T McGibney
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You're contradicting yourself there.
The massive increase in money supply didn't happen by accident. (Nor did the increasing scarcity of new housing over the past 15 years.)
You're contradicting yourself there.Yep, a massive increase in money supply over the last 15 years has led to a corresponding increase in capital prices and therefore a reduction in the value of labour relative to capital.
Low interest rates meant a disproportionate flow of capital into property instead of bonds.
Anyone who thinks our housing price problems were caused by our government is an idiot.
I didn’t say it happened by accident.You're contradicting yourself there.
The massive increase in money supply didn't happen by accident. (Nor did the increasing scarcity of new housing over the past 15 years.)
I didn’t say it happened by accident.
It was a deliberate policy to bail ourselves out of the last crash and then to avoid a Covid lockdown recession when we closed down the global economy for two year
It was caused by the Fed, the ECB and every other central bank in the developed world.It was caused by government though.
Yes, Governments and their institutions.It was caused by the Fed, the ECB and every other central bank in the developed world.
Did they?Meanwhile our government brought in laws to constructively outlaw housebuilding and residential property investment just as the population was rising. Genius move.
They most certainly did.Did they?
I fully agree, and greatly worsened by extreme measures here such as insisting on a 20% deposit for all buyers, thus shutting about 80% of all FTBs out of the housing market for years. They only reversed that measure under political pressure once home prices had been going upwards. A lot of populists spout the conspiracy theory that "they" want everyone to not own anything - and this is exactly where that comes from. An untrained eye would assume that "they" (aka "the banks") engineered this scenario deliberately to prevent people from owning their own homes, rather than the "saving you from yourself" position that CBs typically epouse.It was caused by the Fed, the ECB and every other central bank in the developed world.
"They" didn't - what they tried to do was bring up standards in both finance and construction because of a well founded perception (thanks to pyrite, Priory Hall etc) that what was in place was inadequate, and of course a longer running concern about politics being interfered with by developers intent on sponsoring a party that was deeply favourable to their conditions. All 3 together alongside a deep recession crushed the sector, though you could also argue that overreach by the construction sector & their financiers in the banking sector brought much of it on themselves.They most certainly did.
As I've noted here on perhaps dozens of occasions previously.
No, they made the warm, cosy, efficient and inexpensive home that I built in 1999/2000, along with tens of thousands of similar others, before and after, actually illegal to replicate."They" didn't - what they tried to do was bring up standards in both finance and construction because of a well founded perception (thanks to pyrite, Priory Hall etc) that what was in place was inadequate, and of course a longer running concern about politics being interfered with by developers intent on sponsoring a party that was deeply favourable to their conditions. All 3 together alongside a deep recession crushed the sector, though you could also argue that overreach by the construction sector & their financiers in the banking sector brought much of it on themselves.
Perhaps we should view this as other cities in Europe do. Dublin is the most expensive city in Ireland. Does everyone have to live there? Or is it a want? If we invested more money into our rail/transport links it might be more productive. London and Paris come to mind.I read the this morning. It would appear that even if we can build enough houses the average person won't be able to afford them in the Dublin area.
"The average cost of delivering a new three-bed semidetached home in Dublin has risen by €90,000 to €461,000 in just three and a half years, according to the Society of Chartered Surveyors Ireland (SCSI). The group also calculated that first-time buyers, individuals or couples, purchasing a new three-bed unit in Dublin with a mortgage now needed a minimum total salary of €127,000. Eoin Burke-Kennedy reports."
There was a thread on reddit a couple of weeks ago of JUST couples on 200k+ talking about the difficulty of finding sufficient properties to buy in the 600-900k range. It was just astonishing how many individual posters contributed to the conversation.Perhaps we should view this as other cities in Europe do. Dublin is the most expensive city in Ireland. Does everyone have to live there? Or is it a want? If we invested more money into our rail/transport links it might be more productive. London and Paris come to mind.