open spaces etc correlates to mental health and other health challenges.
In summary, I think that we don't have to sacrifice one for the other. We can pursue NMH while respecting the natural landscape and diverse contributions of artists, landscapers, etc in a more comprehensive understanding of how housing affects communities & also how communities affect housing!
Asante.
And here i am sitting in a 3 bedroom appartment in Hamburg, Germany - paying 900 euro per month and wondering, where it all went wrong in Vancouver.
Fantastic video, I don't think anyone could have done a better job of describing the problem and demonstrating a tangible solution. You've opened my eyes and I want to participate in local government to make this change happen.
Awesome video! There are multiple types of non-market housing and we need to look at the pros & cons of each as solutions to our massive housing problems. Co-ops, public housing, social housing, etc. exist in many different countries. Personally I think we need to make investing in housing flat-out illegal, as homes/apartments are places for human being to live in, not for investors to make a profit off of.
Man this is so positive, definitely added so much to my day. I'm glad you make these.
Yeah, it's amazing how all communist and socialist countries have around 90% of people owning and having a home while capitalists countries at best get up to 65%. Socialized housing, as with everything, is better than the capitalist alternative.
This is a good video and more balanced than I expected. I am glad you touched on the core problem, which is scarcity. The only thing that affects real housing prices is the balance of net housing supply and demand. Non-market housing is essentially rent control performed by the people. Scarcity for the private market generally will get worse, as a portion of the housing supply is effectively locked, with existing tenants heavily incentivized to hold their leases indefinitely.
The reality is most urban areas have more people that want to live there than there is capacity. We can re-zone and increase density and build outwards, all of which can make a very real difference. No matter what you do, some areas will always, inevitably have more demand than supply. In those scenarios, you can choose to either assign apartments by lottery, prioritizing existing tenants and the arbitrary lucky few. Or you can have apartments that charge the market rate, i.e. the actual rate that people are willing to pay, aligned to the actual overall supply demand curve. Neither of these options are entirely "fair". You can choose if you'd rather have the random lottery system, or the actual fair market system.
As a note, if market rate is very high, allowing redevelopment and increased density can have huge impact. Private developers have strong financial incentive to increase housing supply until the demand is met and market prices become less attractive for development.
As a ex student who lived in a coop apartment (Ottawa, CCOC) and also benefit from university coop book store. I really see part of our future economy in coop model. Unfortunately in our very capitalist world, economic and social success is solely base on money profit instead of a broader term of profit.
wrong
@@avasdv What are you talking about? All types of products have skyrocketed in prices the last 3 years. The 1% literally looted the economy just for fun. They didn't even want let us eat the crumbles.
Honestly this isn't the fault of capitalism. Capitalism advocates the private ownership of capital and the ability to use capital to gain more capital.
What has ruined everything is people who have almost everything demanding even the scraps. It is a self-destructive and greedy approach that is going to burn them at some point.
You might be sure, but you're also wrong. Living in the country here is still not that cheap. Literally every town in BC has had a massive increase in the homeless population. Just because Vancouver is the most extreme example doesn't mean it isn't a widespread issue.
This is happening all over the world in major cities.. I like the idea of a decentralized model of housing.. Great video!
Yes is a worldwide house crisis show that all have same problem profit over living
0:12 What a pun!🍁
Love the video and the attention to the housing crisis! Non-market housing is definitely an avenue that can relieve pressure on the broader housing market (or at least provide downward pressure over time). It's a great way for our govt's to support housing. I also think there needs to be some federal action on investment banks and even local landlords that are owning quite a few properties and renting them out. Like the recent investigations in the US into the property management software that has been encouraging landlords to leave units vacant in order to raise rents.
Coop is just being your own land lord. It's only substantially cheaper after you pay it off. Is that a better deal than renting? Sure, as long as you want to be there very long term. In addition to the huge costs, there is substantial risk that you might not actually come out ahead on the investment. You are also stuck dealing with the other people in your coop. If you rent and end up hating your neighbors, you can just move and not have a huge amount of your net worth tied up in the building you are trying to get away from.
