The Unfortunate Reality of Housing Subsidies
January 5, 2009 by Douglas A. McIntyreJohn Tamny, RealClearMarkets
"Recession Slows Migration in U.S." was a recent Wall Street Journal headline. Since new jobs are frequently the main reason people move, the story wasn’t a big surprise.
Unfortunately, the lack of migration related to a less bountiful jobs picture wasn’t the full story. Indeed, the other major factor presently keeping Americans grounded is housing. As the Journal article noted, falling home prices "have prompted many people to stay put, rather than risk losing money in a declining housing market."
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