3 ms·

Don't get your hopes up. I've been waiting twenty years for non-ridiculous house prices in the UK. It's only got worse and worse. And successive governments hav

by hanoz 5y ago

Don't get your hopes up. I've been waiting twenty years for non-ridiculous house prices in the UK. It's only got worse and worse. And successive governments have proved willing to do anything it takes to keep it that way.

ChuckNorris89 5y ago
>And successive governments have proved willing to do anything it takes to keep it that way. That's basically political NIMBYISM and is in every government in Europe (And I guess in the US, Canada, Australia, etc.) and it makes sense they would do that as the politicians themselves plus the majority of the population (over 50%) in every country owns some form of real estate, so they have a vested interest to make themselves and over 50% of their electorate richer on paper since it's a good way to get votes and support for your policies. Those less than 50% who don't own anything can go screw themselves basically since being a minority in terms of votes, they don't have the democratic power to change anything in their favor, so the housing policies reflect their lack of leverage. The ship will only change course when(if) the percentage of the owning class dips significantly below 50%, causing the democratic power to shift to those who don't own anything and we might start seeing things like larger taxes on your second homes or larger inheritance taxes.
- tmnvix 5y ago
  Are you sure over 50% own real estate? Usually when I hear this stated, people seem to mean that over 50% live in an owner occupied residence. I doubt that the commenter above who has moved back in with parents to save on rent considers themselves to own real estate (even if they may someday inherit it).
- l33tbro 5y ago
  How much property the elite class own has little to do with it. Politicians love housing prices going up because it means more money (debt) flowing into the economy through new loans / fractional reserve banking. This eventually increases consumption in other areas and increases GDP. Government is then able to say "hey look how well we're managing economy" when facing re-election.

by hanoz 5y ago

ChuckNorris89 5y ago

>And successive governments have proved willing to do anything it takes to keep it that way. That's basically political NIMBYISM and is in every government in Europe (And I guess in the US, Canada, Australia, etc.) and it makes sense they would do that as the politicians themselves plus the majority of the population (over 50%) in every country owns some form of real estate, so they have a vested interest to make themselves and over 50% of their electorate richer on paper since it's a good way to get votes and support for your policies. Those less than 50% who don't own anything can go screw themselves basically since being a minority in terms of votes, they don't have the democratic power to change anything in their favor, so the housing policies reflect their lack of leverage. The ship will only change course when(if) the percentage of the owning class dips significantly below 50%, causing the democratic power to shift to those who don't own anything and we might start seeing things like larger taxes on your second homes or larger inheritance taxes.

tmnvix 5y ago
Are you sure over 50% own real estate? Usually when I hear this stated, people seem to mean that over 50% live in an owner occupied residence. I doubt that the commenter above who has moved back in with parents to save on rent considers themselves to own real estate (even if they may someday inherit it).
l33tbro 5y ago
How much property the elite class own has little to do with it. Politicians love housing prices going up because it means more money (debt) flowing into the economy through new loans / fractional reserve banking. This eventually increases consumption in other areas and increases GDP. Government is then able to say "hey look how well we're managing economy" when facing re-election.