If Hungary offers any lesson for American observers, it is not that populism has been rejected, but that populist governance must eventually confront the cumulative effects of time in power.

At the individual level, the landlord faces a narrowing set of options: operate at a loss, cut expenses where possible, or attempt to exit the market. At the systemic level, the city faces a more dangerous shift: the gradual erosion of private housing viability.

Most Americans think they are watching a single conflict between the United States and Iran. They are not. They are watching two wars happening at the same time: