Jonathan Miller On 9/11: It’s the Housing Boom, Stupid

The mind behind the Matrix

New York‘s “alternative history” cover story–tastefully titled, “WHAT IF 9/11 NEVER HAPPENED?“–has an interesting sidebar on its second page. Jonathan Miller, the demigod of New York real estate stats, writes:

“September 11 prompted this housing boom. Just before 9/11 we were in a recession; housing prices began to fall and volume really dropped off. We would have seen a continuation of a slide throughout much of the next two yeras. A run-up occurred as the result of the Fed’s post-9/11 action to drop interested rates, which led to a sharp decrease that ultimately led to the price apprreciation we’ve seen.”

Very reasonable.

Right below the item, Bernard-Henri Levy muses : “If 9/11 had not happened? America would be swimming in happiness.” Everyone but real estate agents, apparently.

Max Abelson