alt Hacker NewsIt's the same in New Zealand - property is the primary mechanism for wealth creation, and you have boomers with 10+ properties that they use for rental income for their retirement.
The issue is exacerbated by the tax structures not incentivizing investments in other assets - e.g. in NZ if you invest over $50k in offshore equities, there is an annual FIF tax that must be paid, even for unrealized gains.
“Show me the incentive and I’ll show you the outcome” Presumably most politicians own one (or more) houses
The fact that there is a housing crisis in most of the western world seems to prove this