Abundance

Klein and Thompson explain that economies are not bound by land but instead by the “outer borders of growth” of ideas and their technologies, and the “fiery creation of the new” occurs most frequently in the land of American cities (22). This land, the American cities, faces the cost-of-living crisis, as housing in most American cities is too expensive for young families trying to settle down. In the 1950s, thousands upon thousands of new houses were built in the US, but this accelerated rate of building declined in the 1970s and then again in the 1980s and 1990s. After the Great Recession in the mid-late 2000s, the construction of new homes nearly ceased. The US has 425 dwellings per 1,000 people, while countries like France and Italy have 600, and Germany and Japan have 500.

This lack of houses results in a housing crisis in the United States. As much as 30% of Americans spend 30% or more of their income on housing, and many either endure extreme commutes or inferior jobs to live where they can afford. In New York City, people used to move there and begin earning more money because of the better jobs available in the city.