A DYSFUNCTIONAL FREE MARKET IN EMPTY HOUSES
Policy Exchange’s proposals for the sale of high value social housing in wealthy areas to pay for social housing in poor areas has to be read with the Future of London and the Smith Institute report “Surge in overseas investment risks creating London housing bubble”. They tell us “London’s housing market has become distorted and dysfunctional. This is partly due to the huge rise in overseas investment in expensive properties for the super-rich. Investment in luxury homes has doubled to over £5bn a year Anecdotal reports suggest that a high proportion are kept empty.” So we can look forward to former social housing in Westminster, Kensington and Chelsea being bought by overseas investors fleeing their own dodgy economies, or by tax free money from the trillions parked in tax havens - and leaving them empty.
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