Debate: Will crypto drive real estate speculation or affordable housing solutions?
@mikesullivan Following presentation last night on blockchain in real estate, invite your feedback on this headline:
Crypto will be 100X Bigger than Anything that the Web did for Real Estate
My comment was removed from InmanC2C, a private Facebook group with 15,000 leading tech-savvy real estate agents, so invite discussion below:
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#NAREE18 attendees & real estate regulators, file this thread / threat under #SpeculatorsWithoutBorders and begin tracking this emerging story:
Authors point to the opportunity to "create a global economy beyond borders," and offers this as a value proposition: "If the local property trends can attract global liquidity in search of speculative returns, you’ll create immense new capital value in global real estate assets."
What implications will that have for ordinary consumers? Before addressing that question, let's look at that the devastating income inequality that already emerged in the US over the past 4-5 decades:
Top 1% in US has 40% of wealth; bottom 80% only 7%. Top 1% take home almost 25% of income today, in 1976, only 9%; by that measure, income #Inequality up 3X. Wonder who's buying luxury units, or #Swanktuaries, in residential towers across the globe? Watch this video and the answer will be obvious:
Does tokenizing fractional ownership of real estate and selling them on a global market run the risk of turning the house next door into a #Swanktuary? What's to prevent drowning local housing markets with funny money (aka "external demand) that will further disconnect housing prices from the fundamentals -- organic demand based on the modest incomes of a debt-burdened generation of millennials and downsizing baby boomers who are competing for affordable housing as speculators remove them from the market?
If crypto begins to have 100X impact on local housing prices, watch for 100X pushback from this movement if you don't put some of that "Blockchain asset-hackers problem-solving mindset" into solving the affordable housing crisis:
Time to tax the ‘swanktuaries’
Bill Wendel Fri 15 Jun 2018 2:37PM
Corey, comments from Inman & Geek estate suggest It may have been the links that caused the spam filter to reject the post -- no attempt at censorship.
Bill Wendel Fri 15 Jun 2018 4:24PM
Comments welcome on this thread or debate on twitter:
Corey Scholtka · Fri 15 Jun 2018 12:56PM
What was in your deleted comments, Bill?