Remember in 2008 when the experts were calling for nationwide housing destruction to allegedly save the U.S. economy? It’s something to contemplate as experts like Ezra Klein ask in 2025 “How many more homes” we Americans supposedly need. What producers of smartphones, cars and bananas would give for Klein’s crystal ball…
Having moved on from a consumptive market item the quantity and complexity of which no one, including actual developers, can possibly understand, we can then contemplate alternative market messages found in the price of houses. It recalls another source of excitement for pundits who ascribe to themselves an ability to read the minds and yearnings of 330 million people: “affordability.” Supposedly the people who populate the richest, most opportunity-laden country on earth are struggling to get by. Really?
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