The U.K., the US, Canada, Australia. We all have similar land use regimes, orientations toward property. It's the same affordability crisis.https://twitter.com/nytimes/status/859633949907320833 …
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Replying to @occupytheport
You're not asking the right question. What are the underlying conditions that make it attractive to store capital in this way?
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Replying to @occupytheport
there are other capitalist countries like Japan and Germany that don't have the same issue, at least not anywhere near the same extent.
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Replying to @kimmaicutler
Well it is what happens when most of life's essentials are commodified? Global Capitalism
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Replying to @occupytheport
In Japan, housing is commodified and it's fine. https://www.ft.com/content/023562e2-54a6-11e6-befd-2fc0c26b3c60 …
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Replying to @kimmaicutler
I dunno. BOJ says bubble could he forming because rich are investing in real estate. http://www.japantimes.co.jp/news/2017/05/01/business/economy-business/boj-fears-housing-bubble-amid-surging-loans-apartment-buildings/#.WQl_qzFlChA …
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key word there is *construction*. In CA, it just mostly goes into existing property, inflating its value.
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