Ok - downpayment on a house of 50k, 90% LTV. Must be 500K. Doubles in price to $1mm. Let's say it does this in 10 years. Wages haven't appreciated much. Where does that 500k come from? The next generation.
Zero sum game. Rampant inequality. Crashing social mobility.
As you say it's not merit based. How many people can save 500k in 10 years? Leveraged mortgage debt then becomes the only game in town. Game set and match the banks.
Zero sum game. Rampant inequality. Crashing social mobility.
As you say it's not merit based. How many people can save 500k in 10 years? Leveraged mortgage debt then becomes the only game in town. Game set and match the banks.