Housing Inflation and Economic Injustice
- Author: Michael Bordonada
- Posted: 2023-02-16
The United States of America, per usual, is dealing with a very polarizing issue that seems to split people into two sides. Only unlike presidential elections and vaccine mandates, this issue isn't really a 50/50 event split. It's more like you have corporations and politicians telling the public that rampant rates of inflation are actually good, and that people aren't suffering, and then you have the people who are actually suffering and can barely afford to live. This is a scary thing for people living normal lives who need groceries and fuel and medicine. Though these inflation numbers certainly affect more than that; America has also seen a very steep rise in housing prices over the past year. It is estimated that prices are up around 25% nationwide since 2020, and they're up well over 100% compared to a decade ago. That means a home that now costs $400k only cost around $180k in 2012. It's an insanely frightening statistic for people who need homes.
America used to be a place that called for economic justice for all. Around 2008, with the housing market collapse, people banded together against big corporations. These days, however, a corporation puts up a Pride flag, or a Black Lives Matter sign, and they're known as kind and benevolent, immune from all criticism, because they care about "social justice" - the corporate-created line to distract the wolves at their door for their usury and unfair treatment. So while Americans are bickering about racial issues, corporations are charging more money than ever before for less, and nobody is there to hold them accountable.
This has negatively affected the housing market is ways that some experts claim will be felt for the next 50 years. Few outlets are speaking about this, however, because it makes corporations look bad. And M&M's are "diverse" now, don't you know!?
The High Cost of Living
A few months ago, the big issue with the housing market was that people were looking for homes and there weren't enough available. This meant that bidding wars were created, and people who were in desperate need of a home were losing out to rich people and large corporations who were paying a lot extra for a home just to create a higher demand and to seek higher profit. Fast forward a few months later, and now those people who were being priced out of the housing market couldn't even afford a home if it was available at 2012's prices; that's how much they're suffering now due to the inflation in other areas of the market. COVID, the border and Russia are all distractions, while the real issue for most is that they're literally falling into poverty and are terrified.
Mortgage Companies Not Held Accountable
Back in 2009, when the largest banks (mortgage lenders) were begging for taxpayers' money to bail them out to keep their homes and their lifestyles, the CEOs and employees of these companies were pleading with tears in their eyes about how much they cared about people and how they were going to do a better job. "Don't hate us," they exclaimed. "We're people just like you, and we will do better." Well, just over a decade later, the usury crew is back up to their old tricks again, and they're keeping people out of the housing market by refusing to give out mortgages to people unless they make a lot of money. This disproportionately affects African American potential home-buyers. But these companies are not held accountable. They'll put a Black Lives Matter tab on their website, and thus they're protected against all criticism, as they continue to predate on people, sap up money from the government, and drive housing prices up.
Subsidies Drive Prices Up Further
Another issue affecting home price inflation is that the government ultimately subsidizes housing for new immigrants and also an increased portion of Section 8 buyers. This isn't to say that this is a good or a bad thing; it's only to point out that when government pays for the free housing of some, the corporations then get carried away and start charging normal people even more. In a sense, the government opens the window, but they don't put a screen in its place. So the breeze doesn't come through alone; all the bugs come with it. It's a very reckless way to handle housing. The government has the power to stop this, but won't.
Housing inflation isn't a term you will hear a lot on the corporate mass media. However, with housing prices up around 110% since 2012, what else could it be called? It's an injustice to Americans.