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cover of episode How the Cost of Housing Became So Crushing

How the Cost of Housing Became So Crushing

2024/9/24
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The Daily

Chapters

The 2008 financial crisis had a devastating impact on the homebuilding industry, leading to a significant decrease in the construction of new homes. This decline created a shortage of housing units, leaving the market vulnerable to future challenges.
  • The 2008 financial crisis caused many homebuilders to go bankrupt, leading to a sharp drop in new home construction from 2.2 million to 600,000 units annually.
  • The housing market has been underbuilding for almost 20 years, accumulating a shortage of millions of units.
  • Smaller homebuilders went out of business completely, larger homebuilders cut back, and much land designated for future development lost its value.

Shownotes Transcript

Over the past year, frustration over the cost of housing in the United States has become a centerpiece of the presidential race, a focus of government policy and an agonizing nationwide problem.

Conor Dougherty, who covers housing for The Times, explains why the origin of the housing crisis is what makes it so hard to solve.

Guest: Conor Dougherty), who covers housing for The New York Times.

Background reading: 

For more information on today’s episode, visit nytimes.com/thedaily). Transcripts of each episode will be made available by the next workday.