Here, the Ponzi idea is that early investors in suburban and exurban housing receive generous subsidies to expensive infrastructure beyond what their value can

Here, the Ponzi idea is that early investors in suburban and exurban housing receive generous subsidies to expensive infrastructure beyond what their value can realistically support tax-wise over the long term. Their early, illusory success (appreciation in price, perception of living The American Dream) convinces others to buy in before realizing that replacing sewers, roads, etc is really, really expensive at low density and so the infrastructure crumbles or requires a bail out.