Can’t resist taking a shot to see if I can do it in 5 tweets or fewer…
(Your fault @nicread !)
(Your fault @nicread !)
https://twitter.com/crystalbennes/status/1410659278185275396
1066 - William I establishes a system of land ownership that gives incredible political & economic power to landowners, giving land incredible 💰 value.
1948-1961- We regulate development but still end up allowing landowners to capture most increases in land value, even though that land value is created by everyone.
1970s-2000s This creates a biz model: 1. buy up potential development land. 2. wait / negotiate for LAs to award planning permission.
3. capture the sudden ⬆️ in land value by 🏗 cheapest (facsimiles of) homes & n’hoods you are allowed to, then sell to the mortgage industry.
3. capture the sudden ⬆️ in land value by 🏗 cheapest (facsimiles of) homes & n’hoods you are allowed to, then sell to the mortgage industry.
2000- Successive policies put ever-increasing pressure on LPAs to award planning permission, compromising on quality in order to prioritise quantity. Meanwhile the land value capture industry is also heavily subsidised because Gov believes we rely on it.
2020s Side-effect: we all end up living in the financial assets left behind by this industry. Even though they were never really designed to be successful places to live (I.e good social, economic or environmental infrastructure). That wasn’t their purpose.
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