The RE industry is highly inefficient in many respects. Remember Denis Hastert making millions on a land deal because of some roads that were built through his legislations? Why should private owners reap windfalls from public expenditures? I read once that, in Singapore, if a landowner gets a windfall from government action, he must share some of his newfound wealth with the public.
Also why are builders not building decent low-cost housing? Why are they building fancy developments? Because there’s more profit margin in the high-end products. Would it not be nice if we could all live in decent houses and pay only 10% -20% of our income on housing? Then we could have better food to eat, better education, more holidays, better quality of life, etc.., and most of all more savings!! Remember the pursuit of happiness?
IMO, RE takes up too much of our resources. Let’s have competition in RE and reform that industry.
