African-Americans and Latinos lost huge amounts of wealth in the crisis. A Washington Post editorial writer asserts that all this loss of wealth is a positive, even though it affected low- and moderate-income and new buyers disproportionately.
On Aug. 3, The Washington Post published a remarkable opinion piece by Charles Lane, one of the paper's editorial writers, which fits squarely into the Post’s narrative about the perniciousness of all things Fannie Mae and Freddie Mac. Lane drops this gem, “the ongoing decline of the homeownership rate is actually good news.”
Actually, it’s not.
Let’s start with how we lost ground on homeownership, which has dropped to about 63 percent of households from a peak of near 70 percent. There are two ways we did this: one, by turning owners back into renters through foreclosures, and two, by having fewer new entrants to the market. While it’s impossible and fruitless to argue what the homeownership rate should be, we know that the loss of wealth is never a good development.
Foreclosures, short sales, and other reactions to the crisis threatened and then wiped out many American dreams. It’s also well known that, as we remain in the shadow of the housing crisis, first-time homebuyers are delaying or not buying at all.
While Lane may think this is good news, it’s hard to mesh this with other data points from the crisis.
FULL STORY: Say What, Washington Post? Declining Homeownership Rates Aren’t a Good Thing
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Chicago to Turn High-Rise Offices into Housing
Four commercial buildings in the Chicago Loop have been approved for redevelopment into housing in a bid to revitalize the city’s downtown post-pandemic.
Google Maps Introduces New Transit, EV Features
It will now be easier to find electric car charging stations and transit options.
Ohio Lawmakers Propose Incentivizing Housing Production
A proposed bill would take a carrot approach to stimulating housing production through a grant program that would reward cities that implement pro-housing policies.
Chicago Awarded $2M Reconnecting Communities Grant
Community advocates say the city’s plan may not do enough to reverse the negative impacts of a major expressway.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
City of Universal City TX
ULI Northwest Arkansas
Town of Zionsville
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.