Not everybody should be a homeowner
Politics, The Economy, Real Estate November 21st, 2008
This is one of the smartest statements anybody has made in a long time and you can read the whole article on the San Francisco Chronicle web site.
The hard fact is, at any given time, no more than about 50 percent of the American population should own their own homes, at the very most. Everyone else should rent. Or live in a van.
It just makes more sense. He argued that any more than 50 percent ownership — the current rate is about 85 percent for married couples with kids and 70 percent for everyone overall — is fiscally irrational, actually does more harm than good to the economy, and that millions of Americans who own right now would’ve been far better off never buying at all (and not merely because all the foreclosures and lending debacles).
