So “we” are being punished again for our personal fiscal responsibility, and predatory investors/landlords are being rewarded for bad investments!
It is not "all our fault." There are specific and namable scoundrels and culprits. They are easy to identify. They have profited enormously running our major financial institutions doing things that only an idiot or an ivy leaguer who thought he/she was smarter than everyone else would do.
Example. Remember the name Michael Milken. He had a whole theory on how this irresponsible investment scam worked. In the end, he theorized, if the mess was big enough and systemic enough - and he and his pals made sure it was - it was all safe because the FED had not choice but to bail them all out. Turns out he was "rights."
PS Milken was a first year boomer - I am keeping count because there are some folks around here who think that what boomers have "accomplished" is a point of pride.
In the late ‘70s and early 80s the area I live in experienced an oil boom. Housing prices, rents, went through the roof, and many bought too little house for too much. When the boom died, it died hard, and the housing market was glutted with recent construction which had no buyers, nor even renters.
Well, the oil boom is back, housing is tight (locally) and prices are through the roof (for here) again.
Thankfully, I bought an affordable older home while the ‘bust’ was on—for one third what it had sold for during the last boom.
Similar opportunities should open up for home buyers in areas where prices were inflated by flippers and unqualified buyers, if the market is allowed to come down, and there should be some bargains out there.
However, those of us who live within our means should not be called to subsidize those who do not, nor to support those who enabled that sort of irresponsibility—and made a lot of profit for themselves in the process. .