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InvisibleDoctorJ
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Registered: 06/30/03
Posts: 8,451
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Real estate and the cowardice of the rich
    #3454839 - 12/06/04 03:15 PM (12 years, 5 days ago)

Here's something I've noticed over the past ten years in my local area:

Rich people here have no commitment to their neighborhood or their communities. They don't want to face the reality of poverty and the problems it causes. They tend to run from social problems instead of dealing with them. They tend to have a rather strong 'not in my backyard' syndrome. Except instead of fighting for their backyard, most of the time they just move their backyard somewhere else.

In my home city of Dallas, the rich have steadily been moving North for quite some time. I was told that the Oakcliff area (South dallas) was once a very well-to-do neighborhood. These days, it is one of the worst ghettos in Dallas.

The neighborhood I grew up in (Far North dallas) was once a very nice neighborhood but is now starting to be overcome by the ghetto as more and more rich people move farther north to Plano and Frisco.

At this point I have become fairly disgusted with the social detachedness of the rich in Dallas. A little bit of crime starts to sneak up on them, and they immeadiately pack up and move north, taking all of their money out of the local economy and leaving behind a ghetto in their wake. Rather than fighting for their neighborhoods and strengthening their communities, they tend to just pack up and move somewhere else.

I guess that's the motto of the wealthy: Why fix what is broken when you can just buy a new one?

Maybe the rich have no moral obligation to try and solve social problems. But In my opinion, they are a bunch of yellow-bellied cowards with no loyalty to their 'hoods when they pack up and move at the first sign of difficulty.

thanks for letting me vent.


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Invisiblesilversoul7
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Re: Real estate and the cowardice of the rich [Re: DoctorJ]
    #3454888 - 12/06/04 03:30 PM (12 years, 5 days ago)

I think one problem is the way property taxes tend to penalize improvements upon the land. The poor are mainly the ones hurt by this, as they can't afford to move elsewhere, and also might not be able to afford the increased property taxes involved in improving the house or land. This leads to slums. But don't think the rich are any more cowardly than anyone else. A lot of people would do the same if they could. Most blacks who get into college and move on to successful careers leave the ghetto behind and look after their own interests, not those of their community.


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"It is dangerous to be right when the government is wrong."--Voltaire


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InvisibleRandalFlagg
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Registered: 06/15/02
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Re: Real estate and the cowardice of the rich [Re: DoctorJ]
    #3454924 - 12/06/04 03:40 PM (12 years, 5 days ago)

Isn't it kind of weird though how you see black hip-hop artists rapping about where they grew up and how they still have "street cred" when they live in mansions in rich neighborhoods...and they wouldn't be caught dead in their old 'hood?


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OfflineTao
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Registered: 09/19/03
Posts: 7,935
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Re: Real estate and the cowardice of the rich [Re: RandalFlagg]
    #3454967 - 12/06/04 03:53 PM (12 years, 5 days ago)

Are you trying to infer that she's not still Jenny from the Block? Don't be fooled by the rocks that she's got.


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Magash's Grain Tek  + Tub-in-Tub Incubator + Magash's PMP + SBP Tek + Dunking = Practically all a newbie grower needs :thumbup:


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InvisibleRandalFlagg
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Registered: 06/15/02
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Re: Real estate and the cowardice of the rich [Re: Tao]
    #3455007 - 12/06/04 04:05 PM (12 years, 5 days ago)

I'm not fooled by the rocks that she got.

But, several multi-million dollar homes, numerous luxury cars, and expensive designer clothes make me think that J.Lo ain't moving back to the Bronx any time soon.


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Invisiblepsilomonkey
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Registered: 08/08/03
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Re: Real estate and the cowardice of the rich [Re: DoctorJ]
    #3455034 - 12/06/04 04:15 PM (12 years, 5 days ago)

I don't know how the property market works in the US. What charges and or taxes etc. are there in moving house in America.

Would you have to for example pay tax on the sale, or profit made?

