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Negative real interest rates, if passed on to the consumer, make expensive houses more affordable, and are not in and of themselves the problem. The commodification of housing, which sees it as an asset class for investment rather than a home for homeless families results in a shortage of houses available for real families to live in, especially low income families.

Taxing houses owned by corporations and large scale landlords, plus vacant houses not used for anything other than as a store for assets, would release a lot of these houses into the market and solve the short and medium term supply and pricing problem for medium, low income and homeless families. Existing policies seek to incentivise building, but that is only a long term solution.

We should prioritise the utilisation of assets we already have, and stop the financialisation of what should be a human right.

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by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Wed Oct 27th, 2021 at 04:33:19 PM EST
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