housing -inequality, land, property, renting, rentier-capitalism

>inequality,inflation, housing, wages

mishtalk.com 15-4-2022 Housing Affordability Declines Nearly 23 Percent In Less Than a Year – by Mish

..”…The NAR defines affordable as the degree to which a typical family can afford the monthly mortgage payments on a typical home. (affordability calculation here) … The US Housing Affordability Index has moved down to its lowest level since 2008. This is based on February data when mortgage rates were over 1% lower than they are today. The result: current affordability is much lower, plummeting over the last 2 months. … Accounting for CPI inflation, wages for production and nonsupervisory workers is nearly the same today as February of 1973. For details, please see Inflation Has Eaten Up Nearly 100 Percent of Hourly Wage Gains Since 1973. Mortgage rates are now above 5 percent and inflation jumped again in March. Expect another big decline in affordability next month. …”…

newstatesman.com 8-2-2022 Boomer mathematics: why older generations can’t understand the millennial struggle to buy a house – What makes the likes of Kirstie Allsopp insist that millennials are financially inept? They inflate the cost of young people having fun – By Sarah Manavis

phys.org/ 3-2-2022 Millennials locked out of Australian housing market by older generations

…”…Over three census periods (2006, 2011 and 2016) researchers found that 80 percent of older generations were long-standing homeowners compared to only about 50 percent of millennials. It’s a situation that’s exacerbated by Australia’s soaring house prices, where recent reports indicate that Australian home buyers paid an average of $1,066,133 to secure a home over the past year (a national increase of 25 percent). Lead researcher, Dr. Braam Lowies says aside from the massive financial constraints, the research highlights how government policies designed to protect one generation, can hinder another. “In Australia, owning your own home has always been the great Aussie dream. But each year, this dream is becoming further out of reach for younger Australians,” Dr. Lowies says….”…

cnbc.com 2-2-2022 Housing wealth is setting new records for both owners and sellers – by Diana Olick

  • The profit on a typical home sale last year was just over $94,000, an increase of 45% from the profit in 2020 and 71% from pre-pandemic profits.
  • About 42% of homeowners were considered equity-rich at the end of last year
  • The amount of tappable equity (equity above the 20% usually required by lenders to back a mortgage) grew by $2.6 trillion last year to a record total of $9.9 trillion

ft.com 21-1-2022 Who caused the UK’s housing crisis? Margaret Thatcher’s Right to Buy is often blamed but New Labour policies contributed to low affordability and price inflation – by Anna Minton

stuff.co.nz 11-2021 The return of the landed gentry: why the wealthy are getting wealthier – Inheritances will widen intergenerational inequalities, author Max Rashbrooke writes in his new book Too Much Money: How Wealth Disparities are Unbalancing NZ – Aotearoa

…”… inequalities will only have widened since, given the compounding effects of economic inequality and, of course, the housing market. As endless news stories have noted, young people’s chances of buying a house are increasingly dependent on their parents’ ability to help them with a deposit – the fabled ‘Bank of Mum and Dad’. And most of these bankers will, of course, be themselves homeowners. Advantage is transmitted from generation to generation. Some will inherit houses; others will never afford one. …

… A similar pattern here seems likely. ‘There is a new kind of wedge between the haves and the have-nots,’ the economist Shamubeel Eaqub says. ‘Home ownership will soon become the purview of those with property lineage – the landed gentry … Now, even if you have a good education, it is unlikely that you will have sufficient income to buy a house, unless you have access to the bank of mummy and daddy.’ Beyond housing, a ‘bequest bulge’ is looming, as wealthier baby-boomers die off or make lavish gifts. ‘The world is about to witness the greatest intergenerational transfer of wealth in history,’ writes business journalist Nicola Shepheard, citing estimates that globally US$30 trillion (NZ$41.4 trillion) will change hands in the next fifteen years.


