You remember the housing bubble, yes? One version of that narrative goes like so: homeowners are better off financially than renters; therefore we decided it would benefit the economy to subsidize housing through cheap loans, mandates, low interest rates, etc. — the “ownership society”; this mainly served to inflate housing prices and saddle millions of Americans with unaffordable debts; in 2008, it blew up in our faces to the tune of trillions of dollars.
I … Read more