I think reducing the various factors that contribute to the unprecedented levels of economic inequality seen today to a “boomers vs the younger” thing is reductive and largely unhelpful.
But….
Boomers, I ain’t buying your inflated fucking properties off of you when you’re ready to cash out and “downsize”. The price of the asset I’d be buying now might correct itself as population densities in western countries steadily decrease.
Nothing sounds worse to me than the idea of being in debt to the bank going into retirement (if I’m lucky enough to retire) for potentially a lot more money than my most expensive possession is worth. As someone fiscally quite risk averse, I’ll actually be enjoying my lattes and avocado toasts instead, thanks very much.
We’re all fed this narrative that homeownership is the only “correct” way forward. Perhaps that’ was true for previous generations, but for those younger, I’d ask you to consider the following:
- The class of people we work for are predominately homeowners
- If you are tied down by needing to sell your house to move job, your ability to relocate for better job opportunities (and higher salaries) is reduced
- Furthermore, it’s a lot easier to take some risks in your career that might pay off (like starting your own business or going freelance) without the ball-and-chain of 25 years of mortgage repayments
- On a macro level, I would imagine that might act as a price anchor for the salaries of working people as well as reducing the pool of people with the mental energy left to break up corporate monopolies.
- On an individual level, it’s a cruel, sick joke. We’re out here fucking losing loved ones to suicides because of burnout, or enduring levels of toxicity in the workplace that we wouldn’t stand for in our private lives. And it’s all in the interest of providing shelter for ourselves. Shelter that is currently sold at prices the average person will never afford – to line the pockets of people that have already taken enough from us.
You want to get off the hamster wheel? I say rejecting the myth of homeownership on-mass is a big part of how we all do that.
Change my mind.