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Pulling Up the Ladder on Housing

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Posted in Contemporary economics

A story of great significance broke on the front pages of The New York Times and The Wall Street Journal last week. It had nothing to do with Donald Trump Thursday, in: “The Future of Housing Rises in Phoenix,” Ryan Dezember and Peter Rudegeair reported in the WSJ, “high-tech flippers such as Zillow are using algorithms to reshape the housing market.” Their story began: “Armed with loads of cash and the latest in machine learning, investors are reshaping the $26 trillion market for US residential real estate, starting in Phoenix, the petri dish for America’s housing experiments.” Friday, in the