@chulsookim2 @morganmz @ngpsu22 oh, you are absolutely right that falling housing prices would be extraordinarily disruptive, would break a lot of families’ (and investors’ and banks’) finances. that we’ve allowed this to emerge is precisely the problem. 1/
@chulsookim2 @morganmz @ngpsu22 to become richer as a society, we want the price of housing, including high quality, desirable amenity housing, to fall. 2/
@chulsookim2 @morganmz @ngpsu22 but we’ve created institutional arrangements under which increasing overall wealth in that very important way is financially and so politically intolerable to the more affluent part of our society, whose wealth is largely concentrated in homes. 3/
@chulsookim2 @morganmz @ngpsu22 the effect of that is to cause the most politically enfranchised section of the country to oppose policies that would make us richer over all, because it would have miserable effects on their own circumstances. 4/
@chulsookim2 @morganmz @ngpsu22 these institutional choices basically cement a kind of predation: homeowners, not from malice but because they don’t want to be broke, demand policy that supports housing prices, that ensures housing is scarce, that means we are poorer overall and many of us are homeless. 5/
@chulsookim2 @morganmz @ngpsu22 we’ve created a conflict of between increasing overall wealth and the financial well-being of the incumbent upper-middle class. so we destroy and forego tremendous real wealth, keep good housing scarce, consign much of the country to misery. /fin
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