telling their grandkids to eat shit
Except, by and large, the grandkids of boomers are already eating shit and if they're one of the few lucky ones to inherit a home - an appreciating asset with potential for large sentimental value too - they'll either be forced to pay for the privilege of owning it or lose it.
Meanwhile house prices still rise and fuck people over regardless despite the theoretical abundance of supply due to immigration increasing population, and thus perceived demand, and asset managers like Blackrock buying them all up to inflate portfolios anyway.
I looked into this further and property taxes might be almost entirely responsible for the lack of intergenerational homes in America, since rather than pay property taxes, you can defer paying as an old person until you sell the property, which means there's some condition in there where you
must sell the home to pay this tax. Leaving a house to your kids might almost be more trouble that it's worth, because if they can't pay what's asked you're just straddling them with debt so it's better to sell pre-emptively and leave them cash instead. The property could end up being too much of a burden for them too since the home they bought whilst employed and earning all the while increasing its value starts draining too much out of their retirement fund to be justifiable.
Are there old people who sell their houses just to keep themselves comped for life at a retirement community or something?
