Miami is one of many places where housing prices have reached crisis levels, and the Miami Herald editorial board blames the problem on the free market. Only government intervention in the form of subsidized low-income housing will fix it, says an August 3 editorial.
Wrong. Government caused the problem in the first place. No matter what the cause, subsidized housing for a few low-income people will not solve it, except for those lucky few.
Despite being one of the fastest-growing states in the nation, Florida housing remained affordable up through 2000. Miami was generally the state’s least-affordable housing market, probably because an influx of immigrants kept median incomes down. But from 1959 through 1999, median home prices remained between two and three times median family incomes.
