Why millennials are facing the scariest financial future of any generation since the Great Depression.


The section of the article on housing is brilliant (half way through article).

Generation Screwed

WHOA! Like everyone in my generation, I am finding it increasingly difficult not to be scared about the future and angry about the past. I am 35 years old-the oldest millennial, the first millennial-and for a decade now, I've been waiting for adulthood to kick in.

"for homeowners there is no such thing as a housing crisis; Because when property values go up, so does their net worth. They have every reason to block new construction. And they do that by weaponizing environmental regulations and historical preservation rules. They force buildings to be shorter so they don’t cast shadows. They demand two parking spaces for every single unit. They complain that a new apartment building will destroy “neighborhood character” when the structure it’s replacing is… a parking garage. (True story.)"

"All this extra hassle means construction takes longer and costs more. Which means that the only way most developers can make a profit is to build luxury condos. So that’s why cities are so unaffordable. The entire system is structured to produce expensive housing when we desperately need the opposite."