America's Emerging Housing Crisis
AMERICA’S EMERGING HOUSING CRISIS A SPECIAL REPORT BY JOEL KOTKIN WITH WENDELL COX EXECUTIVE SUMMARY From the earliest settlement of the country, housing have made much of the state Americans have looked at their homes and prohibitively expensive. Not surprisingly, AMERICA’S EMERGING apartments as critical elements of their the state leads the nation in people who own aspirations for a better life. In good spend above 30 percent, as well as above times, when construction is strong, the 50 percent, of their income on rent. HOUSING CRISIS opportunities for better, more spacious and Sadly, the nascent recovery in housing congenial housing—whether for buyers or could make this situation even more dire. renters—tends to increase. But in harsher California housing prices are already Joel Kotkin conditions, when there has been less new climbing far faster than the national construction, people have been forced to An internationally-recognized authority on global, economic, average, despite little in the way of income accept overcrowded, overpriced and less- political and social trends, Joel Kotkin is the author of THE NEXT growth. This situation could also affect desirable accommodations. HUNDRED MILLION: America in 2050, published by The Penguin the market for residential housing in other Press. The book explores how the nation will evolve in the next four Today, more than any time, arguably, since parts of the country, where supply and decades. His previous, also critically acclaimed book, was THE CITY: the Great Depression, the prospects for demand are increasingly out of whack. A GLOBAL HISTORY. improved housing outcomes are dimming Ultimately, we need to develop a sense for both the American middle and working Mr.
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