The whole remote work thing is something for people with white color jobs and college

educations.

There aren't many opportunities for everybody else.

And when you sort of look at what's been going on with real estate markets, is you have

all these people who probably felt pretty poor in Silicon Valley or New York, but are now

among the richer people out in some distant suburb or smaller city where they've moved.

They're buying in, is making it harder for people in those places who are just making

local incomes and can't work remotely to afford housing.

Hello and welcome to Wise is happening with me, your host Chris Hayes.

The housing market's been pretty nuts recently. It was definitely very nuts during COVID,

where you had this situation in which lots of people, all the sudden,

were working from home and looking from more space.

Now it should be clear when I'm talking about the class profile of those people, these are people

with relatively affluent means of some disposable income. These were people that often had white

color jobs, jobs in things like advertising or vacations or office jobs where they were able to

remote work, lawyers, etc. That is a relatively small slice of American households just to keep

all of this in perspective. But this huge crunch for space sent housing markets in a lot of places

that were rural or suburban into complete, totally haywire. That happened right around the lockdown.

Then the housing market got frozen and placed and cooled. Then as people came out at lockdown,

we've seen housing prices going bonkers all over the country as we have all this kind of pent-up

demand. It's always hard to know what to make of that. At one level, it's very complex the

housing market. It's incredibly, as we learned from the 2007-2008, it's very bound up with

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