Government efforts to prop up house prices are in effect mandating unaffordable housing and forcing the next generation to transfer wealth to the current one.

Given the enormous inventory of unsold homes in the marketplace, it’s very easy to claim that the U.S. is simply over-housed. But despite 300,000 new foreclosures per month and a national apartment vacancy rate of nearly 8%, in many metro areas there is still not enough housing for low-income households.

The East Bay’s Alameda County is getting into the house-flipping business. The Oakland Tribune reports County gets $11 million to help neighborhoods Alameda County will receive $11 million from the federal government in stimulus funding to help combat blight and fix up neighborhoods affected by the country’s housing foreclosure crisis. The U.S. Department of Housing [...]