Shiller: Should We Keep Subsidizing the Housing Market?
Is the government’s massive support of homeownership nothing more than a “sacred cow in American society?” asks Robert Shiller in the New York Times this weekend. The Yale University housing economist explored America’s long-standing relationship with, and affinity for, homeownership by asking readers to consider the long-term justification for the government’s support of the housing market. Government support for the housing market, of course, is not unique to this downturn and began during the Great Depression in an effort to jumpstart the building trades, Mr. Shiller points out. Since then, real estate has been firmly rooted in the political firmament. But housing has become about more than economic health. Mr. Shiller notes the psychological and cultural importance that the country has…(read more)
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