Matthew Brooker analyses the impact of #housing supply crises and growing pressure on living costs on eroding affordability and their contribution to the emergence of #farright, #antiimmigration #politics.
The rising despair over social inequities in housing, coupled with the inability of mainstream politics to provide immediate relief and long-term solutions as more people are priced out of the market, is fueling a growing appeal for anti-establishment and #alternative or #extreme political movements.
It isn't just an issue in Europe, the US, and Australia.
Excerpt, Bloomberg:
//Gains by far-right parties in this month’s #EuropeanUnion elections should serve as a reminder of the dangers of failing to address the region’s chronic problems of inadequate housing supply and worsening #affordability. Few other issues have greater potential to damage the social fabric and undermine #democracy.
The cost and availability of shelter cause part of the #economic anxiety that has been exploited by #populist politicians, who have scapegoated #immigrants for a squeeze that owes more to decades of underbuilding and restrictive planning policies. This, in turn, has been exacerbated by a near-perfect storm of higher #interestrates and surging construction costs in the wake of the #Covid pandemic and Russia’s invasion of Ukraine.
What is particularly alarming is how affordability challenges are expanding to ensnare middle-income earners. CBRE Investment Management estimates that 57% of European households (excluding low-income groups that are in social or subsidised housing) would be unable to afford current monthly market rents without paying more than 30% of their disposable income. Many such renters are at risk of being priced out of the cities where they work by a “skewed housing market structure,” the US real estate investor says.
It isn’t difficult to see how such a predicament can sow resentment and erode trust in mainstream political parties. Closed off from the chance of becoming homeowners, young employees on average salaries instead find themselves forced to hand over a large chunk of their income just to keep running in place. It is the erosion of hope that is so corrosive. Such people may justifiably question whether the system is working for them and look for politicians who promise radical solutions.//
Songwriter/singer - The Maverick Band
1moDon't hold your breath about Labour taking the action you want. Could you please explain in detail your headline about 8.5 minutes a Londoner is forced into homelessness? Forced in what way? They are kicked out of their home by a partner or a parent? Do they then look to stay at a friend's or go to shelter etc? What are the reasons for being 'forced' into homelessness? Drugs, mental illness, abuse, alcohol? Thanks