Brought to you by the same people who are pushing for bug burgers.
“Rising real-estate prices are stoking fears that homeownership, long considered a core component of the American dream, is slipping out of reach for low- and moderate-income Americans. That may be so — but a nation of renters is not something to fear. In fact, it’s the opposite.
The numbers paint a stark picture. After peaking at 69% in 2004, the homeownership rate fell every year until 2016, when it was 64.3% — its lowest level since the Census Bureau started keeping track in 1984. The rate rebounded in Donald Trump’s presidency, hitting 66% in 2020, but that trend is likely to be arrested by a housing market that is desperately short on supply and seeing month-over-month price increases greater than they were in the frenzied market of 2006.
This process is painful, but it’s not all bad. Slowly but surely, most Americans’ single biggest asset — their home — is becoming more liquid. Call it the liquefaction of the U.S. housing market. …
It may have seemed at the time like a failed experiment. But financialization had changed the housing market forever. Houses are now more prone to be priced high relative to rents, and to see their prices fluctuate with the market. The very features that made home buying an affordable and stable investment are coming to an end. …”
“When Americans started facing the threat of foreclosure at the height of the 2008 financial crisis, Barack Obama campaigned on a promise of a simple, straightforward, and elegant solution: Force big banks to accept some losses and write down the amounts homeowners owed on their mortgages, thereby avoiding mass foreclosures. Soon after winning office, Obama abandoned the pledge to the delight of his Wall Street donors.
Now, new data suggests that had Democrats instead used their huge congressional majorities to deliver relief, they could have rescued hundreds of thousands of families who were thrown out of their homes while Obama’s administration was bailing out the banks.
Separate data, meanwhile, suggests that lessening the blow of the housing crisis on middle-class families may have averted Donald Trump’s narrow victory in 2016.
The data provides a powerful cautionary tale to President Biden and congressional Democrats as financial analysts have warned of the possibility of a significant increase in foreclosures this year. …”
I’m guessing Michael Bloomberg just bought the Democratic Party. He certainly has enough money to do so. He spent over a billion dollars on his four month presidential campaign in the 2020 election.