https://www.bwb.co.nz 2018 Inequality – A New Zealand Crisis by Max Rashbrooke

inews.co.uk 12 /2021 I’m being evicted from my flat with an 8-week old – our lack of renters’ rights has hit home by Adela Ryle
“This country is no place for anyone other than the few rich landlords who profit from that most basic of needs – the need for home …Some basic protections would make all the difference. Increased renters’ rights … So would more investment in affordable housing, increases in the national living wage and changes to the mortgage market to discourage property speculation …This country has become unliveable. It’s no place for a baby. It’s no place for families; for couples; for those who live alone; for those on benefits; for the poor; for the young. Until the Government listens and our broken housing market is mended, it’s no place for anyone other than the few rich landlords who profit from that most basic of needs – the need for home…”..

theguardian.com 10/2021 While the rich can profit, housing inequality isn’t going anywhere
As long as buy-to-let and second home purchases continue, property prices are unlikely to go down, writes Eileen Peck. Plus letters from Laura Rollin and Dave Verguson on school selection by housing wealth

I was surprised that in responding to Coco Khan’s questions about the housing market (Are UK house prices ever going to crash? We ask the expert, 22 October), left an important part of the whole picture until the last sentence: “We are one of the most unequal countries in Europe.”

>property inequality, rent control

majorcadailybulletin.com 10-2021 Legislation necessary to “influence rental prices” in the Balearics – Land is limited and expensive

themarket.ch 10-2021 China Is Probably the Most Overvalued Property Market in the World. Evergrande is a Symptom of That – Beijing-based economist Michael Pettis sees the looming collapse of real estate developer Evergrande as a signal that China needs to fundamentally shift away from its investment-based growth model.

ft.comft.com 10/2021 A nation of property hoarders’: how Right to Buy transformed UK housing

theguardian.com 3-2021 UK housing crisis: how did owning a home become unaffordable? Buying a house is off-limits to many thanks to rising rents, pay freezes and a lack of affordable homes. But it hasn’t always been this way. What went wrong? – by Lydia McMullan, Hilary Osborne, Garry Blight, Pamela Duncan

theguardian.com 25-1-2022 George Osborne’s help-to-buy scheme has been an utter disaster by Polly Toynbee



>property inequality, rent control

ft.com 8/2021 Berlin’s referendum and the housing costs fury


theguardian.com 4-2021 Bill Gates is the biggest private owner of farmland in the United States. Why? – Gates has been buying land like it’s going out of style. He now owns more farmland than my entire Native American nation – by Nick Estes


…”…Dyson has also been making headlines lately by warning the Government not to cut farm subsidies after Brexit. Commentators have been quick to point out that Dyson himself is one of the biggest beneficiaries of the current system of farm subsidies: last year, his company, Beeswax Farming (Rainbow) Ltd, received £1.8million in payments. …”…

whoownsengland.org/ Who owns England? This blog is an attempt to answer that question – one of the most closely-guarded secrets in the thousand-year-old history of this country.

Who owns our country matters. It matters because land is a scarce resource – as Mark Twain put it, ‘they aren’t making it any more’ – and because ownership of it often confers wealth, power and influence. It matters because who owns land gets to choose how it’s used; and that has big implications for almost everything. Where we build our homes, how we grow our food, how we protect ourselves from flooding, how much space we set aside for wildlife – all this is hugely affected by who owns land.

Our quest follows in the footsteps of much greater adventurers, such as Kevin Cahill’s Who Owns Britain? (2001), a colossal work that re-opened the question of land ownership in the UK. Where Cahill simply lists the owners of England, however, we hope to map them. Taking advantage of the great strides made in digital mapping over the past fifteen years, we want to build the most comprehensive public map of land ownership in England: a modern Domesday, ifgoodreads.com/en/book/show/43080056

goodreads.com reviews

theguardian.com 2019 Who Owns England? by Guy Shrubsole review – why this land isn’t your land
A compelling study uncovers the secrets of English land ownership and argues that reform is long overdue