So, the priest also blames real estate investors & “flippers”?
Just wow. No comments from His HolyAss about about mortgages literally given to those who had no business borrowing, nor any intention of paying it back. That’s what drove up demand & prices. He’s bitching about fake money loaned to pretend buyers as a pretext for theft, then complains when the scheme didn’t achieve his goals. F Him & his Commie ways.
Real estate, even just undeveloped dirt, is a tangible asset, unlike stocks & bonds. You can put your hands on it. You might even be able to defend it. It will rarely have zero value, which will always make it attractive to buyers & investors when everything else goes crap up.
Someone ought to cut this guy off from his daily dose of Krugman.
I don’t think he is blaming them. It’s just that people switched to real estate to make money. I have a daughter still in the business.
What he is saying is that in the DC area, certain people with lots of money would buy properties, improve them, and then sell them. This has the effect of pushing prices for housing up. As a consequence of the price going up, poor people could no longer afford to live there.