Here, homes are for money, not people. Charles Mudede
A study conducted by Zillow revealed that house-price inflation (a form of inflation that, like stock-price inflation, apparently has little to no political impact) in most major metro areas surpassed in 2020 “the median salary in those locations.” The Seattle metropolitan area was no exception. Indeed, it was one of 10 housing markets that experienced “the widest gap between home price appreciation and median salaries.” This should not surprise anyone, because it is in the nature of capitalism to replace the value of people with the value of things. In Marxian language, this is called reification.
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