Housing has always been a key to Great Resets. During the Great Depression and New Deal, the federal government created a new system of housing finance to usher in the era of suburbanization. We need an even more radical shift in housing today. Housing has consumed too much of our economic resources and distorted the economy. It has trapped people who are underwater on their mortgages or can't sell their homes. And in doing so has left the labor market unable to flexibly adjust to new economic realities.
Richard FloridaNew Jersey boasts the highest percentage of passport holders (68%); Delaware (67%), Alaska (65%), Massachusetts (63%), New York (62%), and California (60%) are close behind. At the opposite end of the spectrum, less than one in five residents of Mississippi are passport holders, and just one in four residents of West Virginia, Kentucky, Alabama, and Arkansas.
Richard FloridaEconomies and societies invariably remake themselves in the wake of a crisis. It's a necessary component of rebound and recovery. Outmoded industries and tired consumption habits make way for new goods and services, new careers and forms of employment, and population realigns itself in the landscape. All these developments are connected to lifestyle changes.
Richard Florida