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"I have retirement savings" - person who owns a building that is conservatively worth $10million
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Mar 26, 2020 05:28
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Mandibular Fiasco posted:That seems like an absurdist rule. Perhaps the thing to do is not carry a credit card balance so this isn't a problem. Setting up multiple accounts at multiple institutions so that if you get into arrears they don't come after your checking account seems a bit much. lmao just don't be poor, silly.
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Mar 26, 2020 14:07
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Dr. Stab posted:lmao just don't be poor, silly. There's a big difference between being poor, and the audience listening to Gail Vaz-Oxlade on Twitter or buying her book. The advice she offers sounds like prepper nonsense. It's like not having more than $100K in any one category of account at a single bank in the event the bank becomes insolvent. Surely, there are better options out there than putting your savings accounts and credit accounts at multiple banks or credit unions. If someone is poor, they likely need better support than being told that the solution to their financial difficulties is what is suggested. Mandibular Fiasco fucked around with this message at 22:22 on Mar 26, 2020 |
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Mar 26, 2020 21:12
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https://twitter.com/catthekin/status/1242718190662111232 Pity the city doesn't believe in enforcement, or consequences, and this will all be folded back into STR soon.
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Mar 26, 2020 21:42
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I've discovered the simple joy of trolling landlords on Kijiji by lowballing them during an economic crises. Responses have varied from angry multiparagraph responses replete with spelling errors to "I know what I got bruh don't waste my time"
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Mar 27, 2020 15:11
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Post 'em. Give the people what they want.
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Mar 27, 2020 15:13
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Post them!
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Mar 27, 2020 15:29
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half cocaine posted:Post them!
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Mar 27, 2020 15:48
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Ship the messages
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Mar 27, 2020 16:48
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half cocaine posted:Post them!
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Mar 28, 2020 01:37
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Post the messages, coward
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Mar 28, 2020 02:49
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ruh roesquote:
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Mar 28, 2020 02:55
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Femtosecond posted:ruh roes It's ok, they'll just get another nurses union pension fund to bail them out.
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Mar 28, 2020 04:21
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Why can't landlords just get a job like the rest of us?
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Mar 28, 2020 08:58
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Lovely schadenfreude. Having seen how openly people are willing to accept being hosed in the rear end in the US, I'm doubtful we'll use the momentum over COVID to make a better society ourselves in the milquetoast north.
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Mar 28, 2020 21:05
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Guest2553 posted:Lovely schadenfreude. Oh, I'm a bit more optimistic than that. This isn't going away quickly.
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Mar 28, 2020 22:19
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https://www.zolo.ca/vancouver-real-estate/3655-trafalgar-street This seems undervalued. 
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Mar 30, 2020 20:38
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Rime posted:https://www.zolo.ca/vancouver-real-estate/3655-trafalgar-street It's slightly above assessed, though. REW says they bought it in 2006 for $935K. Add in "over $500K in renovations" and you're at $1.5M. That's $1.8M in 2020 dollars. So they'd still turn a profit if they sold it for that price. Also, given how the place was reno'ed, this was clearly a (fairly well-off) family who actually lived in the house for 13 years, and are now looking to move. That probably explains setting the price near assessed, rather than at some fantasy price of double the assessed value like a lot of west side houses. It'll probably be bought by speculators though, if anyone buys it at all.
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Mar 30, 2020 21:07
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https://biv.com/article/2020/04/bc-landlords-seeing-50-tenants-not-paying-rent
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Apr 3, 2020 09:01
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What is astounding is how many people are living on debt and have no savings of any kind to buffer themselves in the event of difficulty.
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Apr 3, 2020 15:50
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I know several people who are worried they won't be able to make next month's mortgage payments because they've been laid off. It astounds me too, if you cannot afford to make your mortgage for at least 6 months then what on earth are you doing with a mortgage? I guess it's easy to blame the homeowners, but really it's ultimately the fault of the idiot government(s) for encouraging this type of reckless borrowing for so long with ultra low interest rates, lack of affordable home building, and negligence in preventing mass foreign takeovers of entire housing markets.
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Apr 3, 2020 16:43
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qhat posted:I know several people who are worried they won't be able to make next month's mortgage payments because they've been laid off. It astounds me too, if you cannot afford to make your mortgage for at least 6 months then what on earth are you doing with a mortgage? I guess it's easy to blame the homeowners, but really it's ultimately the fault of the idiot government(s) for encouraging this type of reckless borrowing for so long with ultra low interest rates, lack of affordable home building, and negligence in preventing mass foreign takeovers of entire housing markets. lol
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Apr 4, 2020 05:45
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qhat posted:I know several people who are worried they won't be able to make next month's mortgage payments because they've been laid off. It astounds me too, if you cannot afford to make your mortgage for at least 6 months then what on earth are you doing with a mortgage? I guess it's easy to blame the homeowners, but really it's ultimately the fault of the idiot government(s) for encouraging this type of reckless borrowing for so long with ultra low interest rates, lack of affordable home building, and negligence in preventing mass foreign takeovers of entire housing markets. Most people can't really live their lives waiting for everything to be perfect. They'll be dead before they can afford a house using whatever metrics were used 30-, 50-years ago. The only option they have is to try to live their lives and hope things work out. It isn't idiocy so much as a coping mechanism.
