From Sept. 25, 1993
IN DEBATING the roots of Massachusetts' economic decline, one never hears about the 1980s real estate orgy, one of the major causes of our distress. The sharply rising cost of housing is one of the worst things that can happen to a community, because people who spend more on housing have less to spend on everything else. California, New York City, and Washington, D.C., all visited by real estate booms, are now hell for the middle class. So is Massachusetts.
Unfortunately, when people bid up the price of what should be thought of as a staple, not a commodity, they do not think of these things, so when the bill comes due, they find someone to blame.
ROGER HECHT
© Copyright 2008 Globe Newspaper Company.
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