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Shut Out - How a Housing Shortage Caused the Great Recession and Crippled Our Economy (Paperback)
Loot Price: R768
Discovery Miles 7 680
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Shut Out - How a Housing Shortage Caused the Great Recession and Crippled Our Economy (Paperback)
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Donate to Against Period Poverty
Total price: R788
Discovery Miles: 7 880
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The United States suffers from a shortage of well-placed homes.
This was true even at the peak of the housing boom in 2005. Using a
broad array of evidence on housing inflation, income, migration,
homeownership trends, and international comparisons, Shut Out
demonstrates that high home prices have been largely caused by the
constrained housing supply in a handful of magnet cities leading
the new economy. The same phenomenon is occurring in leading
countries across the globe. Gentrifying cities have become
exclusionary bastions in the new postindustrial economy. The US
housing bubble that peaked in 2005 is more accurately described as
a refugee crisis than a credit bubble. Surging demand for limited
urban housing triggered a spike of migration away from the magnet
cities among households with moderate and lower incomes who could
no longer afford to remain, causing a brief contagion of high
prices in the cities where the migrants moved. In this book, author
Kevin Erdmann observes that the housing bubble has been broadly and
incorrectly attributed to various "excesses." Policymakers and
economists concluded that our key challenge was that we had built
too many homes. This misdiagnosis of the problem, according to
Erdmann, led to misguided public polices, which were the primary
cause of the subsequent financial crisis. A sort of moral panic
about supposed excesses in home lending and construction led to
destabilizing monetary and regulatory decisions. As the economy
slumped, a sense of fatalism prevented the government from
responding appropriately to the worsening situation. Shut Out
provides a much-needed correction to the causes and consequences of
financial crises and secular stagnation.
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