It turns out that the real estate market in my New York City backyard has been a private equity playground for the last decade, and the result, unsurprisingly, has been a disaster for tenants and the market alike.
You can hardly turn on the television or open a newspaper without hearing about the nation's impressive, much celebrated housing recovery. Home prices are rising! The crisis is over! Yet beneath the fanfare, a whole new get-rich-quick scheme is brewing.
What will solve the housing crisis? The Keynesians think it's a government bailout and the Hayekians think it will ultimately be the invisible hand and spontaneous order of supply and demand that will ameliorate the underwater single-family home sector.