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> The downsides are: driving up local housing prices, increased competition for jobs. No, no. Increasing housing prices are a long-standing policy in the UK (
by tomp 6y ago
> The downsides are: driving up local housing prices, increased competition for jobs.
No, no.
Increasing housing prices are a long-standing policy in the UK (and many other Western countries, as evidenced by low credit rates and extra bonuses for mortgages) and a gift to many voters (whose personal wealth is tied to their homes), and would be a welcome boost in times of COVID.
If the UK was afraid of brain drain of London's financial elite (UK's big "export" is finance) because of Brexit just a year ago, vacuuming up HK's financial elite would be a welcome counterweight.
- fatjokes 6y agoNope, not buying those. Perhaps I should have defined "downside" with "for whom". > Increasing housing prices are a long-standing policy in the UK (and many other Western countries, as evidenced by low credit rates and extra bonuses for mortgages) and a gift to many voters (whose personal wealth is tied to their homes), and would be a welcome boost in times of COVID. Would you apply that same argument to say, Vancouver? Would you say their increased housing prices is a welcome boost? The locals certainly don't think so. > If the UK was afraid of brain drain of London's financial elite (UK's big "export" is finance) because of Brexit just a year ago, vacuuming up HK's financial elite would be a welcome counterweight. My understanding is that the "brain drain" is because the finance jobs would move to somewhere in the EU (and the expertise would simply move with them). It's not like they're leaving because the UK doesn't pay well in that sector (e.g., Canada vs. the US in the tech, medical sectors).