Housing has become a global obsession and like any obsession this carries unwanted side effects. This didn’t just happen overnight as this mania has been building to a crescendo over many years and presenting profound dilemmas to governments and central banks. There isn’t enough of it, or we over stimulate its demand. It’s a source of good jobs and major part of household wealth, but constantly seeking to stimulate its demand carries consequences that may be incongruent to achieving progress on other fronts. The housing beast sucks in resources from all around it, leaving less for other purposes. There has to be some ... (full story)