Armando Lara-Millan
Professor, UC Berkeley. I do political economy in sociology. For me that means studying changing markets and their enabling institutions, but in such a way that centers history, culture/knowledge, and power.
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Housing and Private Credit as Canary in the Coal Mine (opens the original)
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For most of life, there were well-meaning, highly educated people around me who liked to tell me that “Housing Only Ever Goes Up.” Mind you, I grew up in California, but this faith was only emboldened after the bounce back from the Great Recession. It was like some fundamental law of physics, somewhere between gravity, death, and tax loopholes. I don’t bring that up to examine the claim, which is now obviously false. But to highlight that we have experienced a fundamental shift in the basic back
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