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Brooklyn Journal of Corporate, Financial & Commercial Law

First Page

35

Abstract

For nearly two decades, I have written about housing and I have chronicled why it is so hard for middle-class Americans to become homeowners. More recently, I have explored the concept of the “traditional” household (husband, wife and 2.5+ children) and stressed that, notwithstanding the substantial federal and state subsidies this household formation receives, it is no longer the norm. While the housing crisis persists, it has now metastasized into a widespread and sweeping financial and social breakdown. In my forthcoming book, The Middle-Class New Deal: Restoring Upward Mobility and the American Dream, I more broadly explore the challenges adults face in their quest to become and remain middle class. Building on themes I explore in depth in The Middle-Class New Deal and in earlier research, this Article argues that our country’s political leaders have sent lower- and middle-income (LMI) young adults into an economic freefall by failing to enact laws or adopt policies to help them become and remain middle class. In discussing housing unaffordability, Part II faults current political leaders for failing to enact policies that would help LMI young adults, particularly if they lack a bachelor’s degree, buy homes or even find affordable rental housing. Part III then briefly shows how student loan debt now makes it hard for even young college graduates to become middle class. Part IV concludes by noting that, given the range of financial, social and emotional realities young Americans who are not born rich are facing, young adults struggle to attain the traditional milestones of adulthood, which include becoming a homeowner, marrying, having children, and establishing independent households.

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