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Family Homes Funds Project

The Family Homes Funds (FHF) has said it is investing to secure top quality capacity to deliver an ambitious, affordable housing programme as a key aspect of the government’s Social Intervention Programme.

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According to a source in FHF, by 2023, the Family Homes Funds – a special purpose investment vehicle having the Nigerian Sovereign Investment Authority and the Federal Ministry of Finance Incorporated as founding shareholders – aims to have supported the development of over 500,000 homes and 1.5m jobs for Nigerians on low income.

Towards that goal, the Funds disclosed that it has recently completed the construction of 400 homes with an average cost of N3.5m in Grand Luvu, Nasarawa State – part of over 4,000 homes under construction in 5 states namely Ogun, Nasarawa, Kano, Delta and Kaduna.

A further 30,000 homes are at advanced stages of negotiation with development partners and will commence by November 2018. As the new company builds capacity through the ongoing recruitment campaign, it will achieve a program of 80,000 homes by December 2019

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The Family Homes Funds (FHF) is a 1 Trillion Naira Federal Initiative established in 2016 to deliver housing for low-income and middle-income Nigerians, nationwide.


Easy Ways to Spot a Rental Scam

If you have never fallen for a rental scam, then consider yourself lucky because they are still very popular in Nigeria and many unsuspecting people still fall for. As you must have guessed, victims of rental scam suffer financially and psychologically because apart of the clog it throws in a victim’s financial plans, it’s largely humiliating to lose money this way. Sadly, for most victims, this means they have to start planning all over again.

You don’t have to go through the horrid experience of falling for a rental scam before you understand how they work and how to avoid getting scammed when hunting for an apartment/property. Below are some tips from seasoned professionals on ways to spot a scam before it happens.

Apartment/Property Unavailable for Inspection

You should never forget the fact that shady agents and fake real estate practitioners are very intelligent and have successfully scammed several people like you. In other words, they are very convincing when dealing with potential tenants. One of the glaring signs to look out for is that before a rental scam, they make it difficult and literally impossible for you to inspect the property. Of course, they will come up with several excuses but the end goal is the same – They don’t want you to inspect the apartment/property.

The really smart ones will go as far as telling you that they are out of town, which means they are not physically available to arrange an inspection of the property for you. In most cases, he/she (scam agent) will ask you to hold on till he/she gets back. This is just a tactic they use to buy time.

Anyone who keeps you away from an apartment/property you intend to rent has rental scam written all over his/her intention. Don’t fall for this trick regardless of the excuse they come up with.

Urgency of Transaction

Be wary of any situation or scenario where you are put under pressure to make a financial commitment way too early. It is a red flag that gives a rental scam away. Professional agents know that they need to give you time to make a realistic decision on whether you want the property or not. Scam agents; also known as 419 agents in Nigeria are known to stage the rental process in such a way that it puts a lot of urgency on the financial transaction involved.

The biggest hook they throw at unsuspecting victims is that they have received lots of applications and offers from other potential tenants. The goal here is to lure you into making that financial commitment. Once that is done, you are hooked and what follows is merely a familiar plot to serve as the nail the coffin of deception that you have unknowingly walked into. Don’t fall for the line of showing your commitment by paying a deposit.

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Disrupting the Flow of Renting an Apartment

Money should never exchange hands at the beginning of your quest to rent an apartment/property. Instead, this should always happen towards the end.

Under normal circumstances, you should meet the agent, homeowner or verified representative in person. You also need to carry out a thorough inspection of the property before you make payment. Any excuse that places payment above other crucial stages of the property renting process should send your alarm bells off.

No property agent with good intentions asks for payment upfront regardless of how professional they might have come across before pulling that move. Do you know how to find a house to rent in Nigeria? It’s not difficult and you should never be afraid to ask questions.

The Rent is Too Good to be True

If what you are being asked to pay as rent is way cheaper than the value of what you should have been asked to pay, then seek the guidance of a real estate expert to know what the idea rent should be. If the figure still falls below what you should be paying for the apartment, then it is most likely a trap set to lure you in.

For instance, if a typical 2-bedroom apartment in Lekki costs a minimum of N1 million to rent yet an agent tells you he has one for N400,000, you should start asking questions.

Uncompleted Buildings

If you are ever shown an uncompleted building by an agent or developer who gives you reasons why you need to pay quickly to secure the apartment, this is a major red flag. Many unsuspecting individuals have lost their money to this scam and to make matters worse, they never got their money back.

In many cases, scam agents and developers are not afraid of getting arrested especially those who have a strong hold on the corrupt side of the Nigerian police. These agents go as far as allowing you to inspect the property/apartment even while construction is ongoing. The trick here is to show the same apartment to as many as 10 to 40 unsuspecting victims who pay for the same apartment without ever clashing because the rogue agent schedules their inspection for different days.

