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by GreeniFi
2816 days ago
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I find it distinctly odd that arguably the central organizing feature of the British economy and culture is a massive state-sanctioned pyramid scheme, which as the author points out, is wrecking Britain, as populist governments invesnt ever more ludicrous tricks to inflate prices further to win political support. I truly wonder how the Millenial generation might disrupt this idiocy and would welcome suggestions here. So far I have thought of the possible solutions: 1. A boycott on new purchases, which would tank the market as, being a pyramid scheme (or something akin to this) it depends on new money flowing in at the base. But I see no way for a boycott to be organized - and would not want to destroy the asset wealth of those caught in ownership who would see their primary asset tank in value.
2. There is beautiful and cheap housing stock in many parts of Britain that have fallen into decline. In particular south coast towns are an example. I wonder if these areas could (a) be rejuvenated, and (b) millenials could escape housing debt traps, if they had some sort of way of signaling to each other that many like-minded people would move there. Maybe high property prices in the SE benefit from a network effect (I live in London because people like me live in London) - but new networks could be established if people signaled their commitment to new networks. I would be very interested to hear other ideas. |
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1. Replace stamp duty with a progressive wealth tax (this is the hardest one politically I think. Really you'd need coordination with other EU states, this is discussed in Capital by Picketty) 2. Light rent controls (just can't be raised by more than X% over 1 year 2 years, to prevent people getting spiked) 3. Expand renter protection - whatever the agency there currently is we triple it in size and give it teeth 4. Include all houses in capital gains, at the same rates or higher than you'd get on stocks. I guess you have a rolling exemption so that people aren't totally blindsided. This would hopefully be counterbalanced by removing stamp duty. 5. Specific tax pn land banking by builders 6. A small land value tax 7. No school catchment areas, open application and decision by ballot. 8. There have to be more details on how we change the rules about who can build what where. It's very heavily regulated (down to minimum sizes of bedrooms, amount of space for leisure etc). I dunno if the point is to remove the regulations, more like shine more light on them and maybe reconsider some of them and add others. For example, I've spent 10 years in London in rooms that were below the minimum room size allowed for new developments and so have most people that I know, so that one should be removed.