I've always thought the same as well. I sure wish my parents had experienced the woe of having their home value go up 5x over my childhood, but alas it merely maintained its value for the most part (we grew up far from any major cities).
It's the life-long renters who will be mainly impacted by this negatively. I do have sympathy for them. Many of them rented not because they were opposed to buying, but because they couldn't afford to buy even in the 80s. Granted, you might argue that if you can't buy a home then that's a sign you shouldn't stay in the area long-term, precisely because of this risk. But try telling that to all the new college graduates rushing off to Silicon Valley with incomes that are less than a 10th of home values around them. They'll possibly be subject to the same fate.
> It's the life-long renters who will be mainly impacted by this negatively.
Not to mention the people who would normally have bought within the next few years who've just become life-long renters because housing prices have shot up out of reach.
I live in Vancouver, and hey, I even work in tech, but the housing princes here are out of reach. If I'd made ten years ago what I made now I'd own my own home, but now it just seems like an unreasonable course of action.
It's the life-long renters who will be mainly impacted by this negatively. I do have sympathy for them. Many of them rented not because they were opposed to buying, but because they couldn't afford to buy even in the 80s. Granted, you might argue that if you can't buy a home then that's a sign you shouldn't stay in the area long-term, precisely because of this risk. But try telling that to all the new college graduates rushing off to Silicon Valley with incomes that are less than a 10th of home values around them. They'll possibly be subject to the same fate.