Home economics: 'Ownership is everything'

Home economics: 'Ownership is everything'

Housing policy is always political, but it has created a deeply politicised group of people in the have-nots. These people are typically younger and poorer. They are sometimes called ‘millennials’, but I like to think of them as people who are nearly 40

Economists don’t know much, but they know how to create shortages. It’s easy – you just make a rule that the thing you want to have less of is priced above some arbitrary threshold. Or better yet, create a ‘process’. This process can be as opaque as you like - in fact, the more opaque the better. As long as it creates enough friction between the person who might want to buy something and the person who might want to sell something, you’re golden. Mischief managed.

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