“The most generic definition of a commodity is something of value that’s bought and sold. A not insignificant segment of the left uses this generic definition when they say we should “decommodify” housing—it should not be something that’s bought and sold like a normal product.
Hear Rep. Alexandria Ocasio-Cortez (D–N.Y.) decry the “privatization” of real estate development at a recent event promoting her Homes Act. That bill, jointly authored with Sen. Tina Smith (D–Minn.), would get the federal government back into the business of building and operating public housing units.
Their debate remarks notwithstanding, there’s no indication that Vance and Walz want to go so far as to completely end private housing markets.
Rather, they want to stop certain types of people from buying and selling housing—corporate speculators in Walz’s case, illegal immigrants in Vance’s. (In past remarks, Vance has also said we should squeeze corporate investors out of the housing market.) Once we get rid of the demand of Wall Street and illegal immigrants for housing, there’ll be more left for normal, decent Americans, the thinking goes.
As I wrote on Tuesday, that’s a mistaken attitude. There’s plenty of evidence that corporate investors and immigrants lower the cost of housing. The former provides the capital, the latter the labor, to get needed housing built.
There’s also no reason to think that a free market would transmute rising demand into ever higher prices. There’s not some fixed number of housing units. Increased demand might raise prices in the short run. But higher prices also encourage more homebuilding. That brings prices back down.
If it was profitable for developers to sell homes at $300,000 a unit and then more immigrants or speculators swoop in and buy houses, pushing the price up to $400,000, developers will respond by building more housing until the price falls back down to $300,000. If they were making money producing homes at that price, there’s no reason they’d suddenly stop just because demand increased.
Over time, capitalist innovation will lower production costs such that more and more housing is available at a lower price. This is what it actually means to make something into a “commodity” and we see examples of it everywhere in the economy.
There are more people and more demand than ever. Yet, somehow the price of common commodities and mass-produced consumer products keeps falling.
Real prices falling in the face of ever-rising demand is what it actually means to “commodify” something.”
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“With zoning codes limiting how much new housing can be built at one time, the size of home-building firms has fallen, reducing economies of scale and construction productivity. Building codes dictating how homes have to be built has further helped to close off innovative construction methods.
Those regulatory restrictions on new supply never went away, with the result being that the price of housing has risen in tandem with rising demand. Additionally, new technology that promised to automate construction tasks has repeatedly failed to take off.
Rather than becoming a commodity, home-building has stayed a cottage industry (no pun intended). Real prices continue to rise and housing affordability has become an issue of national concern debated by candidates for federal office.
In this context, Walz and Vance have decided to double down on the zero-sum nature of the housing market. They say we need to decommodify housing by preventing the wrong people from buying a fixed stock of housing.
This is exactly backwards. Housing supply is fixed by regulation, not nature. If we stripped away regulations on homebuilding, supply would rise and prices would fall.
We’ve failed to make housing a commodity and that’s exactly the problem.”
“There’s a straightforward logic to both candidate’s claims. Increased demand for housing, whether from immigrants or corporate investors, would be expected to increase prices.
But increased demand should also be expected to increase supply, bringing prices back down.
Corporate investors and immigrants also play an important, direct role in increasing housing supply. Investors supply capital to build new homes. Immigrants supply labor for the same.
At least one study has found that the labor shortages caused by immigration restrictions do more to raise the cost of housing than they do to lower it through reduced demand.”
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“one study has found that restrictions on investor-owned rental housing raised rents and raised the incomes of residents in select neighborhoods by excluding lower-income renters. Studies on the effects of rent-recommendation software have found mixed effects on housing costs. In tight markets, such software raises rents. When supply is loose, it lowers them.
As always, the ability of builders to add new supply is what sets the price in the long term. Both candidates gestured at this in their own way, although Walz was more explicit about the relationship.”
Vance won the debate on sounding better despite his lies and his evasion of questions. However, he couldn’t say that he would accept an election that Trump lost. Democracy doesn’t work if our leaders can’t accept lost elections.
“For Tim Walz, in vitro fertilization (IVF) is a deeply personal issue—or at least he made it seem that way. In several recent interviews, the Minnesota governor and Democratic vice presidential candidate implied or outright suggested that his own two children were conceived using IVF.
