That's what happens when owning a home is essentially the pension plan of 5 generations. Eventually you'll stop working due to age. Government or private pensions simply will not pay for you to live, to say nothing of inevitable increases in medical expenses. So you make investments. Housing has been the big investment people make.
One might just as well say that you're blaming the older generation for not just dying to make place for the younger generation after 40/50 years of constant work. It's the same claim.
If you take away housing as an investment ... will you then double existing pensions, by working harder? You'll call that absurd. So, here we are. The older generation has something you need and needs the younger generation to work and pay for their old age ...
Banks are indeed profiting off this, but the very large bulk is pensions of tens of millions of other Americans.
One might just as well say that you're blaming the older generation for not just dying to make place for the younger generation after 40/50 years of constant work. It's the same claim.
If you take away housing as an investment ... will you then double existing pensions, by working harder? You'll call that absurd. So, here we are. The older generation has something you need and needs the younger generation to work and pay for their old age ...
Banks are indeed profiting off this, but the very large bulk is pensions of tens of millions of other Americans.