Bydlení a vzdušné zámky

Během uplynulých šesti měsíců se pozornost a neklid přesunuly od ohromného obchodního deficitu USA k tamnímu dmoucímu se trhu s nemovitostmi a bublině realit. Přinejmenším dvěma důvodům vysokých – a rostoucích – cen bydlení ve Spojených státech dobře rozumíme. Co však zůstává dosti nejasné, je to, zda lze zřetelně se přehřívající trh zchladit, aniž bychom Ameriku a její hlavní obchodní partnery po celém světě postrčili k hospodářskému propadu.

Boom bydlení v USA způsobují zaprvé nízké úrokové sazby, díky nimž si při nevysokých měsíčních splátkách lze na hypotéku půjčit hodně peněz. Nízké úrokové sazby posilují schopnost platit, a tedy pohánějí poptávku. A je-li poptávka vysoká, přičemž nabídka bydlení je – alespoň krátkodobě – pevná, ceny rostou.

Zadruhé, 70 let trvající období, jež začalo všeobecným rozšířením automobilu a během něhož bylo možné se v typické velkoměstské oblasti dostat odkudkoli kamkoli nanejvýš během půlhodiny, je za námi. Než se vlastnictví automobilu stalo běžnou věcí, závisely ceny pozemků na jejich poloze a cenu zvyšovala blízkost ke středu města či místní železniční stanici.

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