Do people do home improvement in America to up the value of their property? Its a big thing over here, complete with nauseating TV programs about it.

Rich people here in the UK tend to concentrate on areas rather than migrate, but then we he a tiny fraction of the room you have in the US.

edit:spelling


Edited by psilomonkey (12/07/04 03:31 AM)


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Offlinelonestar2004
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Re: Real estate and the cowardice of the rich [Re: DoctorJ]
    #3455199 - 12/06/04 05:00 PM (12 years, 5 days ago)

white flight...... i had a home in Dallas that i sold and only broke even on. ( you could tell the neighborhood was going down hill) bought a home north of Dallas (flower mound) and doubled my money. but have you noticed that down town is coming back. they gut those old buildings and put 400,000$ condos in there. the market goes out and then comes back in when its gone to far out.


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America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama


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Offlinecb9fl
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Registered: 06/12/03
Posts: 3,104
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Re: Real estate and the cowardice of the rich [Re: psilomonkey]
    #3455233 - 12/06/04 05:07 PM (12 years, 5 days ago)

I think what SS7 may have been refering to are property taxes. Say you purchase a house that has an assessed value of $100,000. After a few years of work and increases in land value your house is now assessed at $150,000. Well at that point you will have to pay at least 50% more in property taxes every year.

Around here a house assessed at $140,000 costs around $2000/year in property taxes.

I don't believe that property taxes alone would prevent a person from increasing the value of their home or a rental property. Even if a person had to pay 50% more per year in property taxes the increase in rental income would more than make up for the difference. This of course only holds true if the owner can charge more for a home that costs $150,000 than a home that costs $100,000.


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It is better to be hated for what you are than to be loved for what you are not. -Andre Gide

"Generosity is nothing else than a craze to possess. All which I abandon, all which I give, I enjoy in a higher manner through the fact that I give it away. To give is to enjoy possessively the object which one gives."


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Invisiblepsilomonkey
Twisted brainwrong of a oneoff man mental

Registered: 08/08/03
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Re: Real estate and the cowardice of the rich [Re: lonestar2004]
    #3455257 - 12/06/04 05:12 PM (12 years, 5 days ago)

white flight? Is it really that bad?

A similar thing is happening with ghettoizing of parts of London, but is not quite as bad, there are less places to flight to in our isle. :smile:


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InvisibleGabbaDj
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Re: Real estate and the cowardice of the rich [Re: cb9fl]
    #3455325 - 12/06/04 05:24 PM (12 years, 5 days ago)

Quote:

Around here a house assessed at $140,000 costs around $2000/year in property taxes




Around here theirs no such thing as a $140,000 house.. Even the older 2 bedroom homes in bad areas are going for $200K.

In fact less than 25% of Californians earn enough to buy a home and prices just keep going up.. In 10 years they estimate less than 20% can buy a house...


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InvisibleRandalFlagg
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Re: Real estate and the cowardice of the rich [Re: psilomonkey]
    #3455389 - 12/06/04 05:33 PM (12 years, 5 days ago)


white flight? Is it really that bad?

It is in some areas.

For whatever reasons, whereever there is a large population of black people, the crime rate goes up. All of the white people then move away.


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Invisiblepsilomonkey
Twisted brainwrong of a oneoff man mental

Registered: 08/08/03
Posts: 812
Loc: Airstrip One
Re: Real estate and the cowardice of the rich [Re: cb9fl]
    #3455414 - 12/06/04 05:36 PM (12 years, 5 days ago)

I think this is similar to 'council tax' here in the UK. Your property is rated into a tax band based on the market value of your property. But it is capped, the top rate in my area is 2,100 (4,000usd)* on a house valued over 320,000 (620,000usd)* pounds.

edit: thats a year.

I would not think that what would put people of improving their home, either. Is there a tax on the sale? Is it more attractive to buy a new property than an old one?

