[MCN] Wall Street Journal: The other housing crisis: A glut of luxury

[Lance Olsen]

Wall Street Journal Updated March 21, 2019 1:02 p.m. ET
A Growing Problem in Real Estate: Too Many Too Big Houses
Baby boomers and retirees built large, elaborate dream homes across the Sunbelt—only to find that few people want to buy them.
By Candace Taylor

https://www.wsj.com/articles/a-growing-problem-in-real-estate-too-many-too-big-houses-11553181782?
1st 2 paragraphs: 
Large, high-end homes across the Sunbelt are sitting on the market, enduring deep price cuts to sell.

That is a far different picture than 15 years ago, when retirees were rushing to build elaborate, five or six-bedroom houses in warm climates, fueled in part by the easy credit of the real estate boom. Many baby boomers poured millions into these spacious homes, planning to live out their golden years in houses with all the bells and whistles.
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“Finally, we are committed to a high level of consumption because, whether we need the goods or not, we very much need the employment their production provides …. 

We are chained to a high level of production and consumption not by the pressure of want but by the urgencies of economic security.”

John K. Galbraith.     “How much should a country consume?”
In Jarrett, Henry (editor), Perspectives on Conservation.  John Hopkins Press. 1958

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“In an attempt to clarify the issues, first let us advance the following proposition: The more wasteful a society the greater the employment opportunities.”

Kimon Valaskakis, Peter S. Sindell, J. Graham Smith, and Iris Fitzpatrick-Martin. The Conserver Society. 1970. Harper & Row.


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