What exactly is ‘rentierization’ (aside from being this year’s Grand Loser in the catchy word creation contest)?
An newly-published study by the University of Sydney and the University College London Institute for Innovation and Public Purpose has coined the term to replace ‘financialization’ (which is not even a respectable runner-up in the same contest.)
Their sad attempt at word-branding is, however, a persuasive examination of affordable housing crises in more than one country today. It sums up a situation in which the value of a house has become more valuable as an investment than as a form of personal human shelter, especially in Sydney, which has some of the most expensive housing in the world.
How is this ‘rentierization’ causing a crisis in Australia? And what can be done about it? Read more in THE CONVERSATION: When houses earn more than jobs: how we lost control of Australian house prices and how to get it back