Yes in my backyard! @lemmy.world Fried_out_Kombi @lemmy.world 10mo ago

[article] Australian housing wealth is meaningless, destructive and fundamentally changing our society | The Guardian

www.theguardian.com Australian housing wealth is meaningless, destructive and fundamentally changing our society | Alan Kohler

High-priced homes do not create wealth, Alan Kohler says, they redistribute it. Now financial success is largely a function of geography, not accomplishment

cross-posted from: https://lemmy.world/post/8967868

This op-ed details how housing has gotten faaaar more expensive over the past several decades but without corresponding wage growth, leaving it increasingly unaffordable. The author (correctly) argues that this is due to the rising land values, which does not represent true wealth creation and is rather simply a vehicle for wealth redistribution from the younger and working class to the older and landed.