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Their wordsthe politics of interest groups are an important barrier to overcome the U.S.' housing supply crisis.
Our reading
The era of cheap borrowing has ended, making large-scale government housing investments difficult.
Their wordsThe era of cheap borrowing has come to an end. If the government wants to make large capital investments or spin up brand-new programs, it will have to either raise a lot of taxes (in the middle of a de facto tax revolt) or else borrow even more money, putting existing programs like Medicare or Social Security at risk.
Their wordsHaving private actors take on this risk themselves is actually better than expecting the government to build anywhere from 4 million to 20 million new homes.
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