By Richard Florida Published May 5, 2010 4:00 p.m.
“We’ve reached the limits of what George W. Bush used to call the 'ownership society.' Owning your own home made sense when people could hope to hold a job for most or all of their lives. But in an economy that revolves around mobility and flexibility, a house that can’t be sold becomes an economic trap, preventing people from moving freely to economic opportunity.
Not only has that piece of the American Dream grown dark, but it’s also clear that financial excess in the housing sector was one of the central causes of the economic crisis. Housing sucked up far too much of the nation’s and the world’s capital, and too many people—already overextended by the purchase of outsized houses—used those homes like virtual ATMs to finance carefree consumption. Every Great Reset has seen our system of housing change, and this one is no different. The rate of home ownership has been on the decline for some time now. Many of those who still choose to buy homes will choose smaller ones, while many more will opt for rental housing.”
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About Richard Florida | Richard Florida is author of The Great Reset: How New Ways of Living and Working Drive Post-Crash Prosperity (Harper; 2010). He is the Director of the Martin Prosperity Institute, Professor of Business and Creativity at the Rotman School of Management at the University of Toronto, and the founder of the Creative Class Group, a AN advisory services firm charting new trends in business, communities, and lifestyles. His national bestseller The Rise of the Creative Class was awarded the Washington Monthly’s Political Book Award and Harvard Business Review’s Breakthrough Idea Award. He was named Esquire magazine’s Best and Brightest in 2005. To learn more and find out how you can keep up with Richard, visit greatreset.com.
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