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Lucy | 21 | I overcome the urge to retreat on the brink of discovery |

Anything that decreases housing prices across the board will also necessarily decrease the net worth of “middle-class” homeowners, much of whose wealth consists of home equity. It’s that simple. This is the basic calculus - really, third-grade arithmetic - that gets liberal-run municipalities all across America tied up in useless Rube Goldberg bullshit like “affordable housing” quotas for new development. They’ll try anything to address the housing crisis except anything that would actually fix it, because their key political constituency (respectable, middle-class property owners) is the group that benefits most from the skyrocketing cost of housing and stands to lose the most if that trend is reversed.

The mid-century socioeconomic engineering project to create a broad-based property-owning middle class ultimately generated a policy inertia that has lasted for decades even after all the other aspects of that project were hollowed out. Even for people who saw the writing on the wall, basically the only option has been to wait for economic and demographic trends to progress to the point where America (and particularly urban America) becomes a nation of renters rather than a nation of homeowners, and the former constituency can finally outnumber and overpower the latter one to break their entrenched privileges. In fact, things need to progress well past the point of parity, since homeowners not only vote at relatively high rates but are both willing and able to pursue political activism outside the ballot box.

access_time 3 years ago
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