Real estate speculation undoes the economy

Response to an essay by Jim Russell

 

Until we stop confusing real estate speculation for economic development we shall continue to have too many people who can not afford a place to live. I do like Jim Russell’s point about neighborhoods with global versus neighborhoods with local economies. Unfortunately our governments only cater to the global neighborhoods.

 

As long as our expectation is that with each transaction the price of real estate is going to go up, we are never going to have affordable housing. Until we get used to real estate being priced lower in each transaction we are going to continue to chase our tail and never create a viable economy for a world going through climate change and in need of locally self reliant agriculture and food security. And the rent is still too damn high.

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