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Apr 4, 2020 15:13
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Sure hope they have a coping mechanism for bankruptcy! 
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Apr 4, 2020 15:29
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MickeyFinn posted:Most people can't really live their lives waiting for everything to be perfect. They'll be dead before they can afford a house using whatever metrics were used 30-, 50-years ago. The only option they have is to try to live their lives and hope things work out. It isn't idiocy so much as a coping mechanism. Or make different choices that don’t involve exposing oneself to massive risk and just hope things turn out.
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Apr 4, 2020 17:12
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MickeyFinn posted:Most people can't really live their lives waiting for everything to be perfect. They'll be dead before they can afford a house using whatever metrics were used 30-, 50-years ago. The only option they have is to try to live their lives and hope things work out. It isn't idiocy so much as a coping mechanism. I knew it. The only point to life is to consume.
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Apr 4, 2020 17:30
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Mandibular Fiasco posted:Or make different choices that don’t involve exposing oneself to massive risk and just hope things turn out. What choices are available that don't come with unnecessary risk? I deliberately am changing "massive" to "unnecessary" because I don't know what massive means in this case. I don't see anything that indicates that these people would be able to make rent if they had stayed renting. Maybe that is true, I dunno. There is a lot wrong with housing, but I think local residents buying places to live in is pretty low on the list.
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Apr 4, 2020 17:32
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When it comes to purchasing housing, and the incredible sums of debt that necessarily comes along with this, the buyer must have a reasonable amount of general optimism in life that things are generally going to be fine for them for the next few decades otherwise the entire concept of buying property can't work. Part of the reason why it's so easy for the rich to get richer is because with a safety net of existing capital, it's easy to be optimistic and to take more substantial investment risks without really caring about the details.
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Apr 4, 2020 18:55
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https://twitter.com/MPelletierCIO/status/1246107832023310336?s=20 Although this thread has been wrong about a poo poo ton, I hope at least people at least took away the general idea that the Canadian economy is garbage and you shouldn't invest in it.
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Apr 4, 2020 18:56
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If one little virus can tank things then what's even the point?
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Apr 4, 2020 19:02
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Good returns since 2009 though.
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Apr 4, 2020 19:24
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Jordan7hm posted:Good returns since 2009 though. Lol. Yeah it's kind of an artificial window to take, going from a previous peak to the current crash. I'm also guessing he isn't accounting for dividends.
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Apr 4, 2020 19:46
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He goes into that later, paraphrased his response is "lol, come the gently caress on."
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Apr 4, 2020 19:49
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Martin "plz bail out alberta's oil industry" Pelletier
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Apr 4, 2020 19:57
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Mandibular Fiasco posted:Or make different choices that don’t involve exposing oneself to massive risk and just hope things turn out. This is short sighted. We've seen a number of people/articles in this thread (and others) about reno-victions, lovely landlords, and the lack of rental housing supply for people who need/want more than 3 bedrooms. What are people supposed to do to get out of these traps? Put off having children forever? Live in the streets? Give up their hobbies that require anything more than trivial amounts of space? That people are leveraging themselves to the hilt to buy houses is a symptom of a number of society wide problems, not the least of which is that incomes have been stagnant for way too long and the only way to really get ahead is to make massive leveraged bets. To twist an aphorism, the housing market can remain irrational longer than you can remain alive. half cocaine posted:I knew it. The only point to life is to consume. Yes? Everyone should consume or plan to consume their entire income in some way. Either by buying dirt bikes and boats today or saving for retirement or, for the lucky few, trading income for time to do something other than work before retirement (assuming that is on the table at all). Otherwise, what is the point of working? Wage slavery for the point of wage slavery?
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Apr 4, 2020 20:04
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No one has 6 months of mortgage payments lying around in their mattress. It is a dumb point to make, or respond too.
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Apr 4, 2020 20:54
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Crow Buddy posted:No one has 6 months of mortgage payments lying around in their mattress. It is a dumb point to make, or respond too. Er, no it's not? That is literally the definition of an emergency fund.
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Apr 4, 2020 21:00
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MickeyFinn posted:Yes? Everyone should consume or plan to consume their entire income in some way. Either by buying dirt bikes and boats today or saving for retirement or, for the lucky few, trading income for time to do something other than work before retirement (assuming that is on the table at all). Otherwise, what is the point of working? Wage slavery for the point of wage slavery? I know this is hard for Canadians to comprehend but happiness doesn't always come from buying stuff.
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Apr 4, 2020 21:00
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It doesn't, but when you grow up in a house and they're still a gateway to a lifestyle that people expect as a middle class cultural norm, it's pretty understandable that people are leveraging themselves to get there.
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Apr 4, 2020 21:06
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qhat posted:Er, no it's not? That is literally the definition of an emergency fund. Hi, In an economy where wage growth has been replace by consumer debt to keep quality of life it is not shocking that emergency funds have gone by the wayside. This is not the fault of the consumer or the average person, this is a systemic economic issue not a DURR JIMMY SHOULDA SAVED issue. Hope this helps.
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Apr 4, 2020 21:08
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