Affordable Housing

I often see people get excited about new cheap construction methods or a new cheap housing project. However the cost of housing is purely supply and demand. My existing house has doubled in value and that had nothing to do with the cost of construction. In the UK they have housing projects where you have to have lived in the city for three years or work there in order to be able to purchase or rent that particular house. This reduces the market demand side and keeps the prices lower for that particular area of housing. Further given the current housing crisis in terms of cost it might be time to limit house ownership to owner occupied. Any property that is no longer owner of occupied after a certain period has to be put up for sale . Once purchased owner must live in the house for a certain period or put it on the market for sale. In a normal democratic country this is unthinkable but we have a housing crisis and we need to take action and do some thing that actually addresses the supply and demand problem . Construction cost is just a red herring. For people who currently own range of property they must sell that property when their mortgage comes up for renewal or within five years which ever is lower. Of course a whole list of exemptions could and would end up being added. People on assignment, temporary move etc.

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  • Rav Gupta