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How the real estate financial model is harming us | Leilani Farha | TEDxQueensU
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- Опубликовано: 16 апр 2018
- Residential real estate is a multi-trillion dollar industry, the biggest business in the world; but at what cost? The financialization of housing, treating housing as a commodity and an investment opportunity, is stripping people around the world of their right to housing, to home, to community. To restore rights to people, we need a seismic shift - where the value of housing is a home, not equity, and where people, not capital, are the primary investment. Each of us needs to recognize that housing is a human right and everyone is entitled to a home.
Leilani Farha, the UN Special Rapporteur on the Right to Adequate Housing and the world’s top watchdog on housing, has set out to reignite the idea that housing is a social good not an asset or commodity. In the role since 2014, Farha has presented reports to the UN on homelessness, the connection between housing and life itself, and the treatment of housing as a commodity and its consequences for people who are poor as well as the middle class. She has traveled to India, Chile, and Portugal, among other places, to investigate whether governments are meeting their human rights obligations with respect to housing. Last year, Farha launched a new initiative called The Shift - a global movement which calls for everyone to approach housing as a human right, not a commodity.
A lawyer by training, Farha has worked to advance the rights of poor and marginalized groups throughout her career. She is the Executive Director of the NGO Canada Without Poverty and was instrumental in launching a historic constitutional challenge to government inaction in the face of rising homelessness in Canada. She was recently awarded an honorary doctorate by a Canadian university in recognition of her work, as well as the Barbra Schlifer Award for her commitment to advancing women’s rights." This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at www.ted.com/tedx
Housing treated as a commodity has been a crime against humanity. A person has zero necessity to own more than one home at a time. The only reason to own more than one home at a time is simply one thing. GREED!
I love this talk and I am hugely grateful for Leilani Farha's call to sanity on housing.
It is amazing how quickly so many humans view what is happening in housing at this time as just "normal." I'm sure there's a psychological term for it.
It’s called ‘normalization’.
@@Lobsterwithinternet Or mass hypnotism
capitalism
Gaslighting...
mass manipulation/ psyops
There needs to be laws written to stop excessive rents and housing prices. Those that violate the law go to prison. Lets see the landlord that rips people off going to prison and then we will see excessive rents and housing costing a half of a million dollars for a house go away. No coddling of real estate investors who are the REAL cause of homelessness!!!!
Dude! I having thinking about this! In Los Angeles the Developers are building super expensive Condos and filling in any open space. The pressure for working people is unreal. There needs to be rules to protect the many and the commons from the predators.
Even worse today. And with prop 13, developers/government focus on building commercial real estate or luxury condos for maximum gain. Thats the elephant in the room with capitalisms. While it does lift up society as a whole in its first stages, later on, it starts to push down segments of society again as those poorer segments do not get catered too as their is no money in helping them versus helping the already well to do. Elderly are literally getting kicked onto the streets to die in this country as soon as all their money is used up and they cant pay.ones humanity gets lost in the greed and lust for money at all cost.
POWER TO THE PEOPLE!!!!
U pointed out the biggest problem, a byproduct of capitalism, among other things like zero motivation towards environmental protection becoz of the unprofitability, planned obsolescence n the dying out ability of the riches to empathize due to their growing up environment.
Add water, heat, electricity, and historic value to this list of rights.
True
the very same scenario has driven homelessness to unprecedented levels in australian cities and urban areas.
what a magnificient spiritual warrior!!!
13 comments and status quo warriors are already arguing that homelessness should stay a problem. :/
Property rights is the most sacred idea in modern society, unfortunately. It's completely and utterly misguided, but we've built a civilization on top of it. It's difficult to fix that mistake now, especially because it's a cultural issue.
Arguably, it's impossible to do it, given how people today can only behave in a socioeconomic bubble which, by design, keeps them sustaining everything that's unsustainable about civilization and their own lives.
On the bright side, we'll render ourselves extinct in due time.
I never thought about the idea of housing as a right vs. commodity
Most people don't, because it is not a right.
There is not a right to housing. Housing requires the application of human labor to produce improvements like buildings with a variety of amenities. No one has a natural right to anyone else's labor. However, everyone has an equal common natural right to the gifts of nature. Natural resources are not naturally private property. You cannot really own Land, only hold a title that says the government backs your privilege of denying others equal access to a lot. Land rent belongs to everyone equally, not to a special class of landlords. The proper way to solve the housing crisis is to levy a land value tax and use it to fund both public goods and a residents' dividend. That dividend should be enough to allow the average person to afford decent housing on the freed market.
