In fact, in January, the Federal Reserve released a staff paper on housing issues12 that went into some detail about the potential benefits of converting foreclosed properties to rental, and in April, the Board released a policy statement that outlines supervisory expectations for residential rental activities for certain banking organizations.13 Phoenix, Arizona, is a good example of an area with many census tracts that fit into the “housing boom” typology.
[25] Minouche Shafik (2021) What We Owe Each Other: A New Social Contract for a Better Society, Princeton University Press  ©2023 Central Bank of Ireland