There is a city which is suffering a worse property bubble than Sydney, whose residents are more priced-out than Londoners, and where there is a greater divide between the housing haves and have-nots than even San Francisco.
That city is Vancouver, and in response to these mounting challenges, the west-coast Canadian metropolis recently imposed an extraordinary new tax on foreign buyers – whose impact is now being watched closely by other cities grappling with bloated property markets. — theguardian.com
Manifestos serve a purpose. They make quick, abrupt statement, clear the air, and get attention. This manifesto is no different, except it has nothing theoretical to state nor anything specific to propose. It only has one maxim: there are no good ideas. Its only corollary, which necessarily follows, is that there are no good designs. — Numéro Cinq
Housing is under attack today. It is caught within a number of simultaneous social conflicts. Most immediately, there is a conflict between housing as lived, social space and housing as an instrument for profit-making — a conflict between housing as home and as real estate. More broadly, housing is the subject of contestation between different ideologies, economic interests, & political projects. More broadly still, the housing crisis stems from the inequalities and antagonisms of class society. — Jacobin
For more on the housing crises gripping almost every major city in the world, follow these links:Inside the failure of Jerry Brown's plans to ease California's housing crisisTo solve a housing crisis, invest more in modular constructionTo live in London you can't be a LondonerThe root of London's...
London mayor Sadiq Khan is to launch the UK’s most comprehensive inquiry into the impact of foreign investment flooding London’s housing market, amid growing fears about the scale of gentrification and spiralling housing costs in the capital.
Khan said there are “real concerns” about the surge in the number of homes being bought by overseas investors, adding that the inquiry would map the scale of the problem for the first time. — the Guardian
A year ago, former England captain Rio Ferdinand, West Ham United skipper Mark Noble and ex-Brighton striker Bobby Zamora [unveiled] their Legacy Foundation – a regeneration charity with a plan to build a series of social and privately rentable housing schemes, backed by private investors.
The stars (all three of whom have played for West Ham) are coming back to present their first project, worth £400m, to build 1,300 homes on a 22-hectare site in a run-down area in Houghton Regis near Luton. — the Guardian
For more on housing-related issues in the UK, follow these links:As a new class of super rich investors displace the traditional elite, average Londoners are pushed further and further outside the city limitsAlmost half of Londoners support limits on building heightBrexit will put even more strain...
Protesters gathered in Sydney’s historic Rocks district on Saturday to rally against the New South Wales government’s plans to sell off the Sirius building – which contains 79 social housing tenants – to developers for more than $100m. The 1970s Brutalist building was nominated for heritage listing by the NSW National Trust in 2014 but the government has refused to grant it, saying the proceeds from the sale are needed to build more public housing elsewhere in Sydney — The Guardian
The McMansion style, built between 2001 and 2007 and averaging 3,000 to 5,000 square feet, lacks the appeal with today's buyers compared to old vintage homes or large freshly built homes.
The realization is especially hard on homeowners trying to sell because when they bought the giant homes in the early 2000s, they thought of them as great investments, Feinstein said.
Then, the idea was that bigger was better because prices presumably would keep going up. — Chicago Tribune
London’s traditional elite, such as lawyers, architects and academics, are being pushed out of their enclaves in Mayfair, Chelsea and Hampstead by an influx of global super rich investors, causing a chain reaction of gentrification across the capital, according to research by the London School of Economics.
An influx of ultra-high-net worth overseas buyers is leading the old elite to sell up and move from London’s most exclusive postcodes and buy in areas they previously considered undesirable — the Guardian
Most Londoners think tall buildings should only be built in areas like the City and Canary Wharf, and that there should be limits on how high they can be, according to a survey for the Skyline Campaign published today. The findings come after Westminster Council controversially gave the green light for a 30 storey tower to be built in Paddington, and show stark differences in the views of Londoners in the inner and outer boroughs... — Ipsos Mori
WHAT are the most dysfunctional parts of the global financial system? China’s banking industry, you might say, with its great wall of bad debts and state-sponsored cronyism. Or the euro zone’s taped-together single currency, which stretches across 19 different countries, each with its own debts and frail financial firms. Both are worrying. But if sheer size is your yardstick, nothing beats America’s housing market. — the Economist
Part of the challenge throughout California and plenty of other communities...is that we tend to make local policy — and housing policy in particular — as if the only people who matter in a community are the ones who go to bed there at night.
We don't think of people who work but don't "live" there, or who'd like to live there but can't afford to, or who once lived there but had to leave, or who could access better jobs if only they could move there, or who commute through there... — the Washington Post
Lenders often give special treatment to the wealthy, of course, but the tech industry has created a particularly ripe crop of clients who are rich or on their way. [...]
“Lenders get so caught up trying to stay competitive and finding a market edge, they basically allow greed to overcome common sense ... Easy money does fuel and accelerate the inevitable bubble.” — bloomberg.com
To help ease California’s housing crisis, Gov. Jerry Brown and state lawmakers are turning to people’s backyards.
Multiple bills with the endorsement of Brown are moving through the Legislature to make it easier for homeowners to build small units on their properties, whether in their garages, as additions to existing homes or as new, freestanding structures.
[Mayor] Eric Garcetti and other supporters hope the relaxed rules will spur backyard home building to combat a housing shortage.. — Los Angeles Times
Facebook could be your next landlord. In an effort to drum up support for the controversial expansion of its headquarters, the social media giant is trying to give back to the community by building at least 1,500 housing units that can be rented by the general public—not just Facebook employees [...]
Facebook has pledged that 15 percent of the new units it creates will go to low- or middle-income families. — Gizmodo
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