One problem: It’s not true. Walz’s children were conceived using intrauterine insemination (IUI), not IVF. These are two very different things, and the policy conversations about them are fundamentally distinct; many religious conservatives want to prohibit IVF—which can result in the destruction of unused fertilized embryos outside the womb—but not IUI.
Yet Walz tried to link his own personal experience with potential efforts by Republicans to ban IVF. This is misleading, since he and his wife used IUI, not IVF.
It was an oft-repeated error. On Facebook, Walz wrote that his family had taken advantage of reproductive health care options like IVF, which is true enough. But then he told the Pod Save America podcast that his two kids were born “that way,” in reference to IVF. Worse still, on MSNBC, he flatly stated: “Thank God for IVF, my wife and I have two beautiful children.”
It makes sense that some people who have little familiarity with either procedure use IVF as shorthand for both. But Walz should have a more granular understanding of what they involve. Moreover, he has accused his opponents of wanting to ban IVF. Walz attacked his rival, Republican vice presidential candidate J.D. Vance, saying: “If it were up to him, I wouldn’t have a family, because of IVF, and the things that we need to do reproductively.””
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“The best major media exposé on Walz’s incautious truth telling came from CNN’s Andrew Kaczynski, who revealed that Walz repeatedly lied about his 1995 arrest for drunk driving when he ran for Congress a decade later.
Walz was stopped for driving 96 mph in a 55 mph zone and admitted to police that he had been drinking. His blood alcohol level was .128.
“But in 2006, his campaign repeatedly told the press that he had not been drinking that night, claiming that his failed field sobriety test was due to a misunderstanding related to hearing loss from his time in the National Guard,” wrote Kaczynski. “The campaign also claimed that Walz was allowed to drive himself to jail that night. None of that was true.”
These were direct lies, and there’s no excuse for them.”
“Overall, defining Walz in terms of the party’s ideological camps is surprisingly difficult, which makes him interestingly reminiscent of Joe Biden.
Often during his long career, Biden was a mainstream Democrat. But he’s also long harbored anti-elite inclinations, being skeptical of Wall Street and the economic policy establishment. He also rejected the foreign policy establishment’s consensus on Afghanistan, advocating against a troop surge during the Obama administration and ordering full withdrawal once he was president himself.
And once in office with a narrow Democratic majority, like Walz, Biden wanted to go big with an FDR-sized agenda. (Walz had no pesky Senate filibuster rule or recalcitrant Joe Manchin to spoil things.) In office, Biden has mostly tried to keep his coalition happy, but when the politics looked dire on immigration this year, he did try to pivot to the center with new asylum restrictions.
So while Walz may be a new face, his political style and instincts may represent a good deal of continuity with the current president.”
“The claims that Republicans have made about Walz focus on three issues: his decision to retire from the Army National Guard in 2005, his rank upon retirement, and a comment he made about carrying weapons “in war.””
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“Walz retired in May 2005, two months prior to his unit receiving an official deployment order to Iraq. He stated in 2009 that his reasons for retiring were to pursue a run for the House of Representatives, which he won the following year, and to avoid conflicts under the Hatch Act, which bars federal employees from engaging in certain political activities.
Walz filed for his run for office before the National Guard had notified his unit of the possibility of a deployment to Iraq. It’s unclear if, at the time, he already knew that a deployment could be a possibility.”
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“Walz did, in fact, attain the position of Command Sergeant Major. However, after he retired, his title was changed to Master Sergeant, because he did not finish the coursework required to retire under the promoted title.
As a result, it’s accurate to say that he was once a Command Sergeant Major, but not that he was a “retired Command Sergeant Major.””
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““We can make sure that those weapons of war, that I carried in war, is the only place where those weapons are at,” Walz said in remarks about an assault weapons ban in 2018.”
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“Walz was deployed as part of the National Guard to Vicenza, Italy, in August 2003 as part of Operation Enduring Freedom but was not in a combat zone.
The phrasing of the statement in his gun control remarks, suggesting that he carried the weapons “in war,” was imprecise. While technically correct given the operation he was part of, it appears to suggest an experience he didn’t have. Walz has openly acknowledged in other interviews that he hadn’t seen combat while deployed.
The Harris campaign has stressed Walz’s training with firearms in response. “In his 24 years of service, the Governor carried, fired and trained others to use weapons of war innumerable times,” the Harris campaign told Vox in a statement.”