this post was submitted on 04 Aug 2023
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Seriously. They keep jacking up demand by importing more people and maybe new savings account but do fuck all to reduce demand.
How about making only a flat portion of proceeds of a sale tax exempt (like the US)? Getting into the business of building modular homes and working with municipalities to install them? Adding a tax on homes purchased beyond your primary home like Singapore?
The Soviets and Chinese got around this through government-managed housing. Following a recipe with pre-fabricated components is extremely cheap, but we're basically doing bespoke developments everywhere.
The reason we don't do this is because there's no profit in it.
The Chinese take a "damn the torpedoes, full steam ahead" that works when you dictate what needs to happen, either by doing it yourself, or arm-twisting the private sector.
Neoliberalism absolutely abhors that kind of interventionist policy: we're supposed to give industry tax breaks, regulatory relief and, frankly, direct grants to get things done. Governments' only job is to bribe the private sector as needed, and to otherwise get out of the way.
If you want the private sector to build public housing, the bribe is gong to be through the roof.
And it's clearly failing as a method of governance...