| ▲ | cucumber3732842 2 days ago | ||||||||||||||||||||||||||||||||||
That happens because development is so absurdly regulated that the only way to get it done is to amortize your fixed costs over the whole "village" and then once that's done there's no subsequent infill development because those little things can't absorb the fixed costs. | |||||||||||||||||||||||||||||||||||
| ▲ | ErroneousBosh 2 days ago | parent [-] | ||||||||||||||||||||||||||||||||||
No, it's not regulated at all. That's the problem. Any developer can buy up a patch of land, throw up some houses in a month so close together that if you run out of toilet paper you can just reach out your window and use some of your neighbours, and with a design life just the same as the mortgage. Oh the access road totally buggers up traffic along the existing road? Oh well too bad, full speed ahead and damn the externalities! This leads to the situation that's arisen in a housing development (described as a village, where it's really about 300 houses crammed into a small field), where the houses have in fact not made it to their design life of 25 years and have had to be demolished at about 15 years old. So, you've got people paying a £400,000 mortgage on a patch of rubble and mud, who are currently taking up space in council housing with the taxpayer footing the bill. But hey! At least it provided a lot of shareholder value! Full speed ahead and damn the externalities! | |||||||||||||||||||||||||||||||||||
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