Monday, December 17, 2012
Illogical to work in London to keep your own rent high
To be fair, he is more than clear. Immigration supports house prices. However, I think, having lived in London, that prices in London are dictated by levels of housing benefit more than anything else so this is an ingenious explanation. If you gradually reduced the housing subsidy in areas of high unemployment then prices would certainly go down. Housing benefit in London is high because it has to compete with housing benefit which is why the bill spiralled off to the sky.