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what on earth
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<blockquote data-quote="Exfarmer" data-source="post: 5426346" data-attributes="member: 1951"><p>The rents were not sufficient to pay off the interest on the loans, which in the main were 60 year bonds.</p><p>However it should not be the duty of society to ensure it did, society should ensure every person regardless of wealth has a good roof over his head.</p><p>The failing was in not ensuring these loans were repaid by some system. The original idea was probably based on inflation being the answer to the problem. However we know inflation has a lot of problems and this had been manifest in the recent past where real inflation had often reached 10-15% incurring strike action to push up eages by even more. Manufacturers and others were resistant to this as inflation in there sector was frequently far higher, with the value of the pound dropping it did git scary levels. Massey Ferguson put up the price of tractor by 10% four times in one year!</p><p>Of course one of the big costs in the social sector was the cost of maintenance and this was not helped by many tenants doing even simple things for themselves, which any normal houeowner expected to do. Thus the idea of selling these properties to longstanding tenants did have benefits.</p><p>Also those who bemoan the sales remember these tenants would in all likelihood have stayed in these homes so the loss to the housing stock is not that great.</p><p>The real problem today is the huge cost of property, something which government strategy in the Gordon Brown era drove up at an astronomic rate.</p><p>This has ensured the demand for affordable housing has jumped as people are not buying even at the low interest rates we have today.</p><p>Instead the market has been dominated by people desperate to find a safe home for capital saved over their lifetime, sometimes even from downsizing themselves, to invest in at a better rate than the banks will give.</p><p>I am every bit as happy to subsidise home ownership as I am for farm subsidies. Yes I cerainly had a share of those.</p></blockquote><p></p>
[QUOTE="Exfarmer, post: 5426346, member: 1951"] The rents were not sufficient to pay off the interest on the loans, which in the main were 60 year bonds. However it should not be the duty of society to ensure it did, society should ensure every person regardless of wealth has a good roof over his head. The failing was in not ensuring these loans were repaid by some system. The original idea was probably based on inflation being the answer to the problem. However we know inflation has a lot of problems and this had been manifest in the recent past where real inflation had often reached 10-15% incurring strike action to push up eages by even more. Manufacturers and others were resistant to this as inflation in there sector was frequently far higher, with the value of the pound dropping it did git scary levels. Massey Ferguson put up the price of tractor by 10% four times in one year! Of course one of the big costs in the social sector was the cost of maintenance and this was not helped by many tenants doing even simple things for themselves, which any normal houeowner expected to do. Thus the idea of selling these properties to longstanding tenants did have benefits. Also those who bemoan the sales remember these tenants would in all likelihood have stayed in these homes so the loss to the housing stock is not that great. The real problem today is the huge cost of property, something which government strategy in the Gordon Brown era drove up at an astronomic rate. This has ensured the demand for affordable housing has jumped as people are not buying even at the low interest rates we have today. Instead the market has been dominated by people desperate to find a safe home for capital saved over their lifetime, sometimes even from downsizing themselves, to invest in at a better rate than the banks will give. I am every bit as happy to subsidise home ownership as I am for farm subsidies. Yes I cerainly had a share of those. [/QUOTE]
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