One way to avoid this is to work with a property lawyer or a real estate expert; whose years of experience can be relied on to avoid falling into such traps.

In March 2018, a Lagos court jailed an estate agent (also a self-proclaimed site engineer), Babatunde Habeeb. He was sentenced to 1,230 years imprisonment for scamming unsuspecting victims of N28 million.

The Application Form

The application form also gives many shady agents and scammers away. A typical application form should be thorough and the homeowner should not put you under any under pressure to complete the form. Remember that this form is the landlord’s way of ascertaining that you are the kind of tenant he/she wants.

Don’t lose sight of the fact that when you are trying to rent an apartment, you are not the only one being careful. The homeowner knows it is important to check you out to affirm that you will not end up a bad tenant.

On the application form, the homeowner tries to establish the kind of person you are, why you are leaving your previous residence as well as whether you will be able to pay your rent subsequently. Therefore, the less concerned the homeowner is about this part of the rental process, the more he/she tilts toward giving himself/herself away as an agent of a rental scam.

If your potential landlord/landlady does not care about your employment history or a reference from your previous landlord, then he/she is probably just in a hurry to swindle you.

Don’t Be Fooled By Photos

No matter how captivating the pictures of an apartment shown to you by a real estate agent is, it cannot replace an actual inspection. There are millions of images online that a scammer can easily download and present to you.

It’s okay to have images shown to you but don’t be naive enough to believe that once these are shown to you, everything checks out as being legitimate. In a situation where these images are emailed to you, you can verify their authenticity by uploading them on Google search to see if they pop up in a totally different listing.

No Written Lease

An agent looking to scam you will either be deliberately clumsy with the written lease or will not make it available to you. When renting an apartment, the only form of agreement you should take seriously is a written one and the reason is simple. A written agreement can always be used as a reference in cases of disagreement and clearly spells out details of what the lease covers.

It is important that the lease identifies who the property owner is. Anyone claiming to represent the interest of the legitimate owner of the home must have a legal document to back this.

In a situation where the property has more than one owner, you should request for a written confirmation from the other party. What this does is to communicate his acknowledgement of the ongoing rental process. Without the other party’s approval, the entire thing might be a sham.

No Meeting With the Owner

No excuse is good enough to justify not being able to have a meeting with the owner of a property before you rent his/her apartment. This meeting legitimises the rental. If you are renting any house, insist on seeing the documents of the ownership.

A popular trick used by con artists is to tell you that the necessary documents will be sent to you. This is one trap you should never fall for because no legitimate homeowner would refuse to show you the documents you have requested to see.

In a situation where the document is eventually shared with you but the name on it does not match the name of the person who claims to be the landlord, this should mark the end of your conversation.

The Subleasing Trap

Subleasing remains one of the riskiest waters to navigate and this is because you put yourself into a situation where you would be paying for an apartment that does not have your name in the original lease agreement that was signed.

Verifying the claim that the lease agreement leaves room for subleasing is another headache entirely. You should be careful not to make any financial commitment to such an arrangement. One safe way to go about this is to get the original tenant to include your name in the original lease agreement that was signed with the landlord.

Please note that if the sublease is forbidden in the lease agreement and you pay for the apartment without knowing this, both you and the original tenant can be ejected by the landlord.

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No Research

In the course of hunting for an apartment, you will be told a lot of things especially if you carry out due diligence and ask a lot of necessary questions. However, regardless of what you are told, it is important that you carve out time to carry out proper research. Google should be your friend at this point. Check the name of the agent as well as the landlord you have been introduced to.

The internet always remembers names and incidents that they have been associated with. For instance, what would you do if you discovered that your supposed landlord was arrested and jailed 10 years ago for collecting rent from 15 different prospective tenants for the same apartment? Would you still go ahead to sign a rental agreement?

Final Thoughts on Rental Scam

Always trust your instinct. If that inner voice or your gut tells you that there is something off about the agent or the property that is being presented to you, you’ll most likely be safer going with that hunch.

