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Great piece by @JWMason1 on the rising stock of multi-family units the rise of the renter, which impacts the political economy of housing, and 1/ jwmason.org/slackwire/the-…
Also impacts monetary policy as currently practiced: “ if conventional monetary policy works primarily through residential construction, and residential construction is a permanently smaller part of the economy, that is another argument for broadening the Fed’s toolkit.” 2/
Had written about this last summer - residential investment is most impacted by tighter monetary policy and not business credit convexcm.com/how-monetary-p… 3/ 
But residential investment as a share of GDP is at much lower levels than in the past. So if monetary policy works primarily through housing, and housing is a smaller part of the economy now, perhaps monetary policy will have less of an impact end/
