Public Interest, Public Choice, and the Cult of Homeownership
2 U.C. Irvine L.Rev. 843 (2012)
28 Pages Posted: 19 Mar 2013 Last revised: 24 May 2013
Date Written: 2012
Abstract
This article questions why the Left, the Right, the U.S. Government, and the financial services industry all love homeownership. The article considers the dramatic transformation of the U.S. labor market over the last 30 years and the current state of the U.S. housing market then considers whether the assumption that homeownership is good for blacks and Latinos remains sound.
The article argues that blacks and Latinos have never received the full financial and noneconomic benefits homeownership generally provides to individual homeowners. After observing that blacks and Latinos have always faced obstacles when they attempted to buy homes, the article shows how these groups have been especially harmed in the current housing crisis. The article suggests that until these two groups can become more competitive actors in housing markets, they generally should avoid buying a house.
Keywords: homeownership, housing, black, Latino
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