Housing crisis

During last week’s excruciating Oval Office make-nice between an insultingly buddy-buddy American President and a fraudulently obsequious New York City mayor-elect, the contest was over which pol was the more patronizing. At one point Trump graciously granted his petitioner permission to call him a "fascist" while clearly implying the guy’s OTT campaign rhetoric had been embarrassing. Donald Trump sat regally on his throne, patting Zohran Mamdani’s arm while commending "Attaboy!" as if petting a golden retriever that had fetched a ball. For his part, Mamdani stood mutely by the Resolute desk with cartoonish humility, hands over crotch. This cowed performance of beta-male submission was meant to disguise who’d got a leg over whom.

Throughout the West, particularly the Anglosphere, housing costs are ravaging the middle class. Homeownership, long the key to social mobility, is on the decline, particularly among younger generations and minorities. According to the Organization for Economic Cooperation and Development, house prices in high-income countries have been rising “three times faster than household median income over the last two decades,” causing the standard of living “to stagnate or decline.” Unlike previous housing crises, this one is not primarily caused by mass displacements due to wars or natural disasters or population growth.