Housing has had a real appreciation at a rate that far outpaces real median wage increases. This is fueled partially by incentives to buy homes, but largely by speculative real estate purchases by older generations. People over the age of 35 own nearly 85% of real estate in the U.S., with people over the age of 55 owning nearly 45%. In both of these categories, ownership is extremely overrepresented and trending up.

We need to stop bailing out the housing market and incentivizing home purchases — this is the only reason that it’s rational for people to do this.