Some other things you can look out for that will help you avoid a rental scam include:

  • Don’t be moved by the galaxy of reasons the person might give for not being able to help you view/inspect the property
  • Restrict your search for an apartment/property to trusted real estate websites like Private Property and others that come to you via referrals from your friends and family
  • If the property is excessively cheaper than similar apartments within the same neighbourhood, it’s a good time to ask questions
  • Any real estate agent who is constantly impatient with you should also raise a red flag; especially one who tries to goad you toward making payment
  • No form of money should be paid until you carry out a thorough inspection of the property and you are satisfied with it

Private Property

Lagos and the challenge of housing delivery

IN eight years, between 2011 and 2018, Lagos State government through budgetary allocations to Housing and Community services, had committed about N390 billion public fund, to different housing projects in the state. From the official statistics obtained N26.761 billion went into housing provision in 2011, N42.812 billion in 2012, N46.149 billion in 2013, N50.537 billion in 2014, N49.03 billion in 2015, N62.713 billion in 2016, N50.290 billion in 2017 and N59.90 billion in 2018.

Despite the huge financial commitment by the last two administrations in the state, poor accommodation provision has remained a major deficit in the performances of both the immediate past government of Babatunde Fashola, the current Minister of Works, Power and Housing of the federation and his successor in the state, Akinwunmi Ambode. To the credit of Fashola as Lagos State governor, his housing project known as LagosHoms stands shoulder above others, after the Lateef Jakande era between 1979 and 1984, which is generally seen as the golden moment of public housing project in the state.

Beyond the usual challenges of civil servants’ crooked involvement and allocation bias, one major poser regarding the LagosHoms project is, success at what cost? This brings out the question, why many housing estates, without occupants?

The common refrain at different fora where issue of housing deficit in Nigeria is being discussed is”17 million  deficit”. However, questions are always arising, who carried out the census; how was the data arrived at, et al?

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Beyond the figures, an incontestable fact  is that accommodation shortage is more pronounced in Lagos.

However, findings revealed a “glut” in the commodity, begging for occupants. contrary to  expectations. In essence, the situation is like the proverbial “water water everywhere and none to drink”.

From the available data provided by those in the housing industry, close to 35 housing estates are in Lagos, with more than 154,000 units of different house types provided by private developers, yet to be occupied, with almost 60 percent located in Lekki-Victoria-Ajah axis, while others are scattered around Ikeja, Magodo, Ilupeju, Ojodu-Berger-Omole axis respectively.

While many of the developers collaborate with state government, others simply rely on loan from banks, to finance their projects.

Along the Badagry Expressway are a few of such projects that belongs to government institutions, such as the Nigerian Central Bank, amongst others.

For government schemes, findings revealed that most of the estates have vacant apartments, some reserved for political leaders, to serve as means for patronage. A typical example is the LagosHoms, in Gbagada Housing Estate, where six units of apartments consisting of four flats each, were reliably said to belong to an influential political leader in Lagos state.

“These apartments are specifically reserved for our leader. Not here alone, but virtually, in all locations where you can find government schemes. Not that alone, most of political leaders are usually the beneficiaries of this largesse”, a retired senior official in the Housing Ministry, who spoke on the condition of strict anonymity, confided in Nigerian Tribune.

Developers’ nightmare.

While the exact number of private developers operating in the state, are yet to be ascertained as of press time, at least there are 35 major ones who have contributed inmmensely, one way or the other, to housing delivery, with majority of them having as many as 10 locations of different house types.

However, there is a growing murmur among them, even the most notable ones, of ‘bad market’.

Expressing his frustration to the Nigerian Tribune, a developer, whose estate is located in Sangotedo area, along Lekki-Epe expressway, said he was so desperate to sell the entire estate as a result of dearth of clients.

“To tell you the truth, I’m desperately in need of buyer. I prefer to sell the whole thing and offset the loan that keeps mounting every month”, he said, adding that the prices for renting-out, were just too ridiculous.

He said he would not meet his financial obligations to the banks where he obtained loans in the next 15 years, “not to talk of making profit”.

Prices of three-bedroom apartment range from N30million to N50million for outright purchase, while similar apartment for rent, is between N500,000 and N600,000 per annum, excluding other charges.

Beyond pricing, another factor making business difficult for some of the estate developers, is the terrain of their locations, where infrastructure, especially, access roads and drainage system, are usually poor. This has manifested glaringly in the Lekki axis, where anytime it rains, it’s usually difficult to get to one’s destination. \“In Lekki, there were many houses that remain unoccupied. Indeed, owners of such houses left for Island where they were once tenants, as a result of lack of infrastructure.

“Go to government’s New Town Development Scheme, managed by NTDA, most of the allottees are yet to take possession of their lands. This is government estate where one expects things to be in order, but the opposite is the case”, said an Estate Manager, Mr. Yemi Oguntola, who spoke with visible frustration on his face.  Intervention by successive administrations:

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Dolphin Estate, model or tokenism?

For many Lagos residents, the name Dolphin Estate Ikoyi rings a bell as one of the abodes of the affluent in the nation’s “Centre of Excellence”.

