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by tehwalrus
4529 days ago
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The underlying problem, as with all property bubbles including the UK's, is planning restrictions. In the past, people would move to areas of high employment from areas of low employment, and new housing was built for the economic migrants - this is how cities expanded. Now, restrictions on building new accommodation entrench expensive neighbourhoods, and mean economic migrants can't move nearer to the employment. This leads to both a property bubble market and lower employment overall in the nation. This was all proposed/explained in this article a few months ago: "Stay Put, Young Man", http://www.washingtonmonthly.com/magazine/november_december_... (discussion: https://news.ycombinator.com/item?id=6563854 ) |
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