
VC funding is down 60 percent from the 2021 peak. The startups that survived are stronger. The ones that did not left a trail of burned cash and broken promises.

Millennials and Gen Z are locked out of homeownership in most major cities. The causes are structural, and the political solutions being proposed will not fix them.
The median home price in the United States now requires a household income that less than 30 percent of Americans under 35 earn. In major metros like Austin, Denver, and Nashville, the gap is even wider. The American Dream of homeownership is becoming a generational privilege.
The causes are not mysterious. Decades of restrictive zoning, underbuilding, and NIMBYism created a supply shortage. Low interest rates inflated prices. Institutional investors bought up starter homes. And remote work redistributed demand to previously affordable markets.
The political responses range from ineffective to counterproductive. First-time buyer credits increase demand without adding supply, pushing prices higher. Rent control discourages new construction. And the zoning reforms that would actually help are blocked at the local level by homeowners who benefit from scarcity.
Until the country builds significantly more housing, no amount of financial engineering will make homeownership accessible to the average young worker.

VC funding is down 60 percent from the 2021 peak. The startups that survived are stronger. The ones that did not left a trail of burned cash and broken promises.