The last thing a farmer does before bankruptcy is sell his land... the working class and middle class has been bankrupted
Met with this woman a couple of days ago and I want her as my next POTUS!!
Five years later and it’s only getting worse. When you vote, vote for politicians who enact policies like this.
This is not the solution to the housing crisis. What we need are Georgist policies, land value taxes high enough to discourage land speculation, incentivize capital investments in building new homes, and provide a citizens' dividend sufficient to allow people to afford adequate housing on the freed market.
It makes me so sad.. I work for a firm which does the real estate investments among other things which I don't concider ethical. I thank you a lot for your work. As myself I cannot change anything.
I understand the intent and the need for housing, but candidly it is not as simple as Large PE firms buying all the houses and price gouging rents. I think it is important to understand the benefits as well as the potential downsides to current systems. You did well to note the disadvantages, so I'll chime some pro's. Blackstone and Blackrock do not buy all properties cash.. They use debt and raise the money from investors and shareholders. Investors include government agencies and the common person. When government employees retire the money is not just printed. Managers like Texas Teachers Retirement System need to grow this wealth to provide competitive benefits like earlier retirement to 1.9 million teachers, in a country where $1 MM is needed for standard retirement.
Here are are some advantages:
1) Tax breaks. There is a reason this is allowed. The US government allows investors to write off taxes in RE because when they purchase an apartment building, taxes are reassessed. In the past two years property taxes in Texas. have increased 20% consecutively in many A class properties I underwrite. $1MM annual tax bill per property is now -> 1.44 MM and the government had to do absolutely nothing to grow their income. Even better, where does this go. Nearly an 80% share of these property taxes go to schooling and public health! How many teacher salaries could $440,000 produce. For this reason, the govt offers some tax incentives. There's --
2) More jobs. Blackstone just bought a new apartment that now has to pay the higher taxes. To solve this problem they have to add value. They hire painters, construction workers, landscapers, a property management company, lawyers, maintenance staff, etc. to improve and operate the apartment. More opportunity for people and MORE taxes for the government to finance polices for further improvement. Once again, the government lets the capitalistic machine churn and grow their income for them. However --
3) Landlording. It's not all cashing checks on the beach. Renting has a purpose. It is meant to be a cheaper alternative to homeownership with less involvement, so the owner or management company is responsible for the maintenance (most cases). An example of where this could go wrong, there's company that owned and operated workforce apartments. One night there was a large fire that needed 100 firemen to put out. 50+ units down, the operator had to step up their game and take care of the displaced tenants. Moving them to vacant units if available and covering the rent spreads, temporary accommodations, eating the loss on the fire. To protect their investors retirements they worked overtime to get bids and architects out for a large construction project they've never done before. Basically building back from the studs.
Granted we all need housing. This system could allow slumlording and incentivize gentrification projects that make affordable areas unlivable in exchange for economic growth. I guess I am at a loss for how to really fund and structure an alternative, while protecting the advantages of our current system. How would we front the growing costs of education and have competitive wages for teachers? Wicked problems...
Anyways I've been procrastinating from my hw. Thank you for speaking on this topic. I think it's an issue that will only grow in impact going forward.
Bloody 1 million dollar houses in toronto. Now you have to be a millionaire in order to live in your own house.
years ago i thought about moving to Canada thinking that land must be cheap there being a frozen tundra but no, housing prrices are out of control there just like in China
Well, I guess thinking that Canadians live in a frozen tundra was your first mistake.
All the negative comments when you could've just clicked off the video and NOT commented. She appreciates your views though :).
Well said, I was homeless 15 months
Politicians have no interest in fixing the housing crisis because they benefit as they own multiple houses themselves.
Dislikes and negative comments from homeowners hoping the collapse doesn't come.
Why aren't there laws in place for foreign investors? This global economy has been the WORST THING for many reasons; housing being just one of them.
Because the government is your enemy not your friend.
