One of the greatest myths peddled by the Tories and their supporters is the idea of wealth trickling down to benefit all. However, a recent report into the housing market and the property investments of the super rich shows that this is all the “trickle down” theory is: a myth!
One of the greatest myths peddled by the Tories and their supporters is the idea of wealth trickling down to benefit all. However it seems that is all it is: a myth!
According to a report in the Metro Newspaper from Goldsmiths University, London, having a member of the super rich living in a mansion at the bottom of your street will not benefit either you or your neighbour one jot.
According to Professor Burrows, who is the vice chancellor of Goldsmiths, in his report “Life in the Alpha Territory” which highlights the buying and living habits of the super rich, the presence of the great and the good as a neighbour will do bugger all for the hood.
The reason is quite simple. Basically these houses are just used as an investment opportunities; instead of being used to live in, they are left empty to accrue value. These mansions are occupied for a short period each year and then left empty and hidden behind James Bond style security systems.
Prof Burrows explains: “It’s all about wooden floors, white wall and display-sized glass [and in London we well might add the ridiculous super-sized basement extensions]…they want it to be a liquid asset that they can sell quickly,” he explained to Camden New Journal. He continues, “The super rich do not want to be in a community…they are hardly ever even present in their homes!”
A further downside for the local community is they take hard needed cash out of communities, who are forced to spend time and money fighting some of the most pointless and grotesquely ostentatious schemes. So remember this when you are next watching pretentious crap like Grand Designs on the idiot box.
Clearly this report is attacking the plans of the super rich in London boroughs like Kensington and Chelsea and Highgate (Bishop Avenue in North London is a classic for empty big houses); but it shows the rottenness of the social system we live in and bursts the particular propaganda balloon of the ruling class about wealth “tricking down”.
On a wider note, to show how the property market is benefiting no one but a layer of greedy speculators and estate agents, an adjacent snippet in the same paper revealed that the price of a typical home in England has hit £300,000 for first time. Prices have edged upwards at a rate of 7% year-on-year, making the average UK house price £287,000 according to the office for National Statistics. This increase is based on a huge demand coming up against a massive lack of supply.
This also mean rents in the private sector are increasing and becoming more unaffordable; meanwhile, social hosing is being destroyed by cash strapped councils for more “luxury flats”.
The Conservative ideal of a property owning democracy is becoming more and more a idiotic, utopian and facile dream, whilst keeping a roof over your head is becoming more of a nightmare for millions, even for the middle classes who have supported the Tories in the past. In London, thousands are now being made homeless as they can no longer pay the rent and have no benefits to cover the shortfall.
Labour needs a programme to bring this madness to an end. It must challenge and destroy the profit system and eradicate the growing disparity of wealth.
We say: seize the huge developments of luxury flats and speculative property and use them to house the homeless. Convert these wastes of space and resources into socially useful projects.
Nationalise all building land, the banks and financial institutions and all the major construction companies, and launch an immediate crash programme of new social housing with affordable rents for working class people.
