Another excellent article by the great economist Thomas Sowell:
"Behind the housing boom and bust was one of those alluring but undefined phrases that are so popular in politics-- "affordable housing."
It is hard for me to know specifically what politicians are talking about when they use this phrase. But then politics is about evoking emotions, not examining specifics.
In looking back over my own life, I find it hard to think of a time when I didn't live in affordable housing.
When I first left home, back in 1948, I rented a room about 4 by 8 feet, costing $5.75 a week. Since my take-home pay was $22.50, that was affordable housing. (Multiply these numbers by about ten to get the equivalent in today's prices)."
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