this post was submitted on 27 Sep 2023
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I'm not arguing it isn't grossly unfair, but I'd like to see the calculations take into account the much higher interest rates there were.
Mortgage interest rates were over 10% for much of the 90's (and over 15% for much of the 80's), which I'd argue the dropping interest rates (in combination with the lack of housing stock) has been a large influence on house prices.
In my view, significantly increasing the housing stock (so sellers are competing to sell instead of buyers competing to buy) would go a long way towards solving this issue. And no private firm building houses has incentive to increase supply to create an oversupply, so it needs to be government led (imo).