If the ghosts of housing past, present and yet-to-come visited this Christmas Eve, they’d have plenty to moan about. Over the past decade or so that I’ve been investing, housing policy has become a tale of regulation, taxation and unrealistic targets. Politicians announce grand goals “1.5 million new homes in five years!”which few in the property industry believe are deliverable. Meanwhile, over-regulation and taxation disincentivise investors and leave renters in the lurch………..Continue reading…..
Source: Telegraph
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Critics:
In much of the world, incomes are too low to afford basic formal housing, as housing expenses have increased faster than wages in many cities, especially since the global financial crisis of 2008. In some places, this leads to informal settlement in slums or shantytowns, while in others such informal settlements are prohibited.
Even regions that are not experiencing an overall housing shortage may experience shortages for specific segments of the population, such as in affordable housing for very-low income populations or permanent supportive housing for those with disabilities.
Although major cities around the world face housing shortages, substantial variation exists across countries and across planning systems.[6] Among developed countries, for example, cities in Japan have relatively abundant and affordable housing for their size, which some have attributed to nationalized control of zoning and easy and fast permitting for housing construction.
Most English-speaking countries, on the other hand, stand out for planning systems that enable NIMBY obstruction of housing, with prices rising and housing falling into shortage as a result. Developed European countries, which favor higher density construction than Anglophone countries, have followed a path intermediate between these two.
Economists debate the causes of the crisis. In 2022, economists Christian Hilber and Olivier Schöni found that the primary strand in this debate argues that supply constraints such as land use restrictions prevented the meeting of growing housing demand, resulting in higher housing costs. Others strands in the debate found causes in macroeconomic factors, financing conditions, and poor forecasting of expected prices. People’s poor earnings also contribute to the global crisis.
A study by Moody’s Analytics found that the main causes of the crisis also included shortages of labor and materials. The COVID-19 pandemic may also have exacerbated the crisis. In some places, refugee crises are a contributing factor. Housing crises have contributed to social unrest in cities around the world. They have especially hurt the finances of Millennials and Generation Z, who entered a more competitive housing market, resulting in paying a higher proportion of income towards housing costs.
Politico suggests that in many countries this has allowed populist politicians to stoke anti-immigrant sentiment among younger voters and has resulted in a generation more skeptical of the ability of democracy to deliver results. A “considerable number” of investors have profited from the housing crisis. With high property prices, rising rents and sluggish rates of new-build, the UK is facing a crisis of housing affordability.
A comprehensive strategy is urgently needed, one that’s joined up with other key areas of public policy, including taxation and investment in human capital. Unsurprisingly, the nation’s two largest cities — New York and Los Angeles — have the largest estimated overall housing shortages at roughly 390,000 and 337,000, respectively.
Between 2021 and 2022, New York City’s housing shortage increased by more than 3.5%, according to Zillow. One of the main factors contributing to the housing crisis in the UK is the limited supply of houses. There simply aren’t enough homes available to meet the growing demand. There were approximately 25 million homes in 2021.
Landlords need to accept responsibility for the very direct role they play in driving the housing crisis. With the rent increases we see each year, they are driving up housing costs across the board. We need to build more homes to accommodate our growing population, both through densification and sustainable outward extensions.
We also need to make the city’s housing market fairer, by supporting renters on low incomes to afford their homes and collecting more of the land value created by public investment. The fear of lawsuits, eviction proceedings, and non-compliance with local laws can create significant stress. To overcome this fear, landlords should familiarize themselves with local landlord-tenant laws and regulations.
A tenant must not do the following: Sublet without permission. Cause damage to the property. Fail to pay rent on time. Property damage and maintenance: The fear of costly repairs and property damage can be alleviated by conducting regular inspections, addressing maintenance issues promptly, and setting aside funds for unexpected expenses.
A potential landlord or management company should require a background check, inquire about your income, and see what your renting history is. If they don’t require this of you, then it’s more suspicious. If they don’t require you to sign a lease, be wary. Questions about religious beliefs, political leanings, or the like should also never be a topic associated with rent. They’re none of the landlord’s business, and you don’t have to answer.
Also, if a landlord asks for a non-refundable deposit, a cash deposit without a receipt, or for rent to be paid cash in hand, run. The bane of the lettings sector, rogue landlords are property owners who knowingly flout the law, refuse to repair housing problems, and don’t care what their tenants endure – just as long as the rent keeps rolling in.
Cache-only key tenant secrets are keys which CCKM creates from CipherTrust Manager or DSM, and uploads to Salesforce, which stores the key material in the encrypted key cache to encrypt or decrypt data on demand.
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Australia has long debated this housing idea, but in Auckland it’s already working”.
Commentary: New Zealand’s bipartisan housing reforms offer a model to other countries”
Housing Supply Requirements Across Great Britain For Low-Income Households and Homeless People”
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Labels:Housing,reforms,HousingCrisis,homes,taxrelief,cooperation,policy,regulation,taxation,property,investors,propertyinvestment
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