Odd Lots Daryl Fairweather On the Tax That Could Solve the Housing Crisis
Jun 13, 2022
Daryl Fairweather, the Chief Economist at Redfin, dives into the complexities of the U.S. housing market. She highlights the ongoing frustrations for both buyers and homeowners amid fluctuating prices. Fairweather proposes a land value tax as a potential solution to separate housing as a shelter from a financial asset, encouraging more equitable access. The conversation also touches on obstacles millennials face in achieving homeownership and how cultural attitudes towards property need to shift to address these challenges effectively.
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Housing Crisis
- The US is experiencing a housing crisis, with a shortage of nearly 4 million units.
- This crisis is particularly acute in certain regions with escalating housing prices.
Housing Underinvestment
- The 2010s saw record-low housing investment after the 2008 crash.
- Millennials, the largest generation, face a housing shortage due to underbuilding.
Homeownership in America
- The concept of homeownership is deeply rooted in American history and tied to property rights.
- This history makes it difficult to implement policies like land value taxes.
