The housing crisis is now global. It shows just how undemocratic our nations have become
When we can’t even afford to rent or buy somewhere to live, we have to ask: did we give the financial sector too much power?
TL;DR
- The housing crisis is characterized by financial actors systematically removing housing decisions from democratic control.
- Financial firms and investors have transformed housing into an asset class, prioritizing profit over people's needs.
- Governments and financial institutions collaborate, influencing policy and legislation to benefit the financial sector.
- Examples from Toronto, Copenhagen, Athens, Madrid, and Berlin highlight the disconnect between public will and policy decisions regarding housing.
- Citizens often have limited means to participate in decisions affecting their housing, leading to feelings of abandonment and fueling populism.
- Movements are emerging to reclaim democratic control over housing, sometimes by developing their own legislative proposals when official channels fail.