Economists told Politico the years-long imbalance of demand and supply will come to a head this year as first-time buyers give up on homeownership
Although we’re almost a decade removed from the Great Recession, the fears from that time still linger on in the minds of economists, housing experts, and everyday Americans who remember the wave of foreclosures that ruined the financial futures of millions. Since then, people have been looking for the signs of another housing bubble — but lawmakers say something worse is coming down the pipeline.
“The dream of homeownership is out of reach for so many working people,” Senate Banking Chair Sherrod Brown (D-Ohio) told Politico on Monday. “Rising home prices and flat wages means that many families, especially families of color, may never be able to afford their first home.”
After taking the helm of the U.S. Senate Committee on Banking, Housing, and Urban Affairs in February, Sen. Brown released an impassioned statement about his goals for the committee, which he said has “mostly looked out for Wall Street and the nation’s largest banks.”
Instead, Brown said, the committee must focus on their responsibility to provide equal housing opportunities.