This isn't "non-market" or "non-capitalist". It's just you being the capitalist yourself. You can do this for food by planting your own garden, or clothes with a sewing machine. It's beneficial if you are willing to take on that work and risk, but most people don't. There is a good reason we have specialization of labor. It's overall much more efficient, and hands off a lot of concerns to other people so you can focus on your specialty.
Yes, yes, "the state should fund it". If you want to see how that tends to work out in the long term read history.
It's not though? A renter in the coop building doesn't have to stay long term... What are you talking about?
When had "hating your neighbors" ever been someone's excuse for literally moving house?? This is super disingenuous.
Return on investment? Again I don't think you get what a coop is?
@@thomasmiller8289 Sure, in the same way that if you buy a house you don't have to stay long term. You could rent it to someone and find a different place to live, but it's the same situation. You own it, so you have to either utilize it, sell it, or I guess you could just let it sit, but then you spend your money for nothing.
People move all the time because of their neighbors. I'm not sure why that's a crazy thought.
If you put a bunch of money into a coop you probably want to get something out of it over time, that's your return on investment.
Combining your capital with other people to do things doesn't make it not capitalism.
@@ageofdoge ok so youre referring to the people who participated in the initial buy. Sure i guess, it sounded like the focus was on the people treating it as an alternative to higher rents elsewhere though. Maybe im the one who doesnt understand - do new incoming tenants in a coop have to buy in versus just “renting”?
@thomasmiller8289 Well generally speaking they would become members (part owners). Now, there are a lot of ways to do a coop, some do have non member customers, but if that's the case then it's just a normal rental relationship.
Rental prices in US are insane too. For $1800 in my state, I would only get a small, dingy apartment, usually located in a rough neighborhood with lots of homeless and drug addicts. Bigger and better located apartments are $2400 and higher. That’s more money than my parents paid for mortgage each month. It’s actually cheaper to buy a house with a long 40 year mortgage than to rent. People have extended families living together. Kids move back in to parents home with their own kids, siblings or close friends moving in together. It’s the reason why housing investors can charge so much. People have no choice, but to live together in homes designed for single families.
When I visited my Brother who lives in a smaller city in Japan. I was floored how little he pays for his apartment. Note that he lives in a smaller city in the Hiroshima prefecture so rent are much lower than Tokyo.
He pays a bout $500 dollars US equivalent for rent teach month. His apartment is small, but way bigger than ones in Tokyo. He actually has two small rooms. It’s perfect for him as he lives alone. People in our home state in US would kill to pay $500 bucks for an apartment like his. His neighborhood is nice too. It’s so quiet and safe at night, there is many shops an restaurants that are a short walking distance away. A major train station that has access to commuter lines and the Bullet Train is only a 20 minute walk away. The neighborhood has single family homes, apartments, and shops all mixed together.
I think people in North America should see mixed use Zoning first hand so they know how much better it is than the car dependent zoning laws we have here.
Something to note is that ALL of Olympic village was supposed to be co-op housing. But a corrupt city hall/developer deal meant the development corporation that was supposed to build all of Olympic village, they went bankrupt and another developer (owned by some of the same people) bought up the contracts/land but without the caveat that it would be co-op or controlled rental housing, building out Olympic village to the luxury community it is known as today. It was corporate greed and a corrupt city hall 15 years ago that screwed Vancouver in a major way. They basically stole public lands and handed Vancouverites the bill while laughing their way to the bank.
I would love to hear you cover land value taxes. Or similar schemes; you can look at Pittsburgh, or land leasing in Singapore, or Imputed income rules in Switzerland, or Ground Lease in the Netherlands. I think its the best first move to rebuild cities; stop allowing all the rent to flow to investors, stop taxing buildings, stop coddling low density sprawl with subsidies. Instead, push down land costs, open up land being held for speculation, and build up municipal finances. One day, every municipality will have to run off just taxes and no greenland development fees. Lets optimize the wealth of a city for that.
The funny thing is that ground rent had been the most prevalent tax in every city and village for at least the last 3000 years until the 20th century. Then income tax became prevalent because it was assumed to be progressive, but with the rich have been able to dodge and avoid paying income tax for decades using both legal and illegal methods.
