Mar

2

Father knows best?

Filed Under Neighborhoods, Politics, The Bottom Line, Uncategorized, Zoning 

Friday night some friends and I went out to dinner to one of our favorite local spots.  The talk turned, inevitably, to the economy and to housing prices.  This dinner was kind of a goodbye to a friend who was making a career change brought on by recent economic changes.  Part of the changes included how to deal with paying her mortgage she acquired a year ago.

About two years ago I was trying to convince my dad, a renter almost his entire 64 years, that buying would be a good idea.  Twenty some years from now, I told him, you might want to move into a top of the line assited living set up.  Selling off that house would guarantee enough cash to live well until the end.

All my dad would say is “neither a borrower or lender be.” Was he right all along?

The national debate has turned to saving the American dream.  Some people including my friend are very frustrated with the idea that people who couldn’t afford mortgages in the first place are now the focus of another in a seemingly endless series of bailouts.  The Santelli rant certainly reflects the frustration of people still making payments on an asset that isn’t worth what it was.

American’s have about $10 trillion in mortgage debt.  It was only about 2 months ago that I suggested to someone that the best stimulus for the economy would be to pay off everyone’s mortgage–until I saw that figure.  But whose mortgages would we pay?

On the other hand some, like Richard Florida, suggest that we are seeing a silver lining in the darkening clouds.  Perhaps we will see the end of the suburb.  As experts like Nouriel Robuini (or Dr. Doom) continue to issue even more dire predictions about the economy one wonders if we might not see what we have been hoping for: a return to urban life.

There is a really great movie called Mr. Blandings Builds His Dreamhouse.   Its the story of Mr. Blandings (played by Cary Grant) who moves his family from their cramped Manhattan apartment to Connecticut.  The scenes of them struggling over space (modern cliff dwellers!) remind me of my own home–minus the maid, fireplace, kids and big closets.  But we can always dream.

Put it on your Netflix list and watch it.  Then watch it backwards.

Comments

One Response to “Father knows best?”

  1. Lydia on March 4th, 2009 11:11 am

    I appreciate this well written piece; I’ve long felt that homeownership is an insidious trap and that policies which promote it as a primary life investment are misguided. People need to be mobile to follow jobs; I don’t know what this means to long-term community building, though. Perhaps in these days of instant social networks we can be more nimble in community formation as well.

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