"The housing situation is only getting worse—more expensive, more inequitable,
more precarious. As prices have continued their climb in the country’s most
economically dynamic regions, it’s no longer feasible for working-class
residents to seek out the best opportunities there. Instead, younger and
lower-income residents are being pushed out to places where jobs are less
plentiful and lucrative, but where housing, at least, is relatively affordable.
Largely as a consequence of housing prices, Generation X held less than half as
much wealth in 2019 as Baby Boomers of the same age did two decades earlier,
and Millennials are on course to hold even less. Something has gone
catastrophically wrong, and the problem won’t be solved by doubling down on
homeownership; we’ve seen where that leads. But our current model of renting—a
lifetime of uncertainty only to make someone else rich—won’t do the job either.
We need something new, an innovation on par with the government’s development
of 30-year mortgages nearly a century ago. We need a housing option that
combines the accessibility, flexibility, and limited risk of renting with some
of the stability and wealth-generating potential of homeownership."
Much of this also applies in Australia.
Via Doc Edward Morbius.
*** Xanni ***
Chief Scientist, Xanadu
Partner, Glass Wings
Manager, Serious Cybernetics