187. The mounting absurdity of property speculation

The general economic malaise resulting from the sharp slowdown caused by coronavirus has one counterbalance, the growth in house prices during this period (UK a prime example, boasting an apparently healthy and frankly absurd 7%). Whilst most other economic activity is precarious, property development is more profitable than ever. A well rehearsed trick. There is an entente cordiale between property owners, the older generations, and governments whose main mantra is to fuel a housing market on which their economic castles in the air are built. Votes for wealth, political power for a license to exploit the young through property values. Buying a rundown property, refurbishing it, decorating it and renting it out to those unfortunate to have been born too late is more profitable than founding a company, employing people, making new goods and services and creating real wealth. Government certified exploitation of the young, built on low interest rates and reckless low deposit mortgages 

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