That is pretty much anyone, anywhere. I'd certainly prefer my house not sell for less than what I bought it for.
I'd prefer to buy it cheaply enough that I don't need a non-productive asset to behave like an investment.
My friend's neighbor just listed his condo at $1.6 million. So... probably not. We've turned real estate into a ponzi scheme that we continue to perpetuate because God forbid the boomers ever experience anything other than unearned wealth accrual at all stages of their life.
I have no idea why you're putting this on boomers... a huge part of the real estate craziness here in my town is because working stiffs, NOT boomers, are sick of Toronto and are selling shit there and moving here and offering $100k over list for houses. Not a Boomer in sight.
You sure do like to paint various demographics with a wide brush of hatred and disdain don't you? I'm considered a boomer. Many of my friends are considered boomers. None of us have ever experienced this unearned wealth accrual you like to go on about. Many of my friends are pushing 60 and still get up every morning to go work jobs in construction. Not as management...they're swinging hammers, carrying heavy shit, and destroying what's left of their bodies for a paycheck.
They're the ones paying. That money is going to people who have owned those homes for years and fought every effort to make housing cheaper because it would threaten their "home values" and now get to cash in on that restricted supply.
Yeah... how dare they live in a place, and slowly/surely, year over year, improve the house that they're living in.
In 1960 Los Angeles was zoned for 10 million potential residents. Fifty years later it was zoned for 4.3 million. Any attempts to build denser structures where single family homes currently sit is met with neighborhood opposition. Statewide, the effort to open up zoning to greater density near transit, SB 50, was defeated. The voting patterns of property owners is very clear: keep property taxes low, and regulations on what can be built high.
OK, you cannot even remotely consider California as anything approaching normal, in anything. Of course it's fucked up. And it's not just the poor folk who are getting screwed... it's overregulation of ALL the things. The number of stories I've heard of multi-millionaires trying to install a pool and selling because they failed after years of trying tells me it's not a poverty issue.
I’m glad my house is now worth 100k more than I paid for it. I have easily put that much or more into it in terms of improvements and updates. I hope it keeps going up.
NIMBYism wasn't exactly a Millennial creation, but the housing market isn't solely to blame on boomers. Those ugly ass mega mansions on the other hand....
My house has doubled in value in the 6 years I have owned it. I'd love to sell it but housing prices in CA are so high, I couldn't afford to buy another one.