Talented Talk
Within 5-7 years the psychiatric hospital where i work (in norway) will be relocalised. Currently the hospital is localised in a spacious and secluded part of my town. The state is owner of our regional hosptals and guess what? they are selling the property. . An educated guess about the new location? functional, highy-rise architecture (who can argue against the virtues of not wasting space mind you..) and the prime real estate will be sold to the highest bidders. So are we looking at fewer hospital-beds, fewer jobs and more exorbitant housing prices. Maybe im wrong, i really hope i am.
Thank you for this video.
Why did you stop translating videos into other languages such as Arabic or Spanish?😯😐
Awesome!!!
thanks for this great video.
we want turkish translation to understand better.
People will always need a place to sleep/keep their stuff/hang their hat, drink water, eat food. Resources are finite , population is growing , buildable land is cost intensive/restricted and limited. Efficiency housing for people on section 8 has nearly doubled in wait times and doubled in applicants, all which are a massive burden on state and federal tax usage and growing more out of control. Shady Loans and abuses in mortgage allowance to people with bad credit and low income led to a financial crises. Housing cannot be a basic right when the landscape is finite, the demand is high, population keeps increasing, and there is already a crises with sec 8 applicants and wait times. The world doesn’t increase in size and materials every time the population hits another billion
Would the government with its track record with public housing be the solution? Is the government a better land lord over time?
Or is the solution to be found in more public private partnerships?
this talk only highlights the problems, but i didn't hear any solutions. investors are not going to just stop investing.
This is why studying econ should be mandatory in our schools...
No tiene obsion subtítulos español 😢😢😢
Ah, but you see
If you start securing for the people a decent life, we will all starve, it is basic economics!
Hakasedess How will we be able to explain more? In securing a decent life for people, there will be no people left to die or starve
That's not the argument. The idea is that if there can be a level of housing that's affordable for people to live in, it can have a dramatic impact on other areas that cost society far more in terms of resources and money. Lowered healthcare costs, lowered expenditures in public assistance programs, less costs for the legal system. It gives people an opportunity to work and better themselves instead of being in a position of having to work 2 or 3 jobs 60-80 hours a week only to spend 60% of your income on rent and have no time for interviews or training. It also helps the economy by freeing the person from the second or third jobs, enabling another person to fill that position and getting them on the ladder.
It is what we have always been told, since the beginning.
It is not the lacking of resources. The problem mentioned in the talk is that some people has too much money so they need to find something to buy (or store the money) .
shes got a good point!! we need more ppl like her
Your home sells for less than you paid, realtor makes money. Your home sells for more than you paid, the realtor makes money. The only person that makes money in real estate is realtors. Sounds like a racket to me.
The world "capitalism" is quite descriptive of the problem. Capitalism = take advantage of your neighbor at all cost.
I believe that there is only one reason to purchase an item.......to enrich your life with joy. I bought a house with a big garage so that I could enjoy my life more. And anything that I buy, I purchase for my personal enjoyment. And while I will never be "rich", I will enjoy my life the best that I can within this corrupt system, where the "haves" steal from the "have nots" through rising inflation/interest rates and many other financial constructs that they push on people as absolute truth.
Meh. A whine-a-thon with no systemic solution described. Most of those problems stem from shareholders, and their insatiable greed without regard for the sustainability of their desires.
It stems mostly from crony regulations that limit development, and from government land titles that let a privileged few deny others equal access for land to develop. Land ownership cannot be justified by conquest or by the "Neo-Lockean" form of homesteading that ignores the Lockean Proviso. There is only a unilateral right to deny others equal access to land so long as there is enough and as good left for others. Where land is scarce, especially in densely populated cities, there is a moral duty for those with land to compensate the dispossessed. The fairest and most efficient means is probably to redistribute land rent through land value taxes and citizens' dividends.
Are you replying to me, or are you just placing a comment in an arbitrary place? Because you completely missed what I said.
Or government corruption
No conscious being should be left to the elements. Great talk
I had no idea!!
I guess anyone is invited to talk at TED
jesus hernandez
OlolOloloooll
Of oolll
! llo
If you're a lawyer with a ton of experience who is invited to work at the United Nations.
James Martin how she dresses or looks shouldn’t matter....her message should
James Martin well it shouldn’t matter
This beautiful soul is working to help homelessness and you pick on how she is dressed? There is nothing wrong with her outfit. She just doesn't put value on clothes that aren't practical because her priorities are humanitarian.
