Shelter from the Storm: The Multi-Dimensional Housing Crisis

[...] all the components of the nation's housing problems, especially unaffordability, result from fundamental structural features of the economy: stagnation of working-class wages, escalating inequality of income and wealth, erosion of work-related benefits, loss of good jobs, and labor market...

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Bibliographic Details
Published inNew labor forum Vol. 18; no. 3; pp. 37 - 46
Main Authors Kutty, Nandinee K., Squires, Gregory D.
Format Journal Article
LanguageEnglish
Published New York Murphy Institute, City University of New York 01.10.2009
Sage Publications Ltd
Subjects
Affordable housing
Dwelling value
Economic rent
Foreclosures
Home ownership
Housing
Housing discrimination
Housing policy
Lenders
Loans
Mortgage loans
Mortgages
Obama, Barack
The Dawn of a New Era?: Assessing the First 200 Days
United States
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Summary:[...] all the components of the nation's housing problems, especially unaffordability, result from fundamental structural features of the economy: stagnation of working-class wages, escalating inequality of income and wealth, erosion of work-related benefits, loss of good jobs, and labor market discrimination against traditionally exploited minority groups. Homeownership rates for AfricanAmerican families have declined during the current foreclosure crisis, and the white -black homeownership gap has widened.7 It is estimated that this foreclosure crisis will result in a direct loss of $164 billion to $213 billion in wealth for homeowners of color who obtained subprime loans in recent years.8 There is also the quiet crisis of housing unaffordability among renters.
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ISSN:1095-7960
1557-2978
DOI:10.4179/NLF.183.0000006