Kevin Erdmann has often complained about America becoming a landlord’s society. And, indeed, since the Great Recession, it certainly is on the road to becoming that:

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https://research.stlouisfed.org/fred2/graph/?g=32Ra
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https://research.stlouisfed.org/fred2/graph/?g=32Sq

The fruits of deleveraging in the aftermath of the housing crash have been more than made up for by rent hikes resulting from housing scarcity. The ownership society is being replaced with the landlords’ society.

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