Answer: Congress, President Trump & Fed Chairman Powell
💥 Housing is NOT recession-proof.
Multifamily was clearly affected by the recession but bailed out temporarily by the government, providing relief to renters & investors until the end of 2020.
The US government has a monopoly in the housing debt sector and may be considered too big to fail.
In 2020, 47% of Multifamily Debt and 60% of Single Family Home Debt is owned by the US government.
20 years ago, the US government owned less than 20% of the housing debt!
The government’s increase ownership of debt is heading America 🇺🇸 towards a centrally planned economy, not a free market economy.
When will the housing crash occur? 🔮
The housing crash can be pushed towards late 2021 or 2022 if the US government continues to print money and bailout Americans.
Potentially, the government could install Universal Basic Income, and housing will essentially be protected.
Source: NMHC Rent Payment Tracker