[imagainstit]

And prior:

2008 happens, fed takes interest rates to zero in final days of GWB.

Ultra-low interest rates through 2019 under Obama and then Trump.

Trump demanding negative rates and interest rates dropping again, rates are dropped again even prior to covid also artificially juicing things.

Then the covid era and interest rates dropping to near zero again.

The road to where we are at now with housing is long and involves many politicians, presidents and parties.

[jhp123]

don't forget Jane Jacobs winning a fight against NY's planned highway expansion, giving a potent narrative and organizing blueprint for local activists to oppose all sorts of development. Two centuries of conflict between federal and local authorities over racial integration leading to white flight and establishment of suburbs bitterly resistant to outside control. Seventies anti-growth and anti-industrial sentiment driven by anxiety over ecological disasters and a new awareness of physical limits to growth.

[mint2]

And these are all on top of single family zoning with decades of nimbyism and near ban of mid rise housing and impossible parking requirements making it impossible to densify except by way to expensive “luxury” high rises. That’s left pretty much all desirable areas with far too little housing stock.

Well that settles it, the top comment is right all Biden’s fault. /s

Why aren’t people ashamed of posting such obviously wrong hot takes?