House price inflation is all about the politics of debt

There is runaway house price inflation in the Irish housing market, particularly in Dublin, leading the OECD to comment that Ireland is potentially entering another housing bubble. None of this is a coincidence. It is a direct outcome of public policy choices that have been pursued since the post-2008 banking crash. Put simply: rising house prices is the only way to deal with the debt dynamics of the state.

Since January, national house ...