You’re right, freezing won’t stop it, because it’s still a stable place to keep your money. What needs to happen once frozen is that prices need to be continually dropped over a long period.
Obviously, more housing is key, and helps push current owners towards selling sooner rather than later. The problem with housing stock, which we’ve seen in the UK and Ireland, is that the quality of “affordable” housing stock is often hilariously bad. Corners are cut, homes are too hot/cold to be considered safe, and issues like cladding that breaks the law is pushed back to the owner to fix instead of those that broke the law. That’s why it needs to be gradual and methodological.
Haha, I realised that I forgot the last point!
You’re right, freezing won’t stop it, because it’s still a stable place to keep your money. What needs to happen once frozen is that prices need to be continually dropped over a long period.
Obviously, more housing is key, and helps push current owners towards selling sooner rather than later. The problem with housing stock, which we’ve seen in the UK and Ireland, is that the quality of “affordable” housing stock is often hilariously bad. Corners are cut, homes are too hot/cold to be considered safe, and issues like cladding that breaks the law is pushed back to the owner to fix instead of those that broke the law. That’s why it needs to be gradual and methodological.