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Saturday, December 10, 2011

Blame Hitler for Suburbs

Kind of....

Edward Glaeser's Triumph of the City:
Levitt's average earned home buyer earned about half that amount ($8000 in 1950) per year. Few of them would have had eight grand to put down for a new Levitt house, but the federal government was splurging on housing subsidies. The GI Bill offered no-down-payment housing loans for veterans, and the Federal Housing Administration guaranteed up to 95 percent of mortgages for middle income buyers. With a government-guarenteed loan, Levitt's buyers only needed to come up with $400 to buy a home packed with modern appliances and surrounded by leafy space
Aaaaand if you want to really stretch it you could blame him for the culture of home buying that led to the housing crisis......

William Levitt invented the low cost suburb the predecessor of what we know as the modern day suburb.

Update: It should also be noted that another well known anti Semite in Henry Ford is also to blame for Suburbs.

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