« prev   random   next »

3
0

How basement-loving billionaires are undermining the housing market

By Patrick following x   2018 May 10, 8:27pm 158 views   1 comments   watch   sfw   quote     share    


https://www.msn.com/en-au/news/other/how-basement-loving-billionaires-are-undermining-the-housing-market/ar-AAwXdX5

This happens through a process of “trickle-down”. Wealth does indeed trickle down, but instead of benefiting the less well-off, as free marketeers claimed it would, it displaces them. This is true for the old English elites who can no longer afford to live in Kensington and Chelsea, and for the residents of social housing forced out of their homes as estates are demolished and luxury apartments go up in their place.

Researchers at Savills, the property company, identified this trend as far back as 2011. In a report, The Champagne Tower Effect, Savills wrote positively: “As billionaires displace multimillionaires from the top addresses, so they in turn displace millionaires … equity migrates to more peripheral areas of the capital and, eventually, out of the capital to the rest of the UK.”

As the English upper classes sell up in Kensington and Chelsea, they buy their children homes in once unfashionable places on the outreaches of the capital, which become property hotspots. In turn, middle-class families unable to afford their fast gentrifying areas are pushed out to cities like Bristol or south coast towns from Hastings to Margate, which are becoming a mix of priced-out London artists and creatives alongside a large homeless population in temporary accommodation.
1   Ceffer   ignore (1)   2018 May 10, 8:58pm   ↑ like (0)   ↓ dislike (0)   quote        

I already feel priced out of Starbucks. How much worse can it get?




The Housing Trap
You're being set up to spend your life paying off a debt you don't need to take on, for a house that costs far more than it should. The conspirators are all around you, smiling to lure you in, carefully choosing their words and watching your reactions as they push your buttons, anxiously waiting for the moment when you sign the papers that will trap you and guarantee their payoff. Don't be just another victim of the housing market. Use this book to defend your freedom and defeat their schemes. You can win the game, but first you have to learn how to play it.
115 pages, $12.50

Kindle version available


about   best comments   contact   one year ago   suggestions