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snac - Link to source
Cy
But what if we trim that interest rate to zero? At 0% interest, the annual payments for your mortgage go from £20.6/year to £9,300 per year – an easily affordable sum for the median household.


His solution does sorta address the fundamental problem of usury. Ostensibly the "Affordable Housing Authority" would issue interest free mortgages. Whether that's enough to fix the crisis about the goddamn wealthy elites who'd just change the law back to requiring interest, I couldn't say.

The PILL does seem kind of odd though, not really a generally applicable solution. Could drive rents even higher, as the wealthy elites demand high mortgages.

CC: @pluralistic@mamot.fr

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nothing too special about London. The housing setup in the Netherlands is/was quite similar in a way. In 2004 in Rotterdam I basically was forced out of a commercial rental apartment as it was getting unaffordable, and bought a cheap fixer-upper flat; no down payment, government mortgage guarantee, low interest payments, my housing expenses went down by 30% or so. (Things changed since then, and I left the country long ago and don't follow all these trends too much. I can only say that housing crisis got worse, not the least due to commercial landlords forced to keep rents low, so they started to get out of their business).
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in reply to Cory Doctorow

With all due lots of respect, I utterly disagree. Making more people go into debt is the wrong way. The bank, any bank, evil or good buys on your behalf, you own only on paper -> and *carry all the risk* if your asset loses its value (flood, fire, job lost, need to move, new houses even more expensive in the meantime. Insurance - yay! hold on for a fun example from hereabouts. The solution is and always has been: public housing. Good housing, and lots of it.