When people decide they’ll never own a home, they start spending more, working less, and taking bigger financial risks.
That is the central finding of a new U.S. working paper on housing affordability, and it helps explain why today’s housing crisis is not just about housing. Once homeownership feels permanently out of reach, the authors argue that people do not simply adjust their housing plans – they change how they live. For the worse.
Dangerous is when they burn the Globe down for penning pieces that never explain how we arrived at this terrible juncture: Exploitive Mass immigration.
