By Daniel Margrain
The creation of major housing asset bubbles is a consequence of deliberate Tory government policy geared towards satisfying the asset diversification needs of the super rich rather than meeting the human need for homes for ordinary people to live in. In other words, the key motivating factor shaping government housing policy is not to end the housing crisis, but to bolster the investment opportunities of the rich which will make it worse.
In January, 2016, former Tory PM David Cameron, announced the government’s decision to demolish what remains of council homes and replace them with private housing. The Housing and Planning Bill, which became law four months after Cameron made his announcement, enabled the government to set this process in motion. The legislation is forcing families living in social housing and earning £30,000-£40,000 in London to pay rents nearly as high as those in the private sector.
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