Houses at unattractive places in poor condition might actually represent a negative value.
As such, even 1 EUR houses might be severely over-valued.
It should be interesting as tax code could also take that into consideration.
> Unfortunately, lockdown came and your wife will be home for the next 60 days.
> You do not want this woman to show up at your house at all and try to pass this futures contract to someone else.
> Only you cannot sell this commitment because nobody can receive the escort at home anymore. Everyone is in full storage with wife.
> To make matters worse, not even the pimp (Chicago Mercantile exchange) has more room to receive girls because his house is crowded with girls.
> So you will pay anyone just to take the girl off your hands.
2020 copypasta, because its more relatable than futures and of course, "sex work is work" an inclusive phrase for the workers that choose that trade, immunizing us from criticism for making the analogy at all, hurray!
As an immovable asset's value cannot be changed in the same ways as a movable one's, perhaps there are different ways to tax it that are still fair, or encourage positive social effects.
That is likely to lead to moral hazard issues though so i doubt it would work in the real world.
Of course you will be able to still an get a positive value for an (old) house if it's somehow an enthusiast's object, who wants exactly this: An old Italian small village house or a German architect's house from the 70ies.
This reminds me of an incident in Vancouver, where the city sought to expropriate single room occupancy (SRO) hotels (read: slums). They felt that each property was worth negative value, but they estimated the value as $1 because:
> We are unaware of any instances of property being transferred with a negative value. Therefore, a value of $1.00 is concluded for the subject property with the knowledge that a purchaser would be required to assume the financial obligations with either holding or demolishing and redeveloping the property.
[1] https://council.vancouver.ca/20191106/documents/cfsc2.pdf
And of course it becomes clear that no one is there and they are full of valuable hardware some problems may result, as the other commenter points out.
Lastly, our electricity rates are almost certainly not cost-effective for this purpose.
https://www.wbaltv.com/article/how-to-buy-baltimore-city-1-d...
> "All vacant sales must be redeveloped for residential or mixed-use. That includes residential or green space. So, this program is not for commercial properties. It's only for residential properties at this point in time," Department of Housing and Community Development official Kate Edwards said.
Maybe if you wanted to live with your servers? Would a server farm on the first floor, and an apartment on the second count, I wonder? Free radiant floor heating, if so…
I will look into this
> What was the catch? It seemed most municipalities required you to renovate the house within a couple of years of its purchase, and due to high levels of interest, the houses often went to auction, ultimately selling for much more than a single euro.
After that it seems there has been quite lot of uptake. But idea was always the same price is token payment, and there is requirement to repair these very old and very dilatated houses.
But of course, the person living there would have to pay (equivalent to) $1000-$1500 / year on fees related to water, waste management, cleaning of chimney, etc. And you'd probably like to have the house insured.
And these weren't nice new houses. Mostly shacks built right after ww2, some not having been lived in for 10-15-20 years. Complete renovation projects.
What would happen is that some people from out of town would buy a house, plan to renovate it, but then mostly do nothing. Then many would forget to pay the municipality fees, often times for years. Eventually the unpaid bills would be sent to collection agency, and then a forced sale on behalf of the creditors. But now the houses were in even worse shape, so no one would purchase them at all.
Eventually they'd be torn down.
https://www.yahoo.com/lifestyle/no-way-back-1-15m-120000548....
I guess nowadays one would not need to employ as large a retinue… but you don’t get to tax the local villages anymore. Seems like a wash.
Now, Italy is a bit warmer than the UK, and most castles a bit smaller, but castles in Italy can be on colder mountaintops.
2. Use heatpumps, wood furnaces, accumulator tanks
3. Only heat the rooms you use when you use them.
It's very doable, especially in Italy.
The same thing happened in one of the most populated regions in the US. The area between Boston/NYC and DC, containing Baltimore, was once a city of a million people. It contains an underground subway and was once referred to as the Paris of America, however through regulation and unions it became completely impossible to do business in or live in, and the city collapsed. They also sold $1 row houses, which should have been a dream come true, except in practice the issue was never the house, it was the city government.
Cities offering $1 houses just means the government has ignored the actual issues for decades and is probably incompetent.
The rust belt as a whole was primarily just companies escaping unions. Cheaper labor may have been an incentive but it fundamentally started with companies who were forced to move production, and US regulation which prevented them from benefiting from local supply chains once they became unionized.