Dolphin Estate was developed by Messrs HFP Engineering Nigeria Limited in the early 1990s, for the Lagos State Development and Property Corporation, LSDPC. To make way for the construction of the estate, the dilapidated Jakande Housing Estate at Ijeh was demolished because it had become an eyesore and degrading to the neighbourhood. .


 Ambode’s Rent-To-Own

The Rent-To-Own and Rental Housing policies of Governor Akinwunmi Ambode’s administration is aimed at making housing more readily affordable and accessible for Lagosians, so says the current administration.

Commissioner for Housing, Prince Gbolahan Lawal, at the inauguration of the scheme in December 2016, said the schemes listed for the programme include Sir Michael Otedola Estate, Odoragunshin-Epe; CHOIS City, Agbowa; Alhaji Adetoun Mustapha Estate, Ojokoro and Oba Adeboruwa Estate, Igbogbo-Ikorodu, (all put in place by the immediate past administration of Governor Fashola). Lawal said accessing housing units in the state had been largely on cash and carry basis which ended up excluding majority of the citizenry, which the Mortgage Scheme, introduced,  by the administration, was reportedly programmed to address.

“Even though the Mortgage Scheme was able to accommodate more people on the home ownership ladder, a large number can still not afford to become home owners as they are unable to meet the requirement of 30 per cent equity contribution which the mortgage scheme demands”, he analysed.

According to him, the rent-to-own policy targets the low and medium income earners in both the formal and informal sectors. Under this arrangement, individuals are required to pay just 5 per cent of the value of the housing unit as commitment fee and the balance is spread over 10 years.

“But the extent at which the programme is succeeding is yet to be quantified, because there has never been a visible addition to the existing ones met on ground by the current administration”, claimed Dotun Adetoye, another commentator, who stated that Ambode is “just fine tuning” what he met on ground.


Why we aren’t building for  masses- Developers

Chief David Olayemi, CEO, Golding Rule Estate, sees the clamour for mass housing by private developers as a mirage. “We are not philatrophists, but rather business people. The argument that we should look for where land is cheap to build houses doesn’t jell at all. Is land the only factor? What of building materials? What of labour? What of charges for land documentation? Or are we to talk of double-digit payment for bank loans, not to talk of inflation that causes unstable price of building materials?”, argued Chief Olayemi.

The Chairman, Righteous Builder, Chief Lanre Rasaq, also listed why mass housing was difficult for private developers.

According to him, factors of housing production like land, building materials, labour and difficulties in accessing loan in Nigeria are enormous.

“It’s only those that built for rent that can venture into mass housing with location in high density areas, where purchasing power of their targeted clients is low. But even at that, no sensible developer can do that except he or she is into philanthropic venture. It’s only government that has the luxury of such venture”, said Chief Rasaq, adding that with sincerity of purpose, government can successfully partner with private investors.

 Our woes–accommodation seekers.

Respondents who are desperately in need of accommodation have a lot of stories to tell.

Seye, Tunde and Niyi are friends whose families are not in Lagos. Because they work in the same organisation, they decided to team up and get a flat in Ilupeju. The accommodation, a 2-bedroom apartment attracted N500,000 per annum, which they shared among themselves.converting the sitting into a room, so that all of them would have their privacy.

“Suddenly, Tunde lost his job as a result of reorganisation at his work- place, while Niyi was transferred to Abuja, living me in a limbo. I was forced to go and team up with a friend because I can’t afford outrageous amount placed on many vacancies avilable!”, Seye concluded.

Mr Tunji Ademola’s case is a bit fair. His words:”I got an accommodation in one of the government housing estates in Ojokoro. Although, the apartment was said to attract N7.2million. But going by Governor Akinwunmi Ambode’s “Rent-To-Own” scheme, the apartment cost N5miilion plus. But the bonafide beneficiary gave it out to us for the original price, which I’m happy with because the place is close to where I’m working”, he said gleefully.

Another resident in Parafa Area, Ikorodu North, Mr. Jacob Ajobiewe, an accountant, whose office is in Ketu, also narrated his personal experience, which he said was recent. “The problem is not solely on the price for housing, but rather, the commission and other charges. I would want government to build more low cost houses, from which working class group, the artisans, petty traders, and others in that categories would benefit. If the feat could be performed in 1979-1983, by Alhaji Jakande, when Lagos revenue was so paltry, what stops the successive administration from doing more, regardless of rising population the city is witnessing today?

Samuel Nwosu, who operates provision stores in Idumota, Lagos Island also shared his experience on how he got an apartment in one of Jakande Estate, Isolo.