To:Mrs.Leilani Farha. You should come to Puerto Rico island and see why it doesn't work that idea. This is one of the reasons that Puerto Rico is in bankruptcy right now. I think that everyone should work hard to diserve the right to have a good home. No job,no house. No work,no house. Housing for free doesn't work. You have to earned. Even the cheapest house.
You're strawmaning her argument.
There should be a cap on how much property one person or one business can actually own that way it frees up more homes
Mike Arredondo ya commie red!!
Positively Udo 🖕🏽🖕🏽🖕🏽 RED u also forgot WHITE & BLUE Ahole
China tried that with married couples. the result was that couples got divorced so they could buy more property.
Mike Arredondo mmll
So what if I own multiple properties? Maybe I lease them...
Thanks for your advice
Good talk.
LIFE TO GIVE
Come On ,let's do this !!!
Walmik Dhumal Yes, this is the soul of the corpse to complete this work
Wow!
1. Abolishing all right to private property.
Everything is a right?
Thats all about capitalism
I think >access< to to necessities should be rights, but not the owning of them. You must work to acquire these. You need food to live, so earn it, you need water to live, so earn it, you need shelter to live, well... then earn it. You can grow your own food, filter your own water, and build your own house. That's what every living creature has had to do on earth, humans can figure it out as well.Simply put, you shouldn't be prohibited from acquiring one of these things if rightfully earned.
What I'd like to see is a reform in the education system. I believe the failure to afford these necessities is due to the individual, however, as a civilized society, we should be educated in the ways of acquiring these. The issue lies not in the system suppressing individuals, but rather in the lack of education promoted and supported in the U.S. and around the world.
Family's spending more than they can afford due to the ignorance of cashflow, savings, investing, etc. Many times they are simply not prevy or have access ot the eduaction of the wealthy. So yes it's their fault for not taking action, but it's not necessarily their fault that they don't knwo what actions to take.
Problem occurs when the property price is unreasonable comparing to income.
In Hong Kong, a household with median income can buy a flat, if they don't pay tax, don't pay rent, don't buy clothes, don't eat for 19.4 years. Nano-flats are a hit here. There are flat of 128 sq ft, which is smallest than a standard car parking space. And these nano flat are sold for ~4mil HKD (~520,000 USD).
Hey...
It's Free Real Estate... ; )
Holy communism Batman! This talk was a joke
You are a joke.
Are you well?
It's a trope to blame the 'Fed', but 'Print money' and it largely capitalizes as higher land prices because most money in the economy is credit is created by private banks lending, about 70% of which is to mortgages..
The price rises because lands supply is fixed in aggregate and inelastic to demand, and we all need access to land to live and work.
The free market, 'laissez faire' solution goes back to the Physiocrats and then to Adam Smith and the classical liberal economists.
Taxes should primarily fall on land not production.
Well of course, if the speaker is not blah-blahing about the wonders of turning housing into a commodity and an investment rather than actual shelter, it MUST be communism! I mean, there is simply no middle ground between the inherent goodness of stocking up on empty buildings to replace every other commodity/pot of gold that crashed and died over the last two decades, and downright Soviet totalitarianism, right? I mean, who are these dummies who cannot see the vast opportunities waiting for them in real estate? To the gulag, whiners!
@@joannebutlerster 🙌🙌🙌
💖
tragedy of the commons
IT'S FREE REAL ESTATE
Phhh. Miami
She highlights some legitimate problems and I'm all for Maslow's hierarchy, but this seems a little.. communist. Also didn't seem to have much of a solid solution.
The policies she is recommending are not too little too late. They are outright counter-productive. Georgism offers real solutions.
How do Barista sustain cities?
I can't concentrate without noticing her constant weight shifting from one side to the other
يجماعه انا مصري
بغني إنشاد ديني ياريت تدخلوا تقولولي رايكم
بجد رايكم يهمني جدا😍😍
sorry, a bit to much leftist for my liking
LVT is the free market solution.
Shut up, Boomer.
@@schumanhuman What is LVT?
@@godfrey_of_america Land value tax, a form of property tax that doesn't punish improvements (ie the building) and so encourages development, favourded by many economists left and right.
Have a look at the short video 'Strong Towns: Property Tax vs. Land Value "Tax" (LVT)'
@@schumanhuman Will research it. Thanks.
Smartey #5
How many people do you have living with you?
Do you give free space to people in your house?
