Economist Craig Shapiro calls for a significant overhaul of national housing policy, asserting that the current market is "rigged" to benefit certain powerful groups at the expense of renters. In his writings, he criticizes the housing sector as an "over-subsidized, under-scrutinized asset class" that prioritizes home appreciation over accessibility. This discussion emerges in the context of New York City, where mayoral candidate Zohran Mamdani proposes a bold agenda including $70 billion investment in building affordable housing. Shapiro believes the new policy should focus on making shelter attainable for all Americans, not just homeowners and investors.
Housing policy in the U.S. is not just economic - it's political. Current regimes benefit powerful groups, including homeowners and institutional landlords, while renters lose out.
It's time for a reset - one that unwinds the monetary premium embedded in home prices and redirects policy toward making shelter accessible again.
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