loading . . . The Housing Crisis Is Destroying Homeownershipâand Undermining Democracy Rising housing costs, restrictive land-use regulations, and the growing role of institutional investors are reshaping the foundations of democratic society. In this video essay, Joel Kotkin and Wendell Cox argue that the steady erosion of homeownershipâespecially among younger generationsâis producing a new form of dependency, with far-reaching economic, demographic, and political consequences.
Drawing on historical comparisons, economic data, and urban-planning research, the essay examines how policies favouring density and housing consolidation have driven prices beyond the reach of middle-income earners. As ownership declines, more people are confined to long-term renting, weakening financial independence, reducing family formation, and intensifying inequality between asset holders and non-owners.
The video also explores the links between housing affordability, declining birthrates, suburbanisation, and the rise of remote work, challenging prevailing assumptions about urban density, environmental sustainability, and the future of cities. The authors argue that dispersed property ownership has long been central to democratic self-governmentâand that its disappearance risks undermining social stability in advanced democracies.
00:00 Land ownership, consolidation, and democratic risk
02:04 Density planning and rising housing prices
04:35 Institutional investors and the rentier economy
07:23 California, regulation, and suburban growth
10:05 Remote work and the decline of central business districts
13:22 Housing costs and falling fertility rates
16:31 Property ownership and the foundations of democracy
đ Read the original essay on Quillette: https://quillette.com/2022/04/21/serfing-the-future/
đ§ Narrated by William Laing
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Quillette is an Australian-based online magazine that focuses on long-form analysis and cultural commentary. It is politically non-partisan, but relies on reason, science, and humanism as its guiding values.
Quillette was founded in 2015 by Australian writer Claire Lehmann. It is a platform for free thought and a space for open discussion and debate on a wide range of topics, including politics, culture, science, and technology.
Quillette has gained attention for publishing articles and essays that challenge modern orthodoxy on a variety of topics, including gender and sexuality, race and identity politics, and free speech and censorship.
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