As housing has come up been looking up Grace Blakeley as she has written on financialisation and housing.
This article mentions Brixton.
Her view is that the present housing crisis is due to the financialization of housing since Thatcher.
Basically housing has moved from a place to live to an asset to be speculated on. A commodity to be sold rather than something to be used to live in.
The financialization of UK real estate resulted from political choices made by policymakers, and it can be undone in the same way. By insulating housing from financial markets, controlling rents and increasing the stock of social housing, the government could de-financialize and de-commodify the housing system, ensuring that housing is seen as a human right rather than a speculative financial asset. While there are strong economic arguments for this course of action, it is political economy that is likely to stand in the way. The UK’s consumption-driven growth model relies on a kind of privatized Keynesianism that requires high levels of household debt and continuous rises in house prices. Political action and organizing among those communities most affected by the processes of financialization will be needed to facilitate a transition towards a more sustainable economic mode
Privatised Keynesian. This is move from state led investment for the good of all to be replaced by cheap credit. Neo liberal reforms led to increase in credit. This made up for less bargaining power to increase wages.
Basically one could keep up ones standard of life through cheap credit. Even if ones say wages did not go up enough.
So it was possible for more to enter housing market. As is now seen on a risky basis. Lenders ( banks and de mutualised Building societies ) wrapped up loans in risky CDO and other complicated financial instruments.
Which led to the financial crisis.
Not much was learnt from this.
Quantitative Easing ( central banks pumping up the economy) kept asset prices high ( house prices). Skewing the economy to being about inward flows of investment to buy assets ( housing)
The losers are:
renters
Those seeking social housing.
So no its not about nimbys opposing developments or about lets Build Build.
See even Starmer is buying into this
What it should be about is de financialising the housing market.
To do this will mean confronting how the economy is this country has worked. And the now powerful financial interests who benefit from it.
Abstract. In the UK, financialization has transformed many areas of the economy, including the housing market. The deregulation of financial markets that t
academic.oup.com
Short summary of her views here:
The UK needs to break the power of banks and investors on the housing system, writes Grace Blakeley
www.bigissue.com