“ it was when my friend relocated to abroad and he learnt how I was duped by estate agents that he told his sister to sublet his apartment for me. Though, an old building, one would say, but paying N250,000 annually for a 3-bedroom flat in Isolo is a big relief”, he said.

These and many were the traumatic experiences by many accommodation seekers in Lagos, a situation forcing many people either back to their villages, or relocating to the suburbs, where things are not that easy, particularly, economic-wise. .

 A developer’s crisis.

Negative publicity that attracted an unfortunate building collapse of a popular developer almost two years ago, was considered a great setback for affordable housing drive in Lagos.

According to a developer who is suffering from the bug of lack of willing tenants, “ what happened to (names withheld) is unfortunate. This is a firm that succeeded in bringing people of different financial background to be landlords/tenants from high density locations to highbrow Lekki, among other places.

“But see how a singular event of building collapse destroyed all the good things the firm has done for accommodation seekers? See the kind of politics that accompanied the development?”, he quipped.

Sharing his own experience, he said he committed N650million on a 24 units of 3-bedroom and 2-bedroom apartments, six duplexes and two semi-detached apartments, in Sangotedo area in Lekki.

“It’s more than two years now that we had completed the project, but unfortunately, we are yet to fill the vacancy. While some prospective tenants or buyers are complaining of high price, others are complaining about the terrain.

“With all these, debt is mounting and frustration is setting in”, he complained bitterly, but declined to reveal how much he’s owing the bank.

“No, this is a joint venture, all the partners will bear the burnt, only that it weighed enormously on my credibility, because I’m the driving force of the project”, he said.


Cohousing: Driving housing innovation by changing the way we live

A shared desire to live more communally could encourage greater housing diversity, according to Adam Haddow. Here, he looks to student housing, “build-to-rent” models, and the new WeLive project in the USA for cues on how to conjure an alternative, more versatile Australian housing market.

Cohousing is defined by the Cohousing Association of the United States as “an intentional community of private homes clustered around shared space” – where the dwellings themselves are much the same as any other and the shared space constitutes anything from a common room to a kitchen, laundry or recreational area. Less obvious in this description is the essential ingredient – intent. That which turns a simple group of dwellings into cohousing is the desire to share not only part of your physical space but part of your daily activities. Sharing may encompass simple things, such as tools and lawnmowers, or more complex things, such as caring for the young and elderly. Often an important element involves meals – it is not uncommon for cohousing projects to host weekly dinners where each of the residents has a role.

Cohousing is housing supported by an ongoing management structure that facilitates a connected community – to a certain extent, imagine a small country town with an active and well-funded council. There are virtually no edges to what can be considered cohousing from a typology perspective, the only constant being a desire by the inhabitants to live more communally. Emotionally, cohousing could be understood as the dense, inner-city version of the 70s suburban cul-de-sac. In my memory the great suburban cul-de-sac experiments existed when everyone’s backyards, swimming pools, swings or BMX jumps were shared. It seemed as if parents made personal investments in their backyard environs with a view to what else was within walking distance for their kids. Cohousing is perhaps just the urban cousin.

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While this type of housing is able to accommodate both bottom-up and top-down procurement processes, it is not a housing form that has gained much ground in Australia. I would suggest this is partly because we don’t have funding, governance or taxation systems in place to support developer involvement and partly because land costs (inflated due to the housing crisis) prohibit the participation of community-based organizations.

The flood of new private sector student housing offerings is an example of the delivery of cohousing. The days of getting together with your mates to sign a lease with the elderly owner of a terrace house seem to be long gone, mostly as a result of the abandonment of the traditional student suburbs by the students themselves, who rejected their parents’ idea of suburban nirvana to live closer to the action. The free market economy came into play and private student cohousing projects have popped up to fill the void – a top-down development model owned and managed by investors. The benefit to the student of this new model is a high level of flexibility and amenity coupled with a low level of risk. So could the model of cohousing leveraged to provide student housing offer a solution for broader housing challenges of supply and affordability?

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Imagine that the average two- bedroom apartment in Australia is seventy- five square metres and the average occupation of a two-bedroom apartment is two people – sometimes friends, sometimes lovers, sometimes a parent and a child. Each of these groups has different spatial needs. The friends need more privacy, with split bedrooms and separate bathrooms, but hardly use the living and dining room during the week – they’re too busy at work building their careers or living in the city with dinners and movie dates.

The lovers really only use the second bedroom when a relative or friend occasionally comes to stay or when they work from home once a month – the rest of the time it’s the additional robe space they crave. The parent and child could really do with a bit more living space at the expense of a much smaller second bedroom – what five-year-old needs a room that fits a king-size bed anyway? Then imagine this. Instead of each group getting the same apartment, they each get one a little more tailored, and this tailoring comes about by reducing the space within their apartment walls – pushing it down to fifty square metres, and investing some of the difference, say ten square metres per apartment, into common space.

