this post was submitted on 20 Nov 2023
152 points (81.7% liked)
Canada
7133 readers
267 users here now
What's going on Canada?
Communities
π Meta
πΊοΈ Provinces / Territories
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
ποΈ Cities / Regions
- Calgary (AB)
- Edmonton (AB)
- Greater Sudbury (ON)
- Halifax (NS)
- Hamilton (ON)
- Kootenays (BC)
- London (ON)
- Mississauga (ON)
- Montreal (QC)
- Nanaimo (BC)
- Oceanside (BC)
- Ottawa (ON)
- Port Alberni (BC)
- Regina (SK)
- Saskatoon (SK)
- Thunder Bay (ON)
- Toronto (ON)
- Vancouver (BC)
- Vancouver Island (BC)
- Victoria (BC)
- Waterloo (ON)
- Winnipeg (MB)
π Sports
Hockey
- List of All Teams: Post on /c/hockey
- General Community: /c/Hockey
- Calgary Flames
- Edmonton Oilers
- MontrΓ©al Canadiens
- Ottawa Senators
- Toronto Maple Leafs
- Vancouver Canucks
- Winnipeg Jets
Football (NFL)
- List of All Teams:
unknown
Football (CFL)
- List of All Teams:
unknown
Baseball
- List of All Teams:
unknown - Toronto Blue Jays
Basketball
- List of All Teams:
unknown - Toronto Raptors
Soccer
- List of All Teams:
unknown - General Community: /c/CanadaSoccer
- Toronto FC
π» Universities
π΅ Finance / Shopping
- Personal Finance Canada
- BAPCSalesCanada
- Canadian Investor
- Buy Canadian
- Quebec Finance
- Churning Canada
π£οΈ Politics
π Social & Culture
Rules
Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:
founded 3 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Wealth is not money, can't buy bread with a staircase.
Yes and no. Wealth can be used as a proxy, usually via debt, to acquire more wealth. If this wasn't the case, Elon Musk would not have been able to buy Twitter.
This is why renters are absolutely screwed: not only are they spending the same as someone with a mortgage in many cases, but they can't leverage equity at all. Need a car repair done? Send a kid to school? Retire? Invest? If you rent, you're screwed.
We're not talking about Musk here. Most home owners can't leverage their equity to buy some bread.
Yes, they can.
Many (many!) have leveraged their equity into buying more houses to rent out for income, and/or into all sorts of HELOC-related silliness.
I don't think peolle realize how stark the divide is between people with homes and people without, especially for anyone who bought before 2020. We've created, almost overnight, a massive and likely permanent underclass, and we have no intention of putting the kinds of supports in place to deal with the problems that will create over the next few decades as renters are broken by retirement and AI.
We've substituted paying fair wages and having real retirement plans with house value, and now we're on the verge of slamming the door on a huge portion of our society by locking them out of home equity at the same time we're diluting their earnings.
Yes, Musk et al are an extreme example, but the equity gap is real.
Do you even read?
Sort of. You can do a one-time conversion to income if you want, and income can of course be diverted towards very slowly building up wealth, but yeah they're not the same thing.
Yeah you can, you can leverage your equity to buy basically anything. Another house for instance...
If you leverage your equity to buy bread, you'll be homeless very soon.
Not if your equity is always increasing
It doesn't increase out of thin air.
In Canada it does lol
You're confusing house price with equity.
You can't buy bread with stocks either but Elon is still rich.
The difference is that you can't earn a living by owning your primary residence, so you're still working class.
That's my point. Owning a home doesn't make anyone rich. Owning multiple homes which generate income is a different thing, but people here assume is that if you bough a house in London 20 years ago for pennies, then today you are a fucking Bezos swimming in money. That's not the case.
Maybe you can't, I bought a bar. It came with an owners suite.