@tayzonday

That’s a good question. I am confident that most locals could NOT afford to buy homes at inflated market rates. They could only afford to buy at corrected market rates— that reflect a fast sale price using available local owner capital. The investor class likes to believe that inflated market rates which actually depend on profound public subsidy of oligarchy are “natural.” History shows that American public subsidy of private markets is welcome to build the wealth of dominant groups and then outrageous for the marginalized. Take the GI bill that subsidized wealth-building for white World War II vets. The highway system built under Eisenhower’s 90% top marginal Federal income tax let these whites buy suburban homes. Public housing built for blacks in inner cities did not get the same per-capita subsidies in the 1950s. By the lower-tax 1980s when blacks complained about low family wealth, Reagan won by calling them welfare-queens and crack addicts with a “cultural” poverty problem.

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