America today faces a two-headed problem: economic inequality and housing inequality. The former has soared to heights not seen since the Gilded Age. The latter, as home prices spike in coastal superstar cities and lag in much of the country’s middle, has become a main feature of our divided, winner-take-all geography.
The two phenomena are intertwined and mutually reinforcing. Together, they act as a brake on the performance of the economy and limit both migration and upward mobility.