New Jersey's state capitol, where legislators are working to release nearly 24,000 foreclosed homes.
Even Adam Smith, who proposed the free market theories of supply and demand some two and a half centuries ago, didn’t believe the theories worked in situations influenced by monopolistic conditions.
These days, deep pocketed banks hold housing foreclosures away from the market until it suits the banking industry’s individual and collective interests. That seems to work to nicely for banks in New Jersey, where they currently own nearly 24,000 houses.
Now the State of New Jersey is considering tinkering with the market place itself, turning empty houses being hoarded as investments into a pool of affordable housing.
How might this work? Read more in NJ SPOTLIGHT: Momentum for state to buy foreclosed homes, turn into affordable housing
