Quote:
Originally Posted by nfotiu
Energy prices and supply chain issues didn't create bidding wars for houses in nearly every area in the US or lead to a labor market shortages across the board. There was a big spike on the demand side of the economy that contributed to inflation. Handing out more stimulus checks or otherwise adding funds to the economy would have made a bigger problem.
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US billionaires got 70% richer during the pandemic.
https://inequality.org/great-divide/...aire-pandemic/
The wealthy using their increases in wealth to buy up real estate sounds about right. Combine that with Chinese investors looking to move their money out of the collapsing Chinese market and park it in North American real estate.
Of course there was a surge in pent-up demand from when lockdowns were lifted and people resumed their normal consumptive lives. This would have happened with or without government stimulus.
And yes the Trump tax cuts. An important factor that a lot of people overlook in all of this.