Re:A theory that “elite overproduction” leads to political i...
by s1artibartfast on Wednesday July 07, 2021 @12:44AM
(#27757463)
I think it maps onto the argument as an explanation for both 1) why youth feel entitled to homes and 2) why they are experiencing such disappointment.
Growing up through a bubble explains 1) and the rapid decline from the bubble popping explains the intensity of 2)*.
I agree that the youth ownership numbers are dismal and indicate housing is harder to get into for that age group[1]. On the other hand, ownership is going up for the elderly as fewer old folks fall into poverty and lose their homes, leading to a bit of a wash for the overall population.
It is hard to call home ownership an 'elite' while the majority of Americans are homeowners.
*There are a ton of other factors that play into the affordability crisis
-Increasing migration to more expensive urban areas.
-Housing stock not keeping up (NIMBY, regulation)
-Loss of blue collar jobs, and immigration depressing wages
Growing up through a bubble explains 1) and the rapid decline from the bubble popping explains the intensity of 2)*.
I agree that the youth ownership numbers are dismal and indicate housing is harder to get into for that age group[1]. On the other hand, ownership is going up for the elderly as fewer old folks fall into poverty and lose their homes, leading to a bit of a wash for the overall population.
It is hard to call home ownership an 'elite' while the majority of Americans are homeowners.
*There are a ton of other factors that play into the affordability crisis
-Increasing migration to more expensive urban areas.
-Housing stock not keeping up (NIMBY, regulation)
-Loss of blue collar jobs, and immigration depressing wages
-College debt burden
[1] https://faculty.wharton.upenn.edu/wp-content/uploads/2016/03...