Richard Florida Has the Relationship Between Home Ownership and Growth All Wrong
June 25, 2012
In a column intended to attract readers, not to promote hard economics, Rotman University economist Richard Florida declares that home ownership is terrible for the US Economy. The problem is, like many economists,** Florida’s understanding of home ownership is 180 degrees ass-backwards**. Florida thinks that home ownership is supposed to _cause_ economic growth. Instead of leading to economic development, higher rates of homeownership today are associated with lower levels of it.