Also, the rents in nearby areas to the north are far from outrageous (hint: there are no major cities for a couple hours), and the Baltimore metro area continues to grow because the area is desirable, even though the city is completely mismanaged.
Or at least it's continued decline. Great show. All the pieces matter.
Interesting. I heard that Detroit was known as the Paris of the West. Looking it up, it seems this was a fairly common phrase applied to many cities over the years. [0]
Detroit also has had $1 homes, but as with everywhere else, that isn’t the end of the story.
I couldn't afford the renovations needed, but it came with several acres of land and generally seemed like a pretty decent deal!
Then there were a bunch of huts in some abandoned Sicilian village that seemed less attractive, if probably cheaper to renovate then the 5 story 14th century monastery.
Declining cities in the US have tried this, and they are not places people generally want to live. This is the same scenario, just in a location that is romanticized by most of the western world instead of Baltimore, MD.
In general, services of all kinds will be lacking and will remain so unless there is a massive demographic change (which is highly unlikely).
And I'm not talking Baltimore, which has a population of 600k and just a lot more baked in problems, I'm talking declining European "villages".
Summary, they only sold 6 and 20 remain unsold. Most people are not serious about it because they learn they have to build a house and live in it within 2 years of the purchase (if I remember correctly).
I believe Australia also has done this for ages to try and avoid country towns dying, with mixed success.
A lot of people feel a deep-seated unsease in their life. We're a couple of generations in to advertising and consumerism taking over the world and when people are presented with a problem, they often can't imagine any way to solve it except to buy a thing.
Modern society has trained people to limit their sense of agency down to only purchasing decisions. Then people are surprised when yanking the "buy" lever over and over doesn't make them happy.
"We’d spent our careers working in schools and nonprofits with young immigrants, and, ..., we had no intention of leaving a life of service behind. Above all, though, what we wanted was an environment in which we could spend a lot of time writing and afford to do it. But Ben had another non-negotiable of his own: proximity to surfing. ...but I supposed it was reasonable enough to design a dream life according to one’s actual dreams."
They wanted to go to a different country for the adventure, to write in leisure and luxury, to surf, and to spread the good news of their superior insights and upbringing to uplift the natives.
Reminds me of https://en.m.wikipedia.org/wiki/White_savior
It is ironic/interesting that they spent so much time helping immigrants before becoming immigrants though.
Having an address to your name helps a lot to get a job (classism is very harsh and bad, society is very cruel to homeless people)
Not coincidentally, that's the same guy and same town that acquired the massive film collection from legendary NYC chain Kim's Video [1], ostensibly to create a cultural hub in Salemi, but instead they let the collection rot.
There's a documentary about it [2], but it's a bit insufferable at times, and you can basically get the gist from some articles [3].
[1] https://en.wikipedia.org/wiki/Kim%27s_Video_and_Music
[2] https://www.imdb.com/title/tt24132144/
[3] https://news.artnet.com/art-world/kims-video-documentary-246...
dang•4h ago
Edit: thanks everybody!
I bought one of Sicily's famous $1 homes and spent $446K renovating it - https://news.ycombinator.com/item?id=42371806 - Dec 2024 (2 comments)
Italian town is struggling to sell off its empty homes for one euro - https://news.ycombinator.com/item?id=39812671 - March 2024 (28 comments)
Old towns eager for new blood sell Italy homes for $1 - https://news.ycombinator.com/item?id=29058053 - Oct 2021 (124 comments)
1-Euro Houses - https://news.ycombinator.com/item?id=24195000 - Aug 2020 (190 comments)
We bought a $1 house in Italy. Here's what happened next - https://news.ycombinator.com/item?id=21552701 - Nov 2019 (3 comments)
Zircom•4h ago
Here's a few
gilleain•4h ago
"one euro" was my query
salviati•4h ago
https://news.ycombinator.com/item?id=39812671
coredog64•4h ago
Popeyes•4h ago
Ekaros•4h ago
phpnode•4h ago
tensor•3h ago
edit: the last link is also a lie. They did not buy a 1 euro house, they bought a 10k euro house (presumably not part of the 1 euro program) and renovated it themselves.
computator•2h ago
> the last link is also a lie
I was wondering if “lie” was too strong a word, but no, CNN is straight up lying in article’s title. Deep into the article they admit it:
“I’ll be honest, we didn’t buy a €1 house,” he says. “We were shown something like 25 old buildings, some badly in need of repair, so at the end we opted for a three-room decent building for €10,000 and I invested more money in the renovation.”