Singapore, where 80% of residents live in government-built flats, is in some respects the model to copy
states, roughly, that computing power doubles every two years. Time and again experts predicted its demise—surely, they reasoned, computers cannot continue getting exponentially more powerful. Yet it held for at least half a century.
As this report has argued, high property prices are associated with less economic dynamism and more financial instability. But although Messrs Miles and Sefton say that ever-pricier property is “plausible”, they do not say it is inevitable. To keep housing costs down in the long term, governments need to get three things right.
More radical reforms could be considered. German mortgage-lenders embrace an unusual appraisal technique. When assessing the value of a house, they rarely refer to market price; instead they consider “mortgage-lending value”, an assessment of the probable price of a house over the economic cycle. A report from the Bank for International Settlements, a club of central banks, suggests that by discounting short-term price fluctuations, this valuation technique can stop bubbles from forming.
More recently, commuting times into the rich world’s biggest cities have, if anything, been lengthening, raising the premium of living near or in city centres. A better train and road network, then, would allow more people to live farther afield. Driverless cars could also reduce the hassle of moving around.
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