There is little doubt that the rich world is a less friendly place to build than it once was
set sail from England to Philadelphia after several years away. On his arrival he was shocked by what he saw. “The Expence of Living is greatly advanc’d in my Absence,” he wrote to a friend. Housing, he thought, had become particularly expensive. “Rent of old Houses, and Value of Lands…are trebled in the last Six Years,” he complained.
In capitalism’s early days house prices did see short-term booms and busts: 17th-century Amsterdam experienced a few housing bubbles, as did 19th-century America. Three main factors, however, explained long-term price stability. First, mortgage markets were poorly developed. Second, rapid improvements in transport meant that people could live farther away from their place of work, increasing the amount of economically useful land.
To this end, they vowed to boost home-ownership. A country of owner-occupiers, the thinking went, would be financially stable. People could draw down on equity in their house when they hit retirement or if they found themselves in difficulty. In the late 1940s and the 1950s manifestos of Western political parties became more likely to identify home ownership as a policy goal, according to research by Sebastian Kohl of the Max Planck Institute for the Study of Societies.
In a research paper Òscar Jordà, Alan Taylor and Moritz Schularick describe the second half of the 20th century as “the great mortgaging”. In 1940-2000 mortgage credit as a share ofacross the rich world more than doubled. More people clambered onto the “housing ladder”. America’s home-ownership rate rose from around 45% to 70%; Britain’s went from 30% to 70%.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
China to ban plastic bags in major cities by end of 2020China is stepping up restrictions on the production, sale, and use of single-use plastic products, the state planner said.
Weiterlesen »
'Parasite' wins at SAG Awards; so do Pitt and AnistonBong Joon Ho's Korean class satire became the first foreign language film to take top honors from the Screen Actors Guild.
Weiterlesen »
Billie Eilish, Coldplay & More Highlights from iHeartRadio's 2020 ALTer EGOIn just three years, iHeartRadio's ALTer EGO has become maybe the biggest alternative showcase in the country.
Weiterlesen »
How Brad Pitt and Jennifer Aniston became world's friendliest exes after splitThe couple are the picture of the world's friendliest exes and here's how they've maintained their friendship over the years
Weiterlesen »
Box Office: 'Bad Boys for Life' Zooms to Huge $73M, 'Dolittle' Bombs With $29.5MWill Smith and Martin Lawrence's BadBoysForLife — opening 17 years after the last installment in their franchise hit the big screen — zoomed to an estimated $73.4 million over the four-day Martin Luther King Jr. weekend
Weiterlesen »
Box Office: 'Bad Boys for Life' Zooms to $68M, 'Dolittle' Bombs With $30MBadBoysForLife continues Sony's winning streak following 'Jumanji: The Next Level' and Oscar best-picture contenders 'Once Upon a Time in Hollywood' and 'Little Women.'
Weiterlesen »