LETTER: Political folly on housing prices
An aerial view of housing developments near North Decatur Boulevard and Farm Road in North Las Vegas on Wednesday, May 12, 2021. (Michael Quine/Las Vegas Review-Journal) @Vegas88s
Santa Fe, New Mexico, is the latest municipality that has bought into the modern housing affordability myth (“Different approach to housing,” Saturday Review-Journal). They conveniently ignore the fact that housing costs have remained the same, and it is society that has changed.
We have gone from a manufacturing economy to a service economy. Consequently, wages have declined as skill levels have been lowered. In addition, members of Gen Z tend to have other priorities besides homeownership. Today’s generation are more likely to be single parents, consumer driven and have considerable debt and limited savings.
These factors are why housing costs are a challenge. To expect the government to make housing affordable is a fool’s errand.
