States try tax reform to fix housing affordability On RN Breakfast with Fran Kelly I was interviewed by Max Chalmers for this segment on RN Breakfast about the transfer from stamp duties to land tax that is happening in the … Continue reading
Housing
Hi Everyone, you may have wondered where I’ve been for the last few months. The truth is, I, like most people must at some point in their lives, needed to take a little break and figure some things out, needed to go on some long personal journeys, needed to meet some heroes, needed to just not do this website for a short amount of time, but don’t worry, I’m back now, and I’m bringing the feels on the way in.
Before I present this essay, I would like to offer my deepest thanks to the people who kept supporting me on Patreon during this soul searching. I owe you everything.
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Since the start of the pandemic, home prices in the U.S. have increased by an astonishing 40 percent. The New York-Northern New Jersey region saw a similar meteoric rise, as home prices shot up by 30 percent or more almost everywhere—even in upstate New York, where economic growth was sluggish well before the pandemic hit. New York City is the exception, where home price growth was less than half that pace. Indeed, home prices actually declined in Manhattan early in the pandemic, though they have rebounded markedly since. Much of the region’s home price boom can be traced to the rise in remote work, which increased the already strong demand for housing at a time when housing inventories were low and declining. Home price increases have largely outpaced income gains through the pandemic boom, resulting in a reduction in housing affordability in the region. However, with mortgage rates rising, it appears that the region’s housing boom is waning, as it is for the nation as a whole, with prices leveling off, though the inventory of available homes remains historically low.
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The Great Recession started in 2008 and everyone suffered– the Internet Archive hired 146 out-of-work parents, leveraging an Obama stimulus welfare-to-work program to scan books for the visually impaired. I had employees polled as to how they were doing financially, … Continue reading