Ryan Serhant thinks the American Dream was just a 'slogan created by banks,' but it was really about FDR, the Great Depression, and an economic crisis.

The article discusses the perspective of Ryan Serhant, a real estate CEO, who challenges the notion that homeownership is the quintessential American Dream, suggesting it was a concept promoted by banks to generate interest income on loans. Serhant highlights the current challenges facing potential homeowners, including skyrocketing home prices and high mortgage rates, which have made homeownership increasingly unattainable, particularly for younger generations. The article also provides historical context on the evolution of mortgages and homeownership in the U.S., noting significant changes since the Great Depression and the impact of the 2008 financial crisis on homeownership rates. It concludes by mentioning the ongoing struggles of first-time buyers in the current housing market. [Extracted from the article]