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  • Why are house prices so high?

  • In the ten years up to the start of the financial crisis, house prices rose by over 200%.

  • A common belief is that there are too many people, too much immigration,

  • and too few houses to go around.

  • This is a myth.

  • In fact, during this time for every 4 new people, we built 3 new homes.

  • But at the same time, mortgage lending grew by over 370%!

  • So, where did we find all this money to buy houses?

  • When you take out a mortgage, the money doesn’t actually come from someone else’s savings.

  • No. It’s actually just created, electronically, by your bank typing numbers into a computer.

  • And it’s those newly-created numbers, or newly-created money, that you can use to pay

  • for your new house.

  • Since every mortgage works this way, all the crazy lending before the crisis created hundreds

  • of billions of brand new money. And this new money flooded into property...

  • ...pushing houses prices up so high.

  • Everyone pays more for a place to live, which means that,

  • after paying the mortgage or the rent, there’s less money to pay the bills,

  • and less money to spend with businesses and shops in your town.

  • So high house prices don’t make us richer - they make us poorer.

  • Well actually, not all of us

  • high prices and big mortgages mean bigger profits for the banks.

  • And with an effective license to print money, this guarantees theyll lend too much.

  • So if we want to keep houses affordable for ordinary people, we have to look to the banks,

  • and together take away their power to create money, for good.

Why are house prices so high?

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A2 初級 美國腔

房價。為什麼這麼高? (House Prices: Why are they so high?)

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    sally 發佈於 2021 年 01 月 14 日
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