The current housing recovery may be like manna to homeowners, but it may do little to ease a growing shortage of affordable residences, and could even make it worse. After a recession-generated drought, household formation is on the rise, notes a recent study by the Harvard Joint Center on Housing Studies, and in many markets there isn’t an adequate supply of housing for the working and middle classes. read more »
“There is a secret at the core of our nation. And those who dare expose it must be condemned, must be shamed, must be driven from polite society. But the truth stalks us like bad credit.” – Writer Ta-Nehisi Coates
With the recent Supreme Courts strike down of the 1965 Voting Rights Act, which was created to protect minority representation, the headline in the Huffington Post read “Back to 1964?” While some contend the title hyperbolic, the HuffPost lead, if not the strike down itself, reflects the reality of a country still tethered to its discriminatory past. read more »
In May 2013, the district of Husby in suburban Stockholm, Sweden was shaken by “angry young men” engaging in destructive behavior for about 72 hours,1 including the burning of automobiles and other properties and attacks on police officers (over 30 officers were injured). The violence spread to the nearby districts of Rinkeby and Tensta as well as to other parts of Sweden. read more »
From the earliest times, cities have revolved around three basic concepts – security, the marketplace and what I call "the sacred space." In contemporary America, everyone wants safe streets and a thriving economy, but what about the ethereal side, the places that makes us take note of a place and feel, in some way, a connection with its history? read more »
Our tepid economic recovery has been profoundly undemocratic in nature. Between the “too big to fail” banks and Ben Bernanke’s policy of dropping free money from helicopters on the investor class, there have been two recoveries, one for the rich, and another less rewarding one for the middle class.
Viewed in this light, the recent run-up in home prices, the biggest in seven years, offers some relief from this dreary picture. Home equity accounts for almost two-thirds of a “typical” family’s wealth (those in the middle fifth of U.S. wealth distribution); there is no other investment by which middle-class families can so easily grow their nest eggs. read more »
This is the introduction to "Retrofitting the Dream: Housing in the 21st Century," a new report by Joel Kotkin. To read the entire report, download the .pdf attachment below.
In recent years a powerful current of academic, business, and political opinion has suggested the demise of the classic American dream of home ownership. The basis for this conclusion rests upon a series of demographic, economic and environmental assumptions that, it is widely suggested, make the single-family house and homeownership increasingly irrelevant for most Americans. read more »
Ever since the housing bubble burst in 2007, retro-urbanists, such as Richard Florida, have taken aim at homeownership itself, and its "long-privileged place" at the center of the U.S. economy. If anything, he suggested, the government would be better off encouraging "renting, not buying." read more »
Our country is six years into the Great Recession, the biggest economic downturn since the Great Depression. It’s been replete with reports of home foreclosures, collapsing commuter towns, and young people struggling to become home owners. The term “generation rent” is often used in the media to describe the struggles of aspiring young people. read more »
A year or two ago, pundits and planners, in California and elsewhere, proclaimed – and largely celebrated – the demise of suburbia. They were particularly heartened by a report, financed by portions of the real estate industry, that predicted the market for single-family homes in the state was hopelessly flooded, with a supply overhang of up to 25 years. read more »
As Millennials, America’s largest generation, enter their thirties in ever greater numbers, their beliefs about how and where to raise a family will have a major impact on the nation’s housing market. This follows as their media and political preferences have helped shape how we entertain ourselves and who is the president of the United States. A 2012 survey indicated that seventy percent of Millennials would prefer to own a home in the suburbs if they can “afford it and maintain their lifestyle.” Now a new survey of 1000 18-35 year olds conducted for Better Homes and Garden Real Estate (BHGRE) by Wakefield Research provides a much more detailed picture of the type of home Millennials believe best fits their needs and desires. read more »