This then enables an awesome play space for kids that is continually observed, a visitors’ apartment you can book for guests, a meals area with a commercial kitchen so you can live out your MasterChef ambitions or just a really great laundry so you never have to buy a bloody washing machine again! But where does the additional fifteen square metres per apartment we saved go? This saving goes towards the overall management of the building and residents, so that there is always someone there to accept your Amazon purchase or organize the washing machine repairer – without you ever knowing that it broke in the first place.

This is the latest cohousing model popping up in the United States, with one such example called WeLive. It’s a kind of student housing for adults, complete with a doorperson, a concierge, a cleaner and the occasional yoga instructor.

Our industry has been awash over the last few months with ideas about the potential of cohousing projects. The name being used is “build-to-rent,” but in essence it’s the same thing. There are developers jumping in headfirst and there are others who are cautiously optimistic, waiting for the right economic conditions.

Either way, build-to-rent looks to become a player in the rental market. Build-to-rent is in direct contrast to our national preoccupation with build-to-sell, which has fuelled the property market over the past decade, with particular help from specific tax incentives. Build-to-rent takes a longer-term view on housing, with institutional investors such as industry super funds or private equity stumping up the dollars and ultimately owning and operating the asset. It’s not such a bad idea – if you own the building you’re probably going to be more interested in the longevity of both the product and the community, which has the potential to deliver better buildings and to enable more active, engaged and happy residents.

This model is also perhaps evidence that as a society we are changing, that a significant number of us, given the right building, location and management structure, would be happy to rent. WeLive comes to you from the owners of coworking company WeWork and is based on a similar plan – provide high-quality housing with all of the “add-ons” that cohousing relies on to build a community, along with a heavy overlay of management. On a recent visit to the New York WeLive, I was seduced by the quirky apartments, the generous communal spaces and the opportunity to meet and connect with people in a city not renowned for its friendliness.

While we are only scratching the surface of cohousing in this country, and indeed it will take time for it to make any real dent in the housing market, it is an interesting model that has the scope to influence the way we live and to provide an alternative living environment. Our current housing choices are much like the Australia of the 50s – it makes us long for a great espresso. Thankfully, we are maturing and as a result getting more options. In my mind diversity is key – the more the better. Perhaps one day our housing choices might match our multiculturalism.

Adam Haddow

China’s President Xi pledges $60 BILLION for Africa’s development over the next three years

Don’t call it colonialism: African leaders welcome China’s $60BILLION investment and President Xi tells conference ‘there are no strings’ – despite warnings Beijing is burying continent’s countries in debt to control them

  • Development aid was announced at a two-day China-Africa Cooperation summit
  • Xi said the investments on the continent have ‘no political strings attached’ 
  • Beijing has been increasingly criticised over its debt-heavy projects overseas 

Africa’s leaders have denied that a Chinese investment package is ‘a new form of colonialism’ after Xi Jinping pledged $60 billion worth of funding to several nations on Monday.

Xi told African leaders at a summit that China’s investments on the continent have ‘no political strings attached’, even as Beijing is increasingly criticised over its debt-heavy projects abroad.

Following Xi’s pledge, South African President Cyril Ramaphosa delivered a stinging rebuttal to criticism of China’s development aid in Africa.

Ramaphosa defended China’s involvement, saying that the meeting ‘refutes the view that a new colonialism is taking hold in Africa as our detractors would have us believe’.

Rwandan President Paul Kagame, current chairman of the African Union, also rallied behind China’s involvement in Africa.

‘Africa is not a zero sum game. Our growing ties with China do not come at anyone’s expense,’ he told the summit.

Xi offered the funding at the start of a two-day China-Africa summit that focused on his cherished Belt and Road initiative. The money – to be spent over the next three years – comes on top of US$60 billion Beijing offered in 2015.

The figure includes US$15 billion in grants, interest-free loans and concessional loans, US$20 billion in credit lines, US$10 billion for ‘development financing’ and US$5 billion to buy imports from Africa.

In addition, Xi said China will encourage companies to invest at least US$10 billion in Africa over the next three years.

The massive scheme is aimed at improving Chinese access to foreign markets and resources, and boosting Beijing’s influence abroad.

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It has already seen China loan billions of dollars to countries in Asia and Africa for roads, railways, ports and other major infrastructure projects.

But critics warn that the Chinese leader’s pet project is burying some countries under massive debt.

‘China’s investment in Africa comes with no political strings attached,’ Xi told a high-level dialogue with African leaders and business representatives ahead of the summit.

