Did NIMBYs Kill the American Dream?, with Yoni Appelbaum

Did NIMBYs Kill the American Dream?, with Yoni Appelbaum

“Homeownership is the American Dream.” This saying is so ingrained in our zeitgeist that most Americans don't even pause to question it. However, according to the Black Knights Home Price Index, the average US home price increased nearly 80% from April 2015 to April 2023. Census data reveals that the median household income only increased by 4% during this period. Homeownership has thus become increasingly out of reach, especially for young professionals. So, how did the American Dream become an American nightmare?

In his brand new book, “Stuck: How the Privileged in the Propertied Broke the Engine of American Opportunity,” The Atlantic’s Deputy Editor Yoni Appelbaum offers a contrarian view, arguing that the crisis in American homeownership isn’t actually about cost—it’s about mobility. There are many places in America where housing remains affordable and even dirt cheap. The problem is that those affordable options are in less desirable locations, with fewer opportunities for high-quality jobs, education, and health care. Thus, young professionals continue to migrate to communities where opportunities are bountiful, but housing is not.

Appelbaum joins Bethany and Luigi to discuss how Americans got “stuck. Why does mobility matter so much? What are the implications of reduced mobility for Americans’ faith in capitalism and the belief that our country is still the land of opportunity? If treating a home as an investment—which many of us do—means less mobility, is being “stuck” so wrong for society? Together, the three of them unpack this entangled question of mobility, homeownership, and what it means for the reformulation of the American Dream.

Capitalisn't episodes mentioned:
Shattering Immigration Myths: Data Beyond Borders, with Leah Boustan
Raj Chetty's Surprising New Insights on How Children Succeed
What Happened to the American Dream? With David Leonhardt

Read an excerpt from Appelbaum's book on ProMarket (Penguin Random House)

Avsnitt(218)

Ten Years Later Pt 3: The Next Crisis

Ten Years Later Pt 3: The Next Crisis

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Live taping of Capitalisn't in Chicago on October 8th

Live taping of Capitalisn't in Chicago on October 8th

Join us for a live taping of Capitalisn't on October 8 at the Union League Club in Chicago! Author Yascha Mounk will discuss his latest book, The People vs. Democracy, with co-hosts Luigi Zingales and Kate Waldock. Click here for details and free tickets! https://www.eventbrite.com/e/the-people-vs-democracy-with-yascha-mounk-katherine-waldock-and-luigi-zingales-tickets-49992656381

3 Okt 201829s

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The second in a 3-part series on the 2008 financial crisis. In the weeks after the crash Luigi remembers petitioning the government for a better bank bailout. Looking back, he and Kate review everything from TARP to Dodd-Frank to see how we averted a worse recession. But did some CEOs get away with fraud?

27 Sep 201831min

Ten Years Later Pt 1: The Build-Up

Ten Years Later Pt 1: The Build-Up

The first in a 3-part series on the 2008 financial crisis. Kate tells Luigi about being an intern at Lehman Brothers when it collapsed and then we debate the causes including subprime mortgages, investor fraud and an ill-advised speech from former President George W. Bush.

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Sex, Power and the Ivory Tower

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Economists experience their first major #MeToo moment. Kate and Luigi explore the larger implications of a recent case involving a Columbia University professor who was found liable for retaliation against a female junior faculty member.

31 Aug 201829min

Antitrust Pt 3: The Europeans

Antitrust Pt 3: The Europeans

Our third and final episode on antitrust law looks at the E.U.'s recent $5 billion fine against Google. Kate and Luigi hear about double-sided markets from Nobel-winning economist Jean Tirole and explore the E.U. vs. U.S. approach to antitrust enforcement.

16 Aug 201832min

Antitrust Pt 2: The Populists

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19 Juli 201828min

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