Re:Home ownership is the West’s biggest economic-policy mistake
by michaelt on Tuesday April 20, 2021 @06:09AM
(#26872738)
> That'd just make each individual eternally indebted to the state, at the whims of bureaucrats and vulnerable to political punishments while the costs wouldn't come down by much
In the 1970s in the UK, some on the left saw council houses as a bit like people see Universal Basic Income these days. That the state should provide everyone with a (modest) rent-free house.
That might seem extreme, but it was actually pretty moderate when the competition was soviet communism. And at the time interest rates were >10% so mortgages were a big risk and put a lot of money into someone else's pockets.
Some of the housing stock built in that time was really good quality; the council built it, and knew they'd have to maintain it, so they went for durable options even when they weren't the cheapest. Modern homes are lower quality in some regards, as the house builders know the maintenance is someone else's problem.
In the 1970s in the UK, some on the left saw council houses as a bit like people see Universal Basic Income these days. That the state should provide everyone with a (modest) rent-free house.
That might seem extreme, but it was actually pretty moderate when the competition was soviet communism. And at the time interest rates were >10% so mortgages were a big risk and put a lot of money into someone else's pockets.
Some of the housing stock built in that time was really good quality; the council built it, and knew they'd have to maintain it, so they went for durable options even when they weren't the cheapest. Modern homes are lower quality in some regards, as the house builders know the maintenance is someone else's problem.