Try explaining to somebody who just bought an asset that costs 10x their annual salary, at 5x leverage, that they shouldn't care whether this asset appreciates or not. Be prepared to duck quickly.
> Especially in a country as large as the US
I'm pretty sure there are places in US where housing is literally 20 times cheaper than Santa Cruz. Somehow it doesn't make anybody feel better.
Try explaining to somebody who just bought an asset that costs 10x their annual salary, at 5x leverage, that they shouldn't care whether this asset appreciates or not. Be prepared to duck quickly.
> Especially in a country as large as the US
I'm pretty sure there are places in US where housing is literally 20 times cheaper than Santa Cruz. Somehow it doesn't make anybody feel better.