Political reform is difficult. When things are good, no one feels that there's a need for change. But when things are bad, change can sometimes make things worse. So it should come as no surprise that some people have begun questioning whether or not the right time to approach housing market reform is when residential real estate continues to struggle. It is, because it won't work at any other time and won't cause significant harm if done carefully.
Now Is the Best Time for Reform
The need for housing policy reform can be summed up by the famous quote by President Obama's Chief of Staff Rahm Emanuel: "You never want a serious crisis to go to waste." While this is a political concept, it can easily be applied to more practical matters. For example, if your computer has a virus, you might not know it if it's latent. But as soon as it begins screwing up your PC, you realize that you must fix it. For decades, housing policy was flawed, but only recently has it become clear just how deep its problems are.
If policymakers simply allow the dark clouds to blow over, then another crisis will eventually follow. Going back to the analogy above, that would be like continuing to use your computer without removing the virus. Eventually, it will get worse and you might have an even more serious problem on your hands. Similarly, ignoring the housing policy problem in the U.S. could lead to an even worse crisis one day if it is not addressed.