"We are the most overhoused country on earth." (Winomaster)"What does it mean to be the most overhoused?" (Mindshar)Over-invested. Past investments in housing are being abandoned and left to wither on the vine. For example, we subsidize the cost of extending roads, sewers, water supplies, etc into new development areas. If this necessary investment was incorporated into the price of any new home, the price to buy new would not appear so artifically attractive. In Europe they do not subsidize new housing in this manner and so there are substantial economic incentives for neigborhoods to be maintained and rehabbed. In Europe they don't have urban blight as we do. It's all a result of foolish government subsidy. "In my opinion, urban blight has a lot more to do with the availability of interstate highways and generally inexpensive gasoline to enable commuting, the decline of many of our manufacturing industries, and "white flight" following many of the race riots in the 60's. Urban blight isn't anything new after all; it's been with us for decades.--since long before the current housing bubble." (Mindshar)I dont mean to say that subsidies of new housing are the sole cause of urban blight. But subsidies have made a difficult situation in the cities into a disaster zone. Any economist will tell you that subsidies promote economic inefficiency.
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