Economic Update with Richard D. Wolff

Episode: The US Housing Crisis Today
Date: March 10, 2026

Episode Overview

In this episode of Economic Update, economist Richard D. Wolff delivers an in-depth analysis of the United States’ ongoing housing crisis, examining both its historical roots and contemporary manifestations. The program features an illuminating interview with Rob Robinson, a formerly homeless activist and community organizer specializing in housing issues. In addition, Wolff provides updates on significant labor union developments, drawing connections between workplace power, community stability, and broader economic justice.

Key Discussion Points & Insights

1. The History of Public Housing in the US (02:20 – 07:00)

• Wolff opens with a historical reflection, noting that the US government has a precedent for large-scale public housing development (e.g., the major effort during World War I).
  • “In just two years, this federal program provided housing for 100,000 Americans. Few people know this history, which is why I'm bringing it to you.” (04:35)
• Raises the central question:
  • “If we want housing to be produced, and we want it quickly for people who shouldn't be homeless ... the government could do it. The government has done it. Why in the world isn't that being done now?” (06:20)

2. Recent Major Labor Union Victories (07:15 – 15:00)

• Volkswagen Plant, Chattanooga, Tennessee
  • After years of failed attempts, the United Auto Workers (UAW) successfully unionized the plant in 2024 and secured a contract with substantial benefits.
    • “They [workers] will immediately get a bonus … $6,550. Not a minor matter. They will also receive a 20% wage increase over the four years of this contract.” (10:12)
    • “Health care premiums paid by the workers will go down by 20% … and they will not go up again for the life of the contract.” (11:10)
• Union Membership on the Rise
  • In 2025, union numbers increased by half a million — the first uptick in 16 years.
    • “I think union members are facing the reality of our economic decline. … They're beginning to recognize … that unions can be a very important defense in hard economic times.” (09:15)
• Pittsburgh Post Gazette Strike
  • After a three-year strike, the union won in court, but the newspaper’s owners opted to shut down the paper altogether rather than deal fairly with workers, leaving Pittsburgh without a print newspaper.
    • “It is outrageous that we allow it to be privately owned so that a person … can then decide what it covers … or simply shut the enterprise down, walk away, take away this important part of the community.” (17:01)
  • Draws lessons about the tension between private profit and public good.
    • “Never has the clash between the profit motive and the … needs of a community been more obvious with democracy.” (17:32)

The Deepening Housing Crisis: Interview with Rob Robinson

Introduction to Rob Robinson (18:00 – 18:24)

• Rob Robinson: Formerly homeless, now a prominent community organizer, senior advisor, and adjunct professor, focusing on land, housing, and homelessness.

A. Scope and Impact of the Housing Crisis (18:24 – 22:25)

• Rob:

  • “There certainly is [a housing crisis], and it has been for some time. … Not only contributing to increases in homelessness, but people in general are struggling to remain housed. Even those we don't suspect to be at risk of homelessness are at risk.” (18:28)
  • Key statistics: ~23 million renters struggling; ~20 million homeowners are cost-burdened or at risk of losing homes.
  • Highlights the dangerous separation between stories of renters and homeowners, arguing both face similar threats.

• Wolff shares a striking anecdote from a New York City teacher:

  • “In her estimate, 20% of her school children … are homeless for part of any given year. … They can't do their homework. … Everything is in boxes.” (19:50)
  • Emphasizes broader social damage, particularly for children’s education and family stability.

B. Wages, Shelter Instability, and Social Consequences (21:03 – 22:57)

• Rob:
  • “The fundamental issue here is the cost of housing versus wages being stagnant. … A shelter is not a home. When a family is moved from place to place, it is a lack of stability.” (21:10)
  • Highlights digital divide: Many shelter-residing children lack internet access, compounding educational disadvantage.

