There’s no housing shortage. It would be easier if there were
From our UK edition
Britain does not have a housing shortage. We have a problem with the cost not the availability of homes. This can’t be solved by building more houses, because it is not caused by an insufficiency of houses. I’m no economist. My understanding of the dismal science is rudimentary. I may be shot down in flames as an ignoramus. But here goes. Residential property has become a kind of currency, prized more for value than utility; and its role as a financial asset is messing with its ability to perform the function of actually housing people. Straining to increase the supply of housing will no more restrain price than straining to increase gold production would make much difference to the price of gold.