1970’s recession also caused by land boom
On Maine’s Moosehead Lake—frigid in winter, plagued by black flies in summer—300 ft. of water frontage is selling for $30,000, or double the price of two years ago.
In Provo canyon, Utah, raw land near the Sundance ski resort fetched $3,750 an acre in 1966. Today it goes for as much as $13,000—even though zoning restrictions prevent some buyers from building anything.
Near Orlando, Fla., a grove owner sold 30 acres of land 15 miles from Disney World last spring for $285,000. Two weeks later the buyer resold it for $375,000. One week later a subdivision developer bought it for $525,000. Several months later the developer turned down an offer of $750,000 for the property, upon which he is now constructing apartments.
Read More and remember – the banksters bailout is transferring public money to private hands in reward for excessive gambling on sub-primers. There is nothing on the policy frontier that will eradicate such boom-busts from occurring again.
When will we start to re-imburse the largest polluters on this planet for all their ‘hard work’ creating cancers that we then have to pay exorbitant medical fees to fix up? The high rents young homeowners are being forced into paying for the majority of their working life are the financial corollary.
Gen Z – welcome to a risk subsidised future within the most uncertain climate on record!