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Housing Boom: Good News, Bad News

Posted by: Abhijeet Chavan
Thanks to: Adam Christian
16 June 2005 - 8:00am

The housing boom is likely to last. That's the good news...and the bad news.

"Barring an unexpected jump in interest rates or a sudden drop in jobs, [an annual report put out yesterday by Harvard's Joint Center for Housing Studies] predicts that demand will continue to rise steadily, generating billions in wealth and pushing the economy forward. But the bad news contained in the report is that...millions of families [are] being priced out of the housing market--and, thanks to the demand for more high-priced homes, out of the rental market as well."

Full Story: Home Economics
Source: The New Republic, June 14, 2005
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Even if the report overestimates the costs by a factor of two and underestimates the tax-benefit by a similar amount, the conclusion would be pretty much the same: destination resorts cost local government and taxpayers money.
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