Jeffrey Scott ShapiroBaby boomers are becoming homeless at rates not seen since the Great Depression. That’s according to fresh statistics from the Biden administration’s own Department of Housing and Urban Development.
How did the baby boomers go from being the most affluent generation in American history to being homeless? The answer is catastrophically bad public policy, which has intensified under Bidenomics. When the Supreme Court in August 2021 finally struck down the Biden administration’s moratorium extensions as unconstitutional, landlords had the green light to recoup their losses. Rents promptly soared, and the evictions began.
The result is soaring prices, falling real wages, record-high rents, and one of the most unaffordable housing markets in American history. Even some of those baby boomers who own their homes are in trouble. Having seen their property appreciate in nominal terms incredibly fast, they now face much higher property taxes on their inflated home values. Once again, their fixed incomes haven’t increased to match the higher cost of homeownership, forcing many to sell.