*exchange rate is silly at the moment and probably does not represent buying power


Edited by psilomonkey (12/06/04 05:38 PM)


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InvisibleRandalFlagg
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Re: Real estate and the cowardice of the rich [Re: psilomonkey]
    #3455477 - 12/06/04 05:47 PM (12 years, 5 days ago)

How much you pay in real estate taxes every year depends on how much your property has been appraised for(how much the authorities have deemed it to be worth). There is no cap on real estate taxes in my state. It is common in my area for people to let the outsides of their houses look shitty and the insides look all nice, so that the appraisers make a low appraisal and their yearly tax is low.


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InvisibleDoctorJ
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Registered: 06/30/03
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Re: Real estate and the cowardice of the rich [Re: lonestar2004]
    #3455483 - 12/06/04 05:49 PM (12 years, 5 days ago)

Quote:

lonestar2004 said:
white flight...... i had a home in Dallas that i sold and only broke even on. ( you could tell the neighborhood was going down hill) bought a home  north of Dallas (flower mound) and doubled my money. but have you noticed that down town is coming back. they gut those old buildings and put 400,000$ condos in there. the market  goes out and then comes back in when its gone to far out.




yup.  The Great White Flight out of Oakcliff.  All those huge, expensive-to-maintain houses combined with low property values = ghetto. 

I'm actually very interested in the M streets and as soon as I accquire the necessary capital I may invest in some real estate down there.  Dallas needs a Donald Trump to start dumping money into these run down neighborhoods.  The problem is that most of the wealthy people in Dallas simply can't be bothered to do it.  Which means that the only people who are doing this are faceless corporations like Dalcor and LPC, whose humanitarian record isn't very good.   

My sister lives in Flowermound.  Last time i visited her there I was noticing how nice the place was and I started thinking that maybe me and some homeys should start casing the place out :smile: (j/k)


--------------------
peace, pot, and microdot!


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Invisiblepsilomonkey
Twisted brainwrong of a oneoff man mental

Registered: 08/08/03
Posts: 812
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Re: Real estate and the cowardice of the rich [Re: GabbaDj]
    #3455512 - 12/06/04 05:56 PM (12 years, 5 days ago)

Same thing going on in the UK. People are worried that the market getting to the point that most people will not be able to reach the bottom rung of the property ladder, buying their first home.

What that means for the the market I am not sure. Either a market crash, or simply and end to the prospect of home ownership for the majority.


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Invisibleafoaf
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Re: Real estate and the cowardice of the rich [Re: DoctorJ]
    #3455521 - 12/06/04 05:57 PM (12 years, 5 days ago)

do you have rent control in dallas?


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All I know is The Growery is a place where losers who get banned here go.


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Invisiblepsilomonkey
Twisted brainwrong of a oneoff man mental

Registered: 08/08/03
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Loc: Airstrip One
Re: Real estate and the cowardice of the rich [Re: afoaf]
    #3455536 - 12/06/04 06:00 PM (12 years, 5 days ago)

rent control? yikes! wtf is that? sounds nasty.


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Invisibleafoaf
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Re: Real estate and the cowardice of the rich [Re: psilomonkey]
    #3455538 - 12/06/04 06:01 PM (12 years, 5 days ago)

??? :ooo: ???


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All I know is The Growery is a place where losers who get banned here go.


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Invisiblepsilomonkey
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Registered: 08/08/03
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Re: Real estate and the cowardice of the rich [Re: afoaf]
    #3455552 - 12/06/04 06:03 PM (12 years, 5 days ago)

Sorry, I was asking what is 'rent control', is it a legal thing, like what we would call a tenancy agreement, or is it state interference of some kind?


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Invisibleafoaf
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Re: Real estate and the cowardice of the rich [Re: psilomonkey]
    #3455669 - 12/06/04 06:27 PM (12 years, 5 days ago)

rent control is a general term used to indicate market controls
on rent and renter's rights.

generally, rent control speaks to legal controls on the amount
that rents can be raised annually.

rent control generally leads to the types of conditions described
above.


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All I know is The Growery is a place where losers who get banned here go.


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