C. Debunking the American Dream of Homeownership (22:25 – 27:52)

• Wolff: “Even if the truth of it is that the bank … it's more the bank's house than it is yours.” (22:40)
• Rob:
  • “Homeownership … was once the foundation … of a stable life in the US. … But conditions change now. Housing has become a manipulative instrument for financial institutions to … profit from. … They don't care about whether or not you're living in a stable environment. They care about the profit they can possibly make.” (23:00)
  • Warns of corporate and investor buy-ups (e.g., Blackstone), which “claim these houses and want to rent it back.”
  • Distills the pitfall: “There's no such thing as overdosing on profit …it's a drug that … you just want more, more, more.” (24:09)
• Wolff: “This is a clash between the investor … and the home liver who needs a place to live. … We're a society who's rushing after the profit, is running against satisfying housing needs.” (24:44)
• Rob:
  • Notes societal complicity—many Americans hope to profit from real estate but become caught in an unaffordable housing market themselves.
  • “It might have been some stability once upon a time, but that is all dissipated now. … And a financial institution doesn’t care about whether you’re struggling or not. … I like to refer to [this] as perpetual debt. It does not lead to perpetual wealth.” (26:08)

D. Policy Recommendations & What Must Change (27:52 – 30:51)

• Wolff asks what advice Rob would give to NYC’s new socialist mayor, Zoran Mamdani.
• Rob's Three Key Recommendations:
  1. Expand “Housing First” Approach:
     • “If we're going to fund you, then you have to use this housing first policy.” (29:10)
     • Prioritize immediate permanent housing (not shelters) for the homeless, with wraparound social services.
  2. Include People With Lived Experience:
     • “Bring people with lived experience of homelessness to the table and engage them in real conversations for real solutions. … Have them sit down, they have the solution to the problem.” (29:35)
  3. Move from Right to Shelter to Right to Housing:
     • Current system incentivizes long-term shelter residence (“shelter industrial complex”).
     • “We need to move from a right to shelter to a right to housing. … Shelter has basically become a home in New York City. And that's another way to end homelessness.” (30:28)

Notable Quotes

• Richard D. Wolff:

  • “If we want housing to be produced … well, the government could do it. The government has done it. And that leaves us all with the question, why in the world isn't that being done now?” (06:20)
  • “Never has the clash between the profit motive … been more obvious with democracy and the needs of a community.” (17:32)

• Rob Robinson:

  • “Everybody needs a safe, dignified, affordable place to live, whether you're renting or whether you're owning. But I do think this American dream … gets in the way of these narratives.” (18:50)
  • “I like to refer to [homeownership under current conditions] as perpetual debt. It does not lead to perpetual wealth. It leads to perpetual debt.” (26:45)
  • “If these kids aren't getting a basic education, then we have a problem as they grow older.” (22:08)
  • “If we're going to fund you, then you have to use this housing first policy.” (29:10)

Timestamps for Major Segments

• [00:20–07:00] – Public housing history & why government action matters now
• [07:15–15:00] – Labor union victories and the intersection with democracy and profit motives
• [18:24–22:25] – Rob Robinson: Current housing crisis scope, impact on renters, owners, families, and education
• [22:25–27:52] – “American Dream” critique, the rise of corporate landlords, and the myth of housing wealth
• [27:52–30:51] – Policy solutions for NYC and beyond: “housing first,” lived experience in policymaking, moving to right to housing

Memorable Moments

• The 100,000 Homes—A Forgotten Precedent:
  "The US Government embarked on what was then a radical experiment ... constructing more than 88,080 new communities across 26 states in just two years.” (03:30)
• Schoolkids in Crisis:
  “20% of her school children in her classes are homeless for part of any given year. … They don't have a computer. Everything is in boxes.” (19:49)
• Perpetual Debt:
  “It does not lead to perpetual wealth. It leads to perpetual debt.” (26:48)
• Systemic Policy Advice:
  “Bring people with lived experience of homelessness to the table … they have the solution to the problem.” (29:33)

This episode provides a thorough, urgent account of the US housing crisis—connecting everyday struggles to systemic forces and suggesting real, practical solutions.