Jonathan Massey pens an essay in the journal Places, in which he probes the implications of homeownership as the vehicle by which the microeconomics of household finance and the macroeconomics of a globalized economy are mediated.
In the article, Massey traces the changing history of the relationships of individuals and households to the market and to the state as reflected in homeownership.
Arriving at recent history in the slogans and stories of Occupy protestors (the 99%) decrying federal programs to deal with the affects of the housing crisis on banks and large institutions (the 1%), Massey sees a reflection of, "how homeownership and mortgage finance mediate the economic risks and opportunities of globalization."
In tying their concern specifically to the housing market, and the ideal of homeownership, Massey finds an interesting demographic thrust to the story of a decidedly middle-class "American Dream" gone sour, "The concerns of the poor and working class, like those of people of color, are less evident. So it is perhaps not surprising that so many occupiers, activists and supporters are demanding homeownership support rather than housing opportunities for all."
For which one might point out to Massey that in fact such dashed hopes may belong to a current or former middle class, as well as an aspirational lower class.
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UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
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