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Wouldn't that fuck the entire housing market, and thus anyone who has saved and bought a house for themselves?
I imagine that there would be a correction, but there will be a correction when the pound drops below the Euro and we have food rationing and no jobs.
That to one side, we need to wean the country off rent-seeking behaviours and onto more productive means of making money.
i.e. if I have 50k I should invest it in a local company, or some local companies, or start my own little company rather than getting three BTL's and charging a fortune in rent.
Rent-seeking behaviour should be taxed heavily wherever it appears, making it unattractive.
The problem of course is that most MP's are landlords, and most entrenched money has a lot of property.
Dammit-
1 in 5 MPs are landlords... https://www.channel4.com/news/factcheck/almost-one-in-five-mps-are-landlords
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One way or another, an element of planned reindustrialisation would be good.
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That to one side, we need to wean the country off rent-seeking behaviours and onto more productive means of making money.
The country? There are around 1.8m private landlords. It gets a lot of press, but it isn't something that everyone does.
But yes, I get the point - it would be better if the money flowing around the private rental market was put in to something 'better' (Bitcoin?!). Local companies for the sake of localness however I suspect are long way down on the average investors list of stuff to chuck money at - we have access to the internet, we are capable finding out what is likely or not to provide a return at a risk acceptable to the average joe, and it's usually composite stuff that spreads the risk around.
(I suspect a lot of the stuff that the posho MPs rent out is not stuff they would sell if they could not rent them out profitably - they would simply hoard it and it would become non productive)
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A lot of the benefits for individuals have been phased out and you're still taxed at your rate now. Gradually phasing out is a much more stable approach for the market.
Extreme rent-seeking at best delivers zero benefit. However, providing accommodation encompasses a whole host of services and benefits to society.
I'd be surprised if private rental accommodation makes up a significant % of the most wealthy's portfolios. I suspect you'd get a better and lower risk yield with a secure long term lease to a supermarket. Happy to be proved wrong on that though.
Malaconotus
Stonehedge
Howard
hugo7
Wouldn't that fuck the entire housing market, and thus anyone who has saved and bought a house for themselves?