‘China’s cooperation with Africa is clearly targeted at the major bottlenecks to development. Resources for our cooperation are not to be spent on any vanity projects, but in places where they count the most.’

But Xi admitted there was a need to look at the commercial viability of projects and make sure preparations are made to lower investment risks and make cooperation ‘more sustainable’.

Belt and Road, Xi said, ‘is not a scheme to form an exclusive club or bloc against others. Rather it is about greater openness, sharing and mutual benefit.’

Later, at the start of the Forum on China-Africa Cooperation (FOCAC), Xi announced US$60 billion in funds for eight initiatives over the next three years, in areas ranging from industrial promotion, infrastructure construction and scholarships for young Africans.

He added that Africa’s least developed, heavily indebted and poor countries will be exempt from debt they have incurred in the form of interest-free Chinese loans due to mature by the end of 2018.

A study by the Center for Global Development, a US think-tank, found ‘serious concerns’ about the sustainability of sovereign debt in eight Asian, European and African countries receiving Belt and Road funds.

During a visit to China last month, Malaysian prime minister Mahathir Mohamed warned against ‘a new version of colonialism,’ as he cancelled a series of Chinese-backed infrastructure projects worth US$22 billion.

Ahead of FOCAC, Rwandan President Paul Kagame, currently the chair of the African Union, also dismissed the concerns, telling the official Xinhua news agency talk of ‘debt traps’ were attempts to discourage African-Chinese interactions.

At the last three-yearly gathering in Johannesburg in 2015, Xi announced US$60 billion of assistance and loans for Africa.

Nations across Africa are hoping that China’s enthusiasm for infrastructure investment will help promote industrialisation on the continent.

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Nigerian President Muhammadu Buhari will oversee the signing of a telecommunication infrastructure deal backed by a US$328-million loan facility from China’s Exim bank during his visit, his office said.

Xi said Belt and Road complies with international norms, and China ‘welcomes the participation of other capable and willing countries for mutually beneficial third-party cooperation’.

China has provided aid to Africa since the Cold War, but Beijing’s presence in the region has grown exponentially with its emergence as a global trading power.

Chinese state-owned companies have aggressively pursued large investments in Africa, whose vast resources have helped fuel China’s transformation into an economic powerhouse.

While relations between China and African nations are broadly positive, concerns have intensified about the impact of some of China’s deals in the region.

Djibouti has become heavily dependent on Chinese financing after China opened its first overseas military base in the Horn of Africa country last year, a powerful signal of the continent’s strategic importance to Beijing.

Locals in other countries have complained about the practice of using Chinese labour for building projects and what are perceived as sweetheart deals for Chinese companies.

The concerns are likely to grow as countries in other parts of the world — especially Southeast Asia — begin to question whether Chinese aid comes at too high a price.

‘Time has come for African leaders to critically interrogate their relationship with China,’ an editorial in Kenya’s Daily Nation said Monday.

African leaders, ‘should use the summit to ask tough questions. What are the benefits in this relationship? Is China unfairly exploiting Africa like the others before it?’


Construction, real estate among Nigeria’s biggest GDP contributors – Data

The construction and real estate sectors have picked up massively from the economic meltdown that hit the country in 2016 to become a key contributors to the country’s economic recovery, an analysis of data has shown.

The National Bureau of Statistics (NBS) recently released Gross Domestic Product (GDP) figures for the second quarter of 2018 indicating that for the first time since the country’s exit from recession in 2017, economic growth was driven by the non-oil sector.

According to the report, the non-oil sector expanded by 2.05 per cent and contributed 91.45 per cent to the nation’s Gross Domestic Product (GDP), compared to 90.96 per cent recorded in Q2 2017.

Among the sectors that led the expansion in real term were the construction and slightly real estate sectors, including cement and wood product manufacturing.

According to the report, the construction sector grew by 7.66 per cent in Q2 2018 from -1.54 per cent in Q1 2018 and 4.14 per cent in Q4 2017.

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Although, the real estate sector contracted by -3.88 per cent in Q2 2018 from -9.40 per cent in Q1 2018, it was higher than the 5.87 per cent reported in the preceding quarter.

The cement manufacturing sector grew by 3.84 per cent in Q2 2018 from 5.28 per cent in Q1 2018 and -1.92 per cent in Q4 2017, as well as wood and wood products by 2.23 per cent in Q2 2018 from 1.53 per cent in Q1 2018.

The analysis showed that the growth in the sectors could be attributed partly to the availability of foreign exchange and the improving economic climate which has encouraged investment in the country generally.

