The Slumping South
- Thread starter dealmaker
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I'd have to again push you to think through your and @trader99's logic. The vast majority of real estate in CA, including in the Bay Area where I lived for a decade, is not billionaire real estate. Probably something like 95% of it is sub-2,500 square foot in older (and to my eye not terribly attractive) buildings. And that real estate is continuing to climb in price. Meanwhile, third world state real estate is not climbing in price at the same rate. Therefore, an assertion that "business owners, or higher wage earners", later modified to "new relative poor", "Millionaires but under 10 mill." were fleeing isn't supported by the relative real estate prices in the regions mentioned. So if one had any intellectual curiosity they'd be wondering why that was? Is CA just creating wealth at such a high rate that it outstrips any "fleeing" going on? If so, that's a pretty impressive feat of capitalism. Or, as I asked earlier, do supply and demand just not work in CA like the rest of the world? There's no demand for real estate but the prices stay high across the board? And the opposite is the case in NC? Seems unlikely doesn't it? Or perhaps Occam's Razor would be that the whole "fleeing" meme is a bit overblown? Your thoughts?
OK, you are right that supply and demand are in balance to support high housing prices. The fleeing is occurring. I have been here almost 6 decades, and last year for the first time in the states history we had almost a zero population growth. The outflow and inflow about equal in a state that has boasted high growth rate through its history.
Why ?
Real Estate so high. Limited and regulated supply. We certainly have the land ? Find a lot and then build a house, find out how much you have to pay in permits/fees/etc. before you get to put a shovel into the ground.
Each region has its own hurdles on supplying housing. Frankly, the state has an affordable housing crisis, I bought and built my first house in my twenties in this state, which I think is geographically beautiful with great weather. Sadly, this is out of reach to many of the new poor, especially the young.
Judging from LA traffic and the long rush hours - in some places almost from 5 am to 10 pm, I don't see any fleeing.
There is a rebuttal to this article on business insider. It’s not north vs south: it’s urban vs rural. Urban areas in the north and south are prospering. Rural areas are not. Upstate New York is a mess but Nashville is doing well.
To get my post banned for not being in the politics section, when cut that way, areas dominated by progressive thought are doing well and areas dominated by conservative thought are doing poorly.
To get my post banned for not being in the politics section, when cut that way, areas dominated by progressive thought are doing well and areas dominated by conservative thought are doing poorly.
Broad brushes poorly held generally slop pretty far outside the lines.
But that's fine. Stay happy in your progression.
He actually makes a fair point. Name some purely rural areas in the South (we're talking the civil war South) that are outperforming economically? On the other hand, you have Charlotte, so liberal that they put the rest of the state in a conniption fit trying to shut down their local law regarding transgender bathroom use, which along with Raleigh Durham is responsible for the majority of the GDP of the state. And guess where all 3 democratic state reps in NC were elected from? Yep Charlotte and RDU. South Carolina - Charleston the same thing. Georgia- Atlanta, Augusta, Columbus, and Savannah...same thing. If you've got a bunch of counterexamples to this I'd love to see them, but from my experience living down there the brush is pretty damn fine.
Speaking of broad brushes poorly held generally slop pretty far outside the lines:
But that’s fine. Stay happy with your whatever you believe.
I live in the Dallas area. I see statistics every couple of weeks that make the Dallas/Ft Worth area shine like a supernova.
I think 300 -350 people move into the area every day. More jobs are created here every year than in many states. If you can't find a job in the area it is because your expectations are too high, you are not qualified or you need to improve your interview skills. But if you are unemployed, it is not because of the economy.
Many people are leaving the North East because of the high taxes and miserable weather. You can buy a home in the Dallas area for half the price you would pay in California or New England. Texas does not have a state income tax and states such as California, CT and Vermont want to tax you 8-10 percent for the privilege of living there. Then, you have to worry about estate taxes. And the illustrious Bernie Sanders and AOC want to introduce a Wealth tax, taxing 5% of everything you own over a certain amount. Then, I guess they will just keep taxing you every year until you are as poor as everyone else.
And the South is not Socialist. Texas is gun friendly and doesn't have assinine taxes on things like plastic shopping bags and soda.
The South is doing well. There are pockets of poverty in the South, but those are the same places that have existed for many years. We are doing fine. If someone wants to move here and start over, you are welcome here and I hope you are successful. Just leave your progressive, socialist politics behind in Cali, NY, VT and IL.
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