In an effort to usher in the world of globalist fantasy, a Bloomberg piece uses Orwellian language in an effort to soft-sell declining homeownership rates as a phenomenon to be embraced and welcomed with open arms. The piece looks forward to a future where the concept of homeownership is an archaic relic of the past and is increasingly considered an irrelevant aspect of the American Dream.

The author of the piece starts by documenting the factors that made homeownership possible for the vast middle of American society during the twentieth century. The author seems to actually lament factors such as stable long-term prices and the concept of one’s primary residence being the greatest source of wealth creation for most Americans because this kept homeownership an irremovable part of the concept of the American Dream for as long as anyone can remember.

The author’s spirits then seem to rise as he documents how these factors started to unravel during this century, making homeownership increasingly out of reach for low and middle-income families and subsequently forcing people to become renters instead. The author seems to almost celebrate the increasingly sporadic nature of the housing market as institutional speculators play an ever more prominent role in determining prices, thereby effectively financing the housing market and making it just as risky as equity markets, something many families are not capable of stomaching.

One of the supposed benefits the author foresees in a “nation of renters” is that Americans will become increasingly transient and less tied to a particular place, with its sense of stability and continuity. Meanwhile, countries such as Singapore, which had one of Asia’s worst slums half a century ago now has nearly 9 out of 10 residents owning their home, giving them a stake in the long-term future of their country. Who is doing it better?

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