alt Hacker NewsThe core fabric of society - the deal that was offered by society to the people - to work in a job, own a house, raise a family, have a retirement - has decayed away entirely for many people.
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Well states need home prices to increase because the majority of their pension funds for their employees is invested in hedge funds seeking outsized returns that use single family homes as an investment vehicle.
This can never be solved until we resolve the public pension crisis.
Lawmakers in my state of Oregon are soon going to debate how the state invests in hedge funds but the simple truth of the numbers says that there's no possible way Oregon can meet its pension obligations without their stated returns.
This is quite a new deal and not one enjoyed by most people for most of history.
The housing part never 'decayed', it was actively blocked by the people who already had homes. That's why you see things now like California actively overriding local zoning.