American Nightmare. Randal O'Toole

      AMERICAN

      NIGHTMARE

      Dedicated to the memory of my friend Chris Walker, whose work on land-use and transportation issues should inspire everyone who supports free markets and freedom of choice.

      Copyright © 2012 by the Cato Institute.

       All rights reserved.

      Library of Congress Cataloging-in-Publication Data

      O’Toole, Randal.

      American nightmare : how government undermines the dream of home ownership / by Randal O’Toole.

      p. cm.

      Includes bibliographical references and indexes.

      ISBN 978-1-937184-88-9 (hardback : alk. paper)

      1. Home ownership—United States. 2. Housing policy—United States. 3. House buying—United States. I. Title.

      HD7287.82.U6O86 2012

       333.33′80973—dc23

      2012012197

      Printed in the United States of America.

      CATO INSTITUTE

       1000 Massachusetts Ave., N.W.

       Washington, D.C. 20001

       www.cato.org

      Cato Institute

      Founded in 1977, the Cato Institute is a public policy research foundation dedicated to broadening the parameters of policy debate to allow consideration of more options that are consistent with the traditional American principles of limited government, individual liberty, and peace. To that end, the Institute strives to achieve greater involvement of the intelligent, concerned lay public in questions of policy and the proper role of government.

      The Institute is named for Cato’s Letters, libertarian pamphlets that were widely read in the American Colonies in the early 18th century and played a major role in laying the philosophical foundation for the American Revolution.

      Despite the achievement of the nation’s Founders, today virtually no aspect of life is free from government encroachment. A pervasive intolerance for individual rights is shown by government’s arbitrary intrusions into private economic transactions and its disregard for civil liberties.

      To counter that trend, the Cato Institute undertakes an extensive publications program that addresses the complete spectrum of policy issues. Books, monographs, and shorter studies are commissioned to examine the federal budget, Social Security, regulation, military spending, international trade, and myriad other issues. Major policy conferences are held throughout the year, from which papers are published thrice yearly in the Cato Journal. The Institute also publishes the quarterly magazine Regulation.

      In order to maintain its independence, the Cato Institute accepts no government funding. Contributions are received from foundations, corporations, and individuals, and other revenue is generated from the sale of publications. The Institute is a nonprofit, tax-exempt, educational foundation under Section 501(c)3 of the Internal Revenue Code.

      CATO INSTITUTE

       1000 Massachusetts Ave., N.W.

       Washington, D.C. 20001

       www.cato.org