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Back during the last turn down, everyone's houses became worth almost nothing, but no one could pay the mortgage because there were no jobs!
This time around, there are plenty of jobs, but people still can't pay the mortgage, since house prices are through the roof and the jobs aren't paying enough.
Yeah turns out when the GOP gives gigantic tax cuts to the wealthy it inflates the real estate market because they buy extra houses they don't even live in.
That, and the fact that the owners of 16 million rental units have entered into a cartel to fix pricing at high rates.
Corporate home ownership needs to end yesterday.
I agree the $2T tax cuts for the rich and corporations was bad, and so was Biden’s choice to only rollback less than half of it despite promising to undo it all on day one. Why corporations aren’t paying at least 50% of their profits in taxes is beyond me. Still, that’s only a part of this particular problem.
Refusal or inability to invest in new home building programs to increase supply, corporations like Blackstone buying up entire neighborhoods to rent seek and price gouge, and thinly veiled money laundering via foreign nationals buying American real estate in cash, are all big contributors as well.