The Great Depression and America’s Housing Crisis
During the Great Depression, the United States experienced the worst economic downturn in its history. One major problem during the early years of the crisis was widespread homelessness.
Americans who could not pay their rent or make their mortgage payments found themselves on the street. In 1932 alone, 273,000 Americans lost their homes. In 1933, a thousand mortgages a day were being foreclosed, forcing families to find other shelter, and about half of the nation’s home mortgages were in default. This difficult situation led the federal government to get involved in the housing market for the first time. The government wanted to deal with the immediate problem of homelessness. It also looked to create a stable home construction industry in the long term.
Central Park Hooverville, with Central Park West in the background, 1932. Click to see a larger version.
—President Herbert Hoover
Take Notes
Analyze the photograph and answer the following questions.
