November 26, 2018

Historically, homeownership has been a cornerstone of the American Dream. Not surprisingly, politicians of all stripes have endorsed and or adopted polices to encourage homeownership in the US. These policies are a good textbook example of economic policies that generate long lasting cycles. In so far as these polices result in an increase in homeownership, the demand for housing increases accordingly and that in turn leads to a new market clearing equilibrium dependent on several factors such as transaction costs and adjustment costs.

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