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2016-02-09

The financialisation of home ownership

At one point, rising home ownership solved many of the problems identified the 1960s. 
The predictably steady rise in house prices over time, like predictable inflation, created an escalator for the working class. 
If you combined that with vigorous social housebuilding, as practised by both Labour and Conservative councils in the 1970s, you created affordability at both ends of the scale.
If you then dramatically slash the supply of social housing, through right-to-buy and reduced council building, you create a permanent imbalance that turns home ownership into a form of asset investment.

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