Rent crisis is all our own making and same mistakes will be paid for by citizens
Super-rich entities have gathered up low-cost property to rent in a high rental market, planning to resell when high enough profit can be taken. A corporation from abroad has 2,000 apartments and plans making 600-650 more with the property it has here that it finds very profitable in the short to medium term to rent high before selling later in a buy-high market.
Wisely, it is being pointed that in such circumstances, banks will again be lending as before into a buy-high market. We know recently how that went.
Now amid much needed affordable housing currently is proving an onerous near-surmountable travail to supply where there is a high need.
Bust-builder/developer property has been sold pretty cheaply to investors both at quite a quantity and pace. It is likely some would have made a good deal higher selling margins for the exchequer later on.
Citizen-saved banks are pursuing in full repayment of personal loans made into a buy-high market banks sought to loan into. Vultures are being sold loan-bundles by these same banks.
There is a societal disaster descending concerning those freighted with personal debt provided by boom-time error-prone private banks. The children of persons being relentlessly crushed under such pay-in full bank debt witness how people are being treated by government and various well attended to vested interests. They see how so much lassitude and difficulty attends to providing social housing and the inertness of government to legislate in this matter on behalf of citizens and electorate, and they witness a dearth of decency toward people in difficulty while error-prone private banks and their backers and private developer/builders had to be bailed-out by government, with the cost levied upon citizens.
CONNECT WITH US TODAY
Be the first to know the latest news and updates