Please try harder to have a heart and be less cynical. People will like you more.
Its not kings and politicians Rule the world..... Its businessmen and corporations rule in reality. Recently PM Narendra Modi Initiated affordable housing for all indian citizens and many applications got approved. You should choose non corrupt leader like Modi. Then only middlecalss and bellow poverty line people can survive. Having said above, in my country inflation is rising which is worry for all of us in india. I hope our administration will takle it.
How exactly does it work where government removes the right for people to invest in residential housing? If a person has a pulse, they have a right to someone else's property? I didn't hear any specifics that was even remotely aligned with the way the real world works (in the U.S. anyway). She might as well have thrown pixie dust in the air and chanted a magic spell. I want everyone to have affordable housing too. I also want all sickness and hunger to go away, for there to be no wars, and for everyone to love others as they love themselves.
I have a plan that will make everyone happy. It goes like this >> I think everyone who agrees with this video and believes government should have the right to take control of your real estate and give it to someone else ... I think those people should give up their right to use their own personal home and allow some faceless government official to move homeless people in. I'm not sure if the homeless person is on drugs or has a tendency to not take care of your property but nonetheless ... that way, the homeless are happy with your roof over their head; the communist minded people happy because government took away their home and gave to someone else ... Everyone is happy.
What an asinine comment. You are in a scummy "business" that is a cancer in our country. You have no brain if you can't see what the current system has done and no soul if you're ok with it. Probably just a greedy little Babbitt who would pimp out our daughters if Wall Street could figure out a way to financialize the transaction.
Wow. So that was the worst TEDx talk I’ve ever heard.. does this person have any idea what she’s talking about? How did she even get a spot at this event? Does she know how economic markets function? She offered no tangible solution to an ill-defined problem. Not a single solution past conjecture and dreams. Plus, not every real estate investor is in large Private Equity firms. Some are small-time, business savvy investors who view housing as a tangible asset to build equity over time and retire on.
As for the ‘solution’ that she never really articulated fully, I think she was hinting at 100% public housing, which is so far off the mark I’m embarrassed for her. Furthermore, housing is not a ‘human right’ it’s a privilege. The only ‘human rights’ that exist are the ones we create, and until housing scarcity is completely eliminated it is not a right but a privilege.
In a word, that talk was Pathetic.
You're "retiring" on the foundation of broken communities, a destroyed society and legions of homeless. What a scumbag.
Your comment has aged so badly. How much has the private equity grown?? So much for the little guy.
*None are so hopelessly enslaved than those who falsely believe they are free.*
Housing is a commodity. It takes material and skill to build and maintain a house.
That's true, but it doesn't really account for the explosion in prices. The price of actually building and maintaining a house hasn't increased that much.
The absurdity of the market is due to the way those commodities are treated, and the economic ecosystem around them. This is what the talk is about, at its core.
stefanos2691 I don't really understand the point of your comment.
Supply and demand. Population density is causing a demand for property with less available land especially in the urban areas. Land in the sounthern US and mid westbis substantially cheaper than the West coast and North East US.
There are more empty houses than homeless INDIVIDUALS in the US and in the UK. A majority of them is in urban areas, and are unoccupied due to the exaggerated prices.
Please, explain to me how that fits supply/demand in a reasonable way.
As I see it, and many others agree, there's no pressure of demand because the house is being used as an investment. Its purpose is not to be occupied, but to just exist there and gather value.
This fundamentally breaks supply and demand principles, by decoupling both of them. This is why people come up with ideas like extra taxes on empty houses.
Treating housing as investment to sit on seems to be the cause of the problem. It's considered OK because it's property, and people don't like to re-think the notion of property.
1ucasvb I've never seen this and it makes zero sense to me. I own my home (farm) and one other property which is a rental property. I would never sit on an empty property, that makes no business sense because an empty property will just cost me money. Property is an investment because houses do appreciate in value.
This sounds wayyyy to communist for me.
Positively Udo You are so negative.
Krizx600 I’m positive that I make money with real estate. 🤗
Straight up commie BS
@@UdoADHD Oh right, it starts to sound communist as soon as you have investment in real estate, how ironic.
@@nanivt1902 i posted this 3 years ago so I don’t remember what it’s about
An economist this woman is not.
Her delivery style feels manipulative.
Some TED talks are really useless