At the root of the housing crisis is the problematic relationship
that individuals and economies share with residential property.
Housing's social purpose, as home, is too often relegated behind
its economic function, as asset, able to offer a hedge against
weakening pensions or source of investment and equity release for
individuals, or guarantee rising public revenues, sustain consumer
confidence and provide evidence of 'growth' for economies. The
refunctioning of housing in the twentieth century is a cause of
great social inequality, as housing becomes a place to park and
extract wealth and as governments do all they can to keep house
prices on an upward track.
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