Tag Archive for: homeownership

Look to Orange County for How to Turn California Purple

For decades, Orange County was a reliable incubator of conservative politics, and, in the era of Nixon, Goldwater and Reagan, a fairly powerful force in the state and on the national level. More recently, the area has been widely seen as tilting blue, particularly during the Trump era, with the media celebrating the end of “the Orange Curtain” in the 2018 midterm elections and its metamorphosis into another addition to our state’s progressive political culture. Read more

Ownership and Opportunity: A New Report from Urban Reform Institute

In a new report from Urban Reform Institute, edited by Joel Kotkin, J.H. Cullum Clark and Anne Snyder explore what happens when opportunity stalls. Pete Saunders and Karla Lopez del Rio tell the story of how homeownership enabled upward mobility for their respective families. Wendell Cox quantifies the connection between urban containment policies and housing affordabilty.

The introduction, authored by Charles Blain, President of Urban Reform Institute is excerpted below:

The middle-class way of living is under constant threat as housing costs increase, eating away larger shares of the average American’s income.

Homeownership, which has been a critical source of advancement for middle-class, immigrant, and ethnic minority families and an asset that people can pass down from one generation to the next, is under threat. For many families, this means that instead of building wealth, they are seeing opportunity erode before their eyes.

As housing costs are the biggest driver of variation in living costs across metropolitan areas, the relentless housing cost increases of the last two decades have undermined standards of living for many Americans in the nation’s most expensive cities. If home prices continue to outpace household incomes for ordinary Americans in coming years, the American Dream will move ever further out of reach for millions of families. This is especially the case for Millennials and Gen Zers for whom high and rising housing costs are the single largest obstacle to accumulating wealth and achieving a financially sustainable life.

The COVID-19 crisis presents America with enormous challenges, but also new opportunities to move forward in rethinking policy on the future of housing and work to improve affordability and advance opportunity – particularly for our most disadvantaged communities.

A fresh policy agenda can breathe new life into the American Dream and protect middle-class standards of living. This agenda should prioritize new housing supply at all price points, particularly in growing, high-opportunity places. Cities should relax urban containment policies that have had the clear effect of making urban real estate scarce and expensive. State governments should reform tax codes that make it more cost effective to leave land stagnant than to build upon it.

If we want to protect the ability to climb the socioeconomic ladder from one generation to the next, we must face the crisis of unaffordable housing and declining homeownership. We must protect the biggest opportunity for advancement and scale back the rules and regulations that continue to snatch this opportunity away from millions of Americans.

Click here to download/read the full report.

Join the discussion on a new policy agenda for home ownership and opportunity in our post-pandemic economy.

Date: December 4, 2020
Time: 11:30AM – 1:00PM (Central Time)

Register for Webinar

Making the Middle Class Wealthier: A Conversation with Joel Kotkin

With: Walter Russell Mead
On: Hudson Institute

Join Hudson Institute for a discussion with Joel Kotkin about building middle-class wealth and housing opportunities. Described by the New York Times as “America’s uber-geographer,” Joel Kotkin is an internationally-recognized authority who has published reports on topics ranging from the future of class in global cities to the places with the best opportunities for minorities. His newest book, The Coming of Neo-Feudalism: A Warning to the Global Middle Class, was published in May 2020. Hudson Institute Distinguished Fellow Walter Russell Mead will moderate the conversation.

For most of American history, housing has been the key to middle class prosperity. Starting with the original settlers, ordinary Americans have been far more likely to own their homes than their counterparts in other countries. Homesteaders on the frontier tended to own their own farms and urban workers began moving to the suburbs for inexpensive housing before the Civil War. As the Industrial Revolution brought more people to work in cities, suburban housing became vital for the working class. Today, concerns about “urban sprawl” and the environment have made some policymakers concerned about continued suburban growth, potentially jeopardizing the next generation’s pathway to homeownership and wealth accumulation.

This conversation is part of a series entitled, “The Future of the Middle Class” by Hudson Institute’s Center for the Future of Liberal Society. In this series, Hudson Distinguished Fellow Walter Russell Mead will moderate discussions with thought-provoking policy experts about some of the most pressing challenges associated with rebuilding the economy and promoting the prosperity of America’s middle class.

Click to Hudson Institute to Watch the Video Event

 

Related:

Beyond Feudalism: A Strategy to Restore California’s Middle Class
Preserving Opportunity for the Global Middle Class
The Two Middle Classes