Saying Housing Drives Income Inequality Misses Some Big Points
“There are a few problems with the argument. The first is that talk of income inequality alone is insufficient to understand the economic dynamics of our society. Wealth inequality is as important a topic as income inequality — more, even, because it allows a faster accumulation of more income and additional wealth. Increase in the value of real estate goes to wealth, not income. A sole focus on income assumes that everyone has been on equal footing, which they haven’t.”