No.1809816
Because that's what it's valued at by real estate speculators.
Most of the market is a con these days. You can have a company that's profitable, with zero debt and plenty of savings: stock price will go down. You can have a company that can't produce anything but arouses a bunch of speculators (lots of venture capital scams do this) and the stock price will soar through the roof. It doesn't matter if no one can afford houses, the price ain't going down. Hell, maybe it just means you can sell to some huge real estate conglomerate and bank: you'll make money, they can rent the house out and recuperate everything.
No.1809843
>>1809807The scary answer: because there actually are people willing to pay those prices, either on credit or with savings(!). Most but not all are older Gen-X workers or petty bourgeois.
You might imagine that at some point a market crash or collapse would happen and hose these people. But it won't, because that would cause the reemergence of Politics, which is something that the modern state can never, never allow.
No.1809867
>>1809855>look mom, i blamed china again!obsessed
No.1809899
Governments can't allow real estate prices to go down because it's the only investment financially illiterate plebeians own, if they own any.
There is a saying in my country like "stone is the most secure investment possible, because everyone needs a roof over their heads", but from the eyes of the market, real estate is an investment like any other, no different from stocks or state bonds. People still bought the lie wholesale.
The real estate market badly needs a correction for us younger people, but as
>>1809843 said, it won't happen until the contradictions get intensified to absurd levels, otherwise people will start to realize the market is unfair and they got played like a damn fiddle.
No.1809902
(Oh, and I forgot to mention my government much would much rather give gibs to poorfags for rents than let the real estate market crash with no survivors)
No.1809907
>>1809904Is this AI generated or Honk Kong is actually like that
No.1809916
>>1809913Specific relevant quote?
No.1809919
>>1809916the bit where the value of property is revealed to be productivity / interest
No.1809920
>>1809919Where is the proof of the claim?
No.1809922
>>1809920>not understanding axiomatic definitionsthe value of property
is its productivity divided by the interest
No.1809924
>>1809920to expand on this, when interest is zero the price of property is free to rise without bound, as we have seen for the last few years. as soon as interest goes back up property prices will crash, in the long run
No.1809925
>>1809922Price and value are two different things.
No.1809927
>>1809924The price goes up as long as people pay it. Many buy property in cash.
No.1809928
Real shot is eventually everything gets up zoned. Eventually your property is worth more as vacant land then the home is worth because people will build multi family units on the property. Land value never goes down except for weather reasons.
No.1809932
>>1809913>>1809916>>1809919Marx didn't write much on housing and where he did, it was about poor Victorian era working class housing. His writings did not talk about anything like housing markets today.
In Marx's view, there was no real distinction between capitalists and landlords. He also believed agricultural land would end up dominated by large landlords.
>This competition has the further consequence that a large part of landed property falls into the hands of the capitalists and that capitalists thus become simultaneously landowners, just as the smaller landowners are on the whole already nothing more than capitalists. Similarly, a section of large landowners become at the same time industrialists. The final consequence is thus the abolition of the distinction between capitalist and landowner, so that there remain altogether only two classes of the population – the working class and the class of capitalists. This huckstering with landed property, the transformation of landed property into a commodity, constitutes the final overthrow of the old and the final establishment of the money aristocracy.
https://www.marxists.org/archive/marx/works/1844/manuscripts/rent.htm No.1809935
>>1809925>Price and value are two different things.correct
>>1809927>The price goes up as long as people pay it. Many buy property in cash.value regulates price
>>1809932>Marx didn't write much on housingthis depends. the value of a rental property fits under Ricardo's analysis I think, and thus also in Marx
>In Marx's view, there was no real distinction between capitalists and landlordsdoubt. Marx makes a point that there's three sources of revenue. of course he also points out they all stem from labour
No.1809937
>>1809935I think you are trying to shoehorn ideas of guys from 100s if years ago into a modern reality they were never aware of to avoid thinking for yourself.
Housing is generally unproductive yet provides utility.
No.1809939
The value of a piece of real estate is most decided by the value of the other real estate around it. That is completely different from other land values like natural resources and etc.
No.1809942
>>1809937>Housing is generally unproductivelabour power requires housing, and the upkeep of that housing goes into the value of that labour power
No.1809943
>>1809939you're confusing value with price
No.1809944
>>1809843is this supposed to be a Tiqqun-pilled response?
No.1809947
>>1809943The value is determined by the value of the things it is in proximity to.
No.1809950
>>1809947please actually read vol III before you type nonsense like this
No.1809952
>>1809947Like if you want to talk about productivity, obviously the housing units with the shortest commutes to the centers of productivity are more valuable than those with longer commutes. That is value.
No.1809953
>>1809950Do you have a specific relevant quote?
No.1809966
>>1809953>please spoonfeed me learnsno
No.1809972
>>1809966Well actually I looked it up and Marx said you were wrong.
No.1809975
>>1809972It's crazy but Marx actually said in volume 3 the guys in thread 1809807 on leftypol who claim they are parroting my view are actually completely contrary and I disavow them. It is crazy he would be so prescient and specific but It's all in there.
No.1809988
>>1809940Not sure what you mean by this, but the state also gives gibs for wannabe real estate investors in my country, so the prices never go down. If prices ever go down, you might be able to afford to work less to sustain a comfortable way of living, and this is absolutely unacceptable for porky. Go back to the cagie, wagie.
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