Capitalism marches on. And thus housing, because it is a capitalist commodity, has resumed its upward cost, putting ever more people at risk of homelessness, hunger, inability to access medical care and medications, or some combination of those.
Part R in the Insider’s Economic Dictionary.
Race to the bottom: A term for dog-eat-dog competition by which countries compete by cutting wage levels so as to produce in the cheapest market, not by raising wages and labor productivity. The effect is to shrink the circular flow between producers and employee-consumers, leading to declining living standards. Under these circumstances productivity is increased only by working the existing labor force more intensively and cutting back medical insurance, old-age pensions and other social welfare expenditures. (See Free Market.)