Throughout the Western world, a whole generation is being priced
out of the housing market. For millions of people, particularly
millennials, the basic goal of acquiring decent, affordable
accommodation is a distant dream. Leading economist Josh
Ryan-Collins argues that to understand this crisis, we must examine
a crucial paradox at the heart of modern capitalism. The
interaction of private home ownership and a lightly regulated
commercial banking system leads to a feedback cycle. Unlimited
credit and money flows into an inherently finite supply of
property, which causes rising house prices, declining home
ownership, rising inequality and debt, stagnant growth and
financial instability. Radical reforms are needed to break the
cycle. This engaging and topical book will be essential reading for
anyone who wants to understand why they can't find an affordable
home, and what we can do about it.
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