@@DieNibelungenliad Dude the rich pay all the taxes, its the corporations that are working with your government that are paying nothing and making you pay for them with increased product costs.
@@richarddaigle8777 the rich own the corporations and control the gov
Very well done video. Sadly, I think certain corporations and gatekeepers such as condo owner associations will do whatever they can to stop this.
Yep, not to mention politicians as well.
@@keithholmes5433 Oh for sure.
Also your neighbors.
Landlords and their ilk will do anything and everything they can to keep life miserable for everyone else. Anything that sufficiently challenges their power will be met with violence. I think the first step has to be creating strong local communities that are willing and able to resist that violence.
@@AndrewFullerton Idk strong local communities are how NIMbYs NIMBY and HOAs HOA. Looking at Toronto for example, nothing would get done if Metrolinks wasn't basically responsible to no one in thier goal of building out transit.
Fantastic video Uytae! The breakdown of scenarios, players and costs when it comes to housing and solving our housing crisis makes your content digestible and actionable for everyone from youth to seniors, renters to developers, voters to politicians, and everyone in between. I'll be sharing this with my newly elected Council. Hope you get sponsored by VanCity!
Yup totally agree, it's a mix of more housing supplies, both non/for-market housing, enforcing hard cap rent control, and highly taxing investment properties. Housing is for people, not profits.
Such great content and analysis. Well done! I work at a bank in the US that provides affordable housing finance so this is a really important message that I plan to share with everyone I know!
Empathy it is really necesary, we cannot forget that having a place to live in is essential. Very insightful video.
This channel is pure gold. Thank you for making this content! I watch a lot of urbanist type channels and they mention things like missing middle and mixed use neighborhoods but this is the first time I heard of non-market housing.
Make sure to use ad block while watching their content. That way they don’t make any profit from their hard work researching and filming these segments. Just like how a landlord would in building, maintaining, and running some non market housing.
@@imacyclepath440 Housing is a necessity which is why solutions like non market housing needs to exist.
Capitalism isn't the answer to our most fundamental needs
@@gurumage9555 Capitalism has brought more people out of abject poverty than any other economic system in the history of humankind.
@@imacyclepath440 Some people were criticizing corruption, not being a landlord. Such as this video said some people and some corps monopolize some houses so they can create false scarcity to price gouge.
the biggest advantage of non-market rentals is that once the mortgage is paid off, the rent goes way down, even with maintenance costs increasing as the building gets older. Non-market housing is pretty in certain countries like austria, and that's exactly what's happening there.
edit: well shoot I should have finished the video before commenting shouldn't I? lol
Wow this was such an awesome video! Thank you for taking the time to explain something like this so well in a place that needs to hear it so dearly...
Seen 'Some More News'
cover all this and more?
Uytae really hit this one out of the park. Happy birthday, Levi! And thanks for being a member and a financial force for change!
-DD
Another factor for why it's hard to have low rents in regular housing is the cost of moving, both in terms of actual money, but also in terms of life disruption. If your favorite brand of t-shirts raises their prices it's not a big deal to just buy a different brand. If your rent goes up you have to live with it, or upend your whole life to move.
The apartment I live in is Section 8 (I'm on disability). It was built privately using grants, and the government pays a large portion of my rent (well, all of it, but some of it comes as a cash benefit that I then give to the landlord). They then used the profits to build more apartments that were regular market rate (and then another whole, more upscale complex down the street).
Of course, it was expensive for the government (grants in the first place) and they still have to shell out a fair amount in rent subsidies, and, because the apartments weren't built all at the same time they aren't intermingled (there was also a zoning exemption, I think, for senior/disabled housing). That means that the complex, despite the fact that they get nearly as much for our apartments after the government portion, can put more flowers out in the more competitive rent apartments at the top of the hill. This could have been fixed at inception though with better funding.
Interesting to include Hong Kong in the comparisons. It's wild the difference in that city and how extreme it is the price of private vs "government" housing and the limits on who can buy non-market housing. Overall well done with the video! Great production quality and I enjoyed it.
I'm glad that you pointed out surrounding rent because $1000/room is still very unaffordable
I love this!
