Richard D. Wolff

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The Federal Reserve kept interest rates at zero for nearly two decades. As a result, many people were able to finance the purchase of houses for their families (a good thing) or perhaps to take vacations to Las Vegas to gamble (not such a good thing). There were other effects as well. The money supply soared without production growth, so called equity funds purchased successful companies purely on cheap borrowed money for the purpose of loading these companies with debt, then gutting them of their assets and sending them into bankruptcy and sending their employees to the welfare rolls and spiritual emptiness. Now, at the gates of inflationary hell, the Fed members have been forced to raise rates. If they keep rates high enough long enough inflation might abate. But if the leftists economist in the Marxist academy have their way, rates would go back to zero, a sure road to economic ruin. God save us from the do-gooding, self righteous, virtue-signaling economist of the 21st century academy.

The new offices, stores and apartments are largely uninhabited, yes due mostly higher cost, but the building contractors and developers got paid before they left. Perhaps we are over developing and expanding construction on previously undeveloped natural land which should have been protected from those who capitalize.