[mcguire]

"The wealthiest families in the UK are those of the Earl of Cadogan and the Duke of Westminster, both of which inherited ownership of prime London real estate. They have done nothing to develop that real estate, nothing to earn it, and their ownership benefits absolutely nobody except for themselves. In fact, their total control pushes housing costs so high that the entire nation has become indebted to pay excessive mortgage costs, simply to protect their ownership of land that is, in national and global terms, economically dormant."

This is completely true, apparently. I was just listening to an Economist podcast episode on real estate in London. Existing housing property cannot be redeveloped for higher density because the existing long-term leases do not come up for renewal at the same time and must be renewable. On the other hand, the freeholder (the one actually owning the property) is in theory responsible for infrastructure but is apparently free from that responsibility in practice.

London sounds worse than San Francisco.