I use to live in college coop housing. Saved so much money and way better than living in my own apartment eating ramen
Great video - I was hoping you would include Singapore as an example of non-market housing. Obviously it is in edge case of what's possible given It is only a dense city state, but it is extraordinarily impressive the results they've built over the last 50 years in getting most people in Singapore to own their own homes through non-market housing policies, and there isn't major wait lists. It's not mean tested (any income level can access it), it's not free (you still have to take out debt to pay for the house, but its sold to you at cost and the loan is below market rates) and It's not a perfect system (nothing is) - but it does mean that every single Singaporean has a vested interest in the quality (avoids slums) and price (It's meant to be cheap so that everyone can afford it) of the housing market.
The trick is that you need a government to back up these coops. For example make it easier and cheaper for coops to develop new building than it is for commercial developers. There are other ways to help them out of course.
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who were forced to witness the 2008 financial crisis could expect to generate a large wage.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with “Tenley Megan Amerson”” for the last five years or so, and her returns have been pretty much amazing.
I deeply appreciate this invaluable advice. Swiftly, I conducted a search on the name, crafted an email outlining my financial market ambitions, and scheduled a call.
How money works has a video about how a housing crisis will not make housing affordable for you. Hope it helps.
ruclips.net/video/uT0kHewjzkE/видео.htmlsi=7Oi-02c8Yp5Ucl3R
Wow! What a great video! And I'm glad to know that being a Vancity member is helping more non-market housing be built. Subscribed!
Seen 'Some More News' and 'Second Thought' cover all this and more?
@@loturzelrestaurant Yes to Second Thought! I'll check out Some More News! Thanks!
@@antemeridiemwolf :)
We believe in treating homes the way they were intended, as foundations where we build our lives and not just as investments, and we were thrilled to partner with Uytae and About Here to show how we can get there. And how our member's money is making a difference.
-DD
@@vancitycu And that's one of the many reasons I'm a Vancity member and how credit unions can be a force for good ☺
Interesting video and as always very high media production quality. I see you've found a sponsor to assist your business model. The influence of the sponsor was sprinkled in just enough that it didn't distract from your overall premise and opinions on the non-market housing stock benefits and why it might be part of the much needed solution to more affordable housing in this city. I hope you have some more content in the oven that'll be ready soon.
excellent video, your research and presentation of ideas is always so clear and helpful. We don't bat an eye when it comes to building highways, transit, giant government buildings, you name it through public dollars to help everyone in the long run i don't know why we are so worried about stepping into housing. Sure it might still be a lotto for who gets in but those are still families that can afford to live better in our communities and less pressure on the existing rentals, its still a win/win even if its a slow start. We have a huge opportunity with our post covid slower downtowns with empty older offices to get some prebuilt housing stock on the "cheap" going in core areas.
I've lived in Vancouver since the 90s and it frustrates me how slow (re)development is because of zoning laws, regulations, bureaucracy, resistance from residents, etc. so housing supply, market or otherwise, is limited. The low-income/affordable housing that the government is prioritizing would only serve a fraction of the population.
Good video.
Finally, someone who gets it. The city, province and feds are 100% of the problem. The feds allow the population to increase at a much, much faster rate than new housing, and new housing is insanely slow to get approved and it costs a third of a million bucks in Vancouver just for the permission to build a single family home. That's insane. For a condo it's a quarter million. Governments need to stop making the problem worse, then work on making it better. Blaming it on investors is insane. Prices are high. What does that do? It gives a massive incentive to build more and more units. People there think developers see high prices and don't want to get that money? Of course they do. That's why actual markets work just fine. There's money to be made so people will increase the number of units until that makes the prices drop because of over supply. It's a self correcting mechanism if the damn government would get out of the way. I can buy a whole home for a third of a million in many places in Canada.
I just found your channel, I'm about 11 minutes in to this video, but I am stoked. So glad to see this pop up on my feed, and your take on coop housing is comprehensible and entertaining. Looking forward to more! edit: Watched your front yard businesses video months but didn't make the connection, time to subscribe!
Same, the fronyard business video is so intriguing!