In America, owning a home once had a near-mythic status as the bedrock of individual economic security. Making homeownership affordable for all Americans was a pillar of George W. Bush’s economic agenda, for example.
But then the U.S. suffered its worst recession since the 1930s, following a huge financial crisis that was firmly rooted in the housing sector. One would think that America’s policy elites would begin to rethink their unflagging commitment to flinging resources at homeownership. Right?
Not according to The New York Times editorial board, which says the only problem with our housing policy is that too many people are renting.
Here’s the board:
Would more and longer rentals be a bad thing? Are the benefits of homeownership overrated? The answer to the first question is yes; the answer to the second is no.