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No, crashing the property market would be economically and socially catastrophic. We know this for a fact, because it happened 16 years ago and we're still feel
by Supernaut 1y ago
No, crashing the property market would be economically and socially catastrophic. We know this for a fact, because it happened 16 years ago and we're still feeling the effects.
What is required is that the many legal and financial barriers that exist to the economically-viable building of apartments and houses need to be dismantled. If we could have tens of thousands of new dwelling places made available each year, the asking prices for housing stock would start to gently decline. Society as a whole would accept this as a social good.
- dbspin 1y agoHard disagree. I lived through the last recession (here in Dublin Ireland), and life was better for most people across most dimensions. Whether it would have been sustainably so is a broader argument. But cheap buildings led to a massive cultural renaissance that was effectively killed (by council and government dictat) five years later. The only place in the developed world where housing prices have declined (or even remained stagnant) over the long term is Japan, a country in long term recession. I wrote about this in detail here - https://garethstack.com/2015/10/28/by-believing-passionately-in-something-that-still-does-not-exist-we-create-it/ https://garethstack.com/2015/10/28/by-believing-passionately...