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London faces a crushing shortage of affordable housing, because the city is a global magnet for aspirational newcomers, a safe refuge for stash-your-cash capital and a victim of its own smashing success, even in these anxious Brexit days.
"Affordable" here being a relative term, where the average price for a flat last year was $713,143. It is especially brutal for young people, those in the middle income range and first-time buyers.
originally posted by: ClovenSky
I wonder if they will ever regret letting all of that criminal money hide in their real-estate. What a great money laundering scheme. They sure didn't care when the money and fees were rolling in at the beginning. That tax is like trying to put a band-aid on the gaping wound from a gunshot. What is is now, every house is over 1 mil?
This will be interesting to watch. Go free markets go.
originally posted by: dubiousatworst
a reply to: anonentity
The irony is that if people have a mortgage, the bank still technically owns the property regardless of who the "owner" is. Yet people with mortgages claim they own a home or property :/