Except overall U.S. residential prices in real terms were no higher in ’97 than ’79. Appreciation came after.https://alfred.stlouisfed.org/series?seid=QUSR628BIS&utm_source=series_page&utm_medium=related_content&utm_term=related_resources&utm_campaign=alfred …
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for California it's different.
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Robert Brenner calls it "asset-price Keynesianism" http://www.sscnet.ucla.edu/issr/cstch/papers/BrennerCrisisTodayOctober2009.pdf …
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Keynesianism for whom?
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Acceleration of housing inflation coincides first with the dollar starndard at Bretton Woods and then with the abandonment of Bretton Woods -- not the 1980s. Many charts like this:pic.twitter.com/Gs12hlHOFs
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This is actually a solid point, and the mechanism is sensible: Stagflation effectively wiped out many people's lifetime savings, and ended the culture around saving that we've had since the Great Depression (and earlier). Saving via real estate became more palatable.
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All the while government policy focused on making it cheaper and easier to borrow. This 2007 Alan Greenspan paper is a must-read. "Discretionary extraction of home equity accounts for about four-fifths of the rise in home mortgage debt since 1990." https://www.federalreserve.gov/pubs/feds/2007/200720/200720pap.pdf …
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Not for black people.
#TheColorOfLawThanks. Twitter will use this to make your timeline better. UndoUndo
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Because the housing "safety net" was easier to racialize in more subtle ways, of course.
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@Noahpinion I still hesitate w the 'NIMBYs are maximizing value' frame. The safety net/seniority-based-raises comparison is food for thought and homes are a savings vehicle, but land is worth more when you can build on it. In YIMBYland you retire well by upzoning.Thanks. Twitter will use this to make your timeline better. UndoUndo
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