this post was submitted on 22 Apr 2024
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A Boring Dystopia
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banks and community unions.
So then the banks will own the house, how is that any better? I don t know what a community union is.
You could use google, you shouldn't need me to tell you how home ownership works.
The homeowner owns the home, and puts the home up as collateral in case of default. It's better than landlording because the person living in the home owns it can manages it themselves. Landlords typically have mortgages anyway, they're just standing in the middle.
A community credit union is a community owned bank. They typically offer the best terms and interest rates of any financial institution, you should really look into banking with one. They're very common in smaller towns, but they're typically available even in larger cities.
I do all my banking with my local credit union and couldn't be happier.
The problem is that a lot of people dont want to or cant own homes because they dont make enough. Banks literally wont lend to many people because they are a bad bet and the bank will lose money. So you are just advocating for local landlords to be replaced by faceless corporations.
A credit union is not a "community union", its just called a credit union and is just the same thing as a bank. I also like credit unions but its the same idea.
Not true. They can't obtain a loan because they don't have the prerequisite capital for a downpayment, because they're already paying someone else's mortgage and aren't saving that money to buy their own. Market rate for rent is higher than the market rate for mortgage payments on the same property, because landlords pass on the cost of financing to their tenants so they can still make a profit.
For those who don't want a home, they can still 'rent' from coop housing or land trusts or municipal housing. Landlords are not necessary even for those who arbitrarily don't 'want' to own a home.
apologies for the confusion. credit unions are typically community owned, but you're right - they're not called community unions.
kinda, but the important difference is that the patrons are voting members for the management of funds and distribute profits democratically. Equity stays within the community and is better than a private bank that siphons wealth for private benefit. In the case of mortgage lending, if a homeowner defaults, the community (e.g. the credit union) takes possession of the asset and can resell or lease it to a new community member. The asset is still democratically managed and isn't subject to an outside private investor.
For every private institution that enables private ownership, there is a publicly managed counterpart that is more democratic. Private landlords are simply not necessary.