What the Great Recession can teach us about the post-pandemic housing market

It is difficult to overstate the extent to which the COVID-19 pandemic has wreaked havoc on housing markets. Millions of renters have fallen behind on their rent, fearing eviction while accumulating debts they cannot pay. Missed payments are putting pressure on the nation’s already fragile affordable housing supply. And prices for owner-occupied housing have soared while the inventory of for-sale homes has plummeted. These disparate outcomes in housing market segments mirror the pandemic’s uneven impact on labor markets, with college-educated professionals working from home while low-wage service workers experience the...