Life, liberty and the pursuit of happiness are rights enshrined in the U.S. Declaration of Independence.
But CNBC anchor, and avowed capitalist, Jim Cramer, made comments that one could interpret as him advocating for a new right to be enshrined by Federal Reserve Chairman Jerome Powell: the right to home ownership.
“I would just be much more comfortable… if [Powell] just said ‘the real problem is that everyone has a right to a home in this country and the American dream,'” Cramer said.
Such a move would put Powell, and Cramer, in line with the Urban Institute which says that naming housing as a human right “is a first step to solving the housing crisis.”
But rather than just giving people homes, Cramer suggests the Fed start “searching for ways so housing prices are rolled back.”
For months, Cramer has complained that homebuilders are not building enough homes, which is artificially causing prices to rise to levels that place home ownership out of the grasp of millions of Americans.
David Hunt, CEO of Prudential Financial, also sees the problem with the housing market as being too little supply.
The problem, according to Hunt, is that builders have been undersupplying the residential real estate market for decades, causing prices to remain artificially high.
“We do not have enough housing in the U.S., the UK and many parts of the world,” Hunt said.