this post was submitted on 01 Apr 2024
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The bottom line. We devised a system (note, it’s not some natural system, people made this) that allows a finite resource to be claimed indefinitely.
A developer comes and builds an apt complex, then collects rent on it FOREVER. The initial value they added to housing flexibility and additional housing expires, but the value they extract does not.
As available land disappears over time (which all finite resources do when being consumed), wealth inevitably coalesces to the owners. It seems fair at first, but it ignores what makes an economy work. It allows people to not work and extract value from others over time. It is not sustainable.
You can own an entire forest just so you can enjoy a stroll by yourself, while an entire group of people are left on the outside owning nothing. If you can’t use your land and block access, you’re hurting society more than helping.
It’s somewhat like an insidious monopoly growing slowly. Rent to own as an option is a much better system.
I didn't think about how much rent-to-own helps this situation. Current rent prices would basically expedite the process and many more would have ownership much sooner. I like this idea.