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The Daily
How the Cost of Housing Became So Crushing
Sep 24, 2024
Conor Dougherty, a housing reporter for The New York Times, delves into America's crippling housing crisis and its complicated roots. He discusses how the aftermath of the 2008 financial collapse hampered construction and exacerbated the housing shortage. The conversation highlights the struggles of cities like Kalamazoo, where rising prices are pushing middle-income families out. Dougherty emphasizes the urgent need for government intervention and innovative solutions to combat affordability issues in a rapidly evolving market.
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Quick takeaways
- The 2008 financial crisis drastically reduced U.S. home construction from 2.2 million units annually to around 600,000, causing a persistent housing shortage.
- Millennials are significantly driving housing demand with lifestyle changes and delayed milestones, exacerbating affordability issues and competitive bidding for homes.
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Historical Context of the Housing Crisis
The 2008 financial crisis significantly impacted the U.S. housing market, leading to a sharp decline in home building and a subsequent housing shortage. Prior to the crisis, approximately 2.2 million housing units were built annually, but post-crisis numbers plummeted to around 600,000. As smaller home builders went out of business and larger ones reduced their operations, the industry has struggled to recover. This set the stage for an ongoing shortage that has persisted for nearly two decades, exacerbating current housing affordability issues.
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