August 5, 2016
The growing gap between wages and skyrocketing rents/housing prices has gone global. In England, the home ownership rate has fallen to a 30-year low. In Vancouver, stratospheric prices in the luxury real estate market led the provincial government of British Columbia to impose a 15% property transfer tax on foreign home buyers, whom are being blamed for fueling rising prices.
In October 2015 Alan Hall said, “The luxury housing bubble stretches beyond London to broader Europe and onto the shores of the US, where the real estate mania percolates in a narrow, wealthy slice of the population.”
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