Comment on WeWork founder remains a billionaire even with firm’s bankruptcy | The Straits Times
bionicjoey@lemmy.ca 10 months agoSo instead of paying rent, you pay loan payments. And the bank can seize your property if you can’t pay. Sounds like six of one and a half-dozen of the other.
Mortgage payments build equity and when you move you can sell the property and recoup nearly all of that. Rent is gone.
Foreclosure is a huge issue that needs to be addressed in legislation. All that equity should still exist for the homeowner even if they stop being able to afford payments.
Rent keeps going up, my mortgage is the same regardless and I purchased based on what I could afford at that time.
My mortgage is gone because I paid it off. Which is an option, but not for renters who have to pay forever (and in many cases, increasing rates) just to keep hold of the same 1000 SQ ft place.
halowpeano@lemmy.world 10 months ago
You’re still thinking within the current broken system. The only reason the bank can seize everything unfairly no matter how much had been repaid is because the laws allow it.
bionicjoey@lemmy.ca 10 months ago
Even if you ignore foreclosure, mortgaging still is often more expensive than renting on average. Because part of what you’re paying for in a mortgage is the fact that it has a finite length.