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Steve Keen Housing

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There's no such thing as expensive affordable housing. House prices have to fall. We have worked out how to do that without losing home owner equity, and while benefiting renters. Share widely!

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There's no such thing as expensive affordable housing. House prices have to fall. We have worked out how to do that without losing home owner equity, and while benefiting renters.



Share widely!
Steve Keen
Steve Keen (born 28 March 1953) is an Australian-born, British-based economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, Hyman Minsky, Piero Sraffa, Augusto Graziani, Joseph Alois Schumpeter, Thorstein Veblen, and François Quesnay.

31 comments

  1. I would love to learn how you intend to keep current home owners equity high while bring house prices down at the same time. Will it be like the Singapore HDB model?

    • 4 bedroom HDB apartment just breaks 1.2 millions recently.

    • Homes are not true equity. In real terms a house constantly depreciates, so when the nominal price rises it is ponzi. The first in win, the last out lose. Home owner equity can be found in guaranteed pensions, no superannuation needed, a basic guaranteed income for the retired at a decent living wage, and job guarantee for those who can and want to work. Houses should be de-commodified, they are one of the types of Polanyi's fictional commodity.

    • check the concept here https://www.keenforthesenate.com/affordable-housing/. It won't be easy but it is possible.

    • @V T not for BTOs, no.

    • @ProfSteveKeen thank you for your response. I read through the link you provided and am interested as to whether the balancing of homeowner equity and a mortgage loans can be achieved. In Singapore there's also the same problem for those ineligible for the "subsidised" scheme.

      However, I didn't click through to view the pdf on the details of the strategy. I'd imagine that most voters would be interested to know how you intend to achieve that so as to assuage their fears. Better your PILL than the bitter one that's coming right around the corner.

      Anyway I hope you get the opportunity to implement your housing policy. The world would be happy learners.

  2. Good luck to you Professor! Wish we had your caliber running here in the US.

    • Steve Keen has been wrong about hose prices for the last 2 decades. He will get it right one year eventually.

  3. Stop lying to yourself, because it is all political.

    The State & Church are wealth creating & preserving constructs of a virus, a plague on this planet.

    Abortion is the football, the two-party system plays games.

    The elite have given you the myth of Democracy.

    We are so many chattel.

    SCOTUS is an extreme liars club.

    Democracy is the myth of offshore banking, have you seen justice since too big to fail?

    The antidote for Christianity is literacy & the state does not care.

    Instead, we have Trump, violently getting a photo of himself holding up a bible in front of a Christian church, in mocking.

    My chattel knows what I tell them, "My sheep hear My voice" & a still tongue makes a happy life.

    We have nuclear mutual assured destruction thanks to the wisdom of a virus, a plague on this planet.

    The State is too dangerous to tolerate.

  4. 0:34 Awesome, but what is TNL? Edit: Oh what you are running for senate?? Good luck, maybe I can campaign for you? But how good are your chances do you think? How many numbers do you need? I am from NSW I could travel down to campaign, but how big is your team so far? Are you going to keep running? It would be great to have you in the senate!!!

    • In Australia he only needs 8% of the vote to get in. It is very doable.

    • Thanks PP. Check my website https://www.keenforthesenate.com/volunteer/. We only have a small handful, but if people can hand out How To Vote cards on election day at the polling booth the vote at, there is a chance to get enough votes. As Bijou says, with the preferential voting system we have, a small first preference vote can be bolstered by 2nd to 6th preferences from other parties so that a vote of around 4-8% can end up with 14.5% via preferences and a Senate seat. The last seat is also possible with a lot less than 14.5%, as BJ implies.

    • @ProfSteveKeen
      okay thanks.

      Oh I would REALLY REALLY love to see you in the Senate, if it could be possible. I am just sending you an email.

  5. I thought this guy was smart? Only way to reduce prices is very high interest rates. Which isn't happening unless u want the economy to completely collapse and people start eating each other

    • @jcorb ah yeah, looks like you just regurgitating some official nonsense. Its simply interest rates champ. there may be other factors but thats the main thing. if an Uber driver can borrow $2million, this is only possible with low interest rates. Every new loan is new money in the system. its not that complicated champ. and its far too late to raise them without completely collapsing the economy. its inflation forever. look at any south american country, same same thing happening

    • @Iamblichus II "Its simply interest rates champ."

      Not according to what every economist says about this. But I'm sure you know something they don't.

    • @jcorb "every economist" are the reason we in this mess. "economists" trained and payed by the state, simply regurgitate government propaganda. protect your wealth with real assets coz the currency is dying fast

    • @Iamblichus II ​Yes, I'm sure that people like Yanis Varoufakis, Robert Reich, etc. are the reason we are in this mess. Nothing you are saying makes any sense.

    • @jcorb ok good luck keep listening to them. And btw, have fun being poor

  6. How can you keep the equity in existing homes (which is MASSIVELY over-inflated) AND make housing affordable at the same time? The two don't go together. We need a nationwide housing CRASH to get back to reality.

  7. darcy cummings

    Absolutely true I lived this era where my husband and I could build a nice home in our 20s on working class jobs and hold onto it with 18% interest rates WITHOUT the bank of Mum and Dad. Younger generations get mad and get rid of the majors that have ruined your financial prosperity.

  8. Tank,, no idea what that is why not explain please..talk was spot on..all the best Prof..

  9. bee splaination

    If Steve is elected to the Australian Senate the overall IQ of the senate will double! Good luck mate.

  10. Hi Steve, I would like to volunteer on your campaign, and I understand from your site that I need to sign up to the blog to do so. But I can't find where to do so on your site. (I am only given an option to log in.)

    • Argh! WordPress can be a pain! I need a professional to design it for me.

      Drop me an email at debunking AT gmail DOT com and I'll enrol you.

  11. Wish we had similar policies in the U.K. I was one of eight kids who before the youngest was born lived in two rooms with an outside toilet. My Dad was the sole wage earner in a manual occupation but managed to build a four bedroomed bungalow for his brood. My house was easily affordable but next door recently sold for over £350,000. I take no delight in the increased value of my home because it robs our kids of a chance for a home of their own.

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