![]() ![]() ![]() But This huge crunch for space sent housing markets in a lot of places that were rural or suburban into complete, totally haywire. That is a relatively small slice of American households, just to keep all of this in perspective. These are people with relatively affluent means of disposable income, these were people that often had white collar jobs, jobs in things like advertising, vacations or office jobs, where they were able to remote work, lawyers, etc. Now I should be clear when I’m talking about the class profile of those people. It was definitely very nuts during COVID, where you had this situation in which lots of people all of a sudden were working from home and looking for more space. The housing market’s been pretty nuts recently. And when you look at what's been going on with real estate markets is you have all these people who probably felt pretty poor in Silicon Valley or New York, but are now among the richer people out in some distant suburb or smaller city where they've moved and their buying in is making it harder for people in those places who are just making local incomes and can't work remotely to afford housing.ĬHRIS HAYES: Hello and welcome to "Why is this Happening?" With me, your host, Chris Hayes. There aren't many opportunities for everybody else. JUSTIN FOX: The whole remote work thing is something that, for people with white-collar jobs and college educations. ![]()
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