Also, findings showed that there has been a flurry of road construction and rehabilitation, rail, infrastructure and other capital projects this year which has seen the Federal Government pumping billions into them.

The Federal Government said around N1 trillion capital vote was released last year, the highest ever budgetary releases in Nigeria’s annual funding, for capital projects, with a promise to do more this year based on the current stability in oil price and the return of normalcy in the Niger Delta.

Findings also showed that over 20 road construction and rehabilitation projects across the country are to be funded in the 2018 budget.

The roads ministry is also said to have received proceeds from Sukuk bonds subscription worth N100 billion to fund repairs of 25 key economic road projects across the six geo-political zones of the country.

Government recently commenced the rehabilitation of the 30.4km Ikorodu-Sagamu road, the Lagos-Abeokuta Expressway as well as the reconstruction of the road from Apapa to the Toll Gate on Lagos-Ibadan Expressway.

Some other construction projects listed in the budget for this year include the outstanding sections of Apapa-Oshodi Expressway in Lagos; rehabilitation of Gombe-Biu road in Gombe and Borno states; construction of Ukana Akpa Utong/Iket Ntueu road in Akwa Ibom and construction of Umuerogha-Umuelema Nbubo road in Amasa Nsulu in Isiala Ngwa North LGA, Abia State among numerous others.

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Rail projects have also moved on speedily with the launch of the Abuja Rail Mass Transit project. Work on other rail projects in Lagos, Ibadan, Kano and other states have kept activities in the construction sector eventful.

On real estate and housing delivery, a number of strategic collaboration between the private sector and government aimed at addressing the housing requirements of the country have been seen this year.

In a matter of months, the Federal Housing Authority (FHA) will perform the ground breaking ceremony of one of its new flagship projects called the Diaspora City which will be constructed in seven states. A 700 hectare of land has been acquired at Abuja’s Maitama Extension for the Abuja section of the project.

Similarly, the Federal Mortgage Bank of Nigeria (FMBN) in conjunction with labour and trade unions will later this month perform the ground-breaking ceremony of the first phase of an affordable housing scheme for workers that will deliver 2,800 housing units in 14 sites across the country.

The private sector has been active in the market with the resumption of work at one of the most anticipated high end developments in Abuja.

Promoters of the Abuja City Centre project recently said construction work had started at the project site two years after the economic downturn in the country affected the project.

Located at the Central Area of Abuja, the project is designed to be a mix-use development with 28 high rise towers encompassing residences, hotels, high-end business school hub, shopping arcades, malls as well as hospitals and medical suites.

By Daniel Adugbo

China struggles to heed Xi’s call to develop rental housing

China’s drive to develop a well-functioning rental housing market as an antidote to sky-high property prices is foundering, as rental agencies resort to debt-fuelled expansion amid weak profitability.

President Xi Jinping’s frequent refrain that “houses are for living in, not for speculation” has been seen as a call to increase the supply of rental housing and discourage investors from holding flats empty. Beijing, Shanghai and Shenzhen are among the world’s most expensive places as measured by the ratio of house price to median income.

At the country’s yearly economic planning meeting in December, leaders pledged to promote rental housing and “support the development of professional and institutional housing rental enterprises”. But that effort is off to a bumpy start.

Since the beginning of 2017, at least eight operators of long-term rental housing have failed, according to the China Real Estate Information Corporation, a research group, and analysts say a sustainable business model for rental housing remains elusive. “I don’t advise you to do long-term rental apartments,” Pan Shiyi, chairman of Soho China, a major property developer, told a forum in August. “It’s a lossmaking business.” Mr Pan estimated that buying flats would require bank loans with an interest rate of at least 5-6 per cent, while rental yields were only 1 per cent.

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This month, Dwell You, an operator based in the prosperous east coastal city of Hangzhou, announced on August 20 that it was ceasing operations, leaving 1,700 tenants and their landlords scrambling. Dwell You and other rental operators obtained “rental loans” in tenants’ names from banks or online lenders, sometimes without their knowledge. The tenant’s monthly “rent” payments were, in fact, loan repayments. “If I knew it was a rental loan, I would never have signed the contract.

After all, it will affect my credit score,” said Lei Wenqi, a 24-year-old product manager at an internet company in Beijing who rented a flat from Danke, an operator with rental properties in nine cities. “Since the loan is applied in my name, why is the money not given to me but given to Danke directly?” asked Mr Lei. Operators received a year of rent from the loan, while paying landlords only monthly.

This maturity mismatch allowed the operators to use the excess cash to seek new rental flats and expand their business. And because tenants, not landlords, were paying loan interest, this growth capital was essentially free for the operators. Danke raised $100m in February from a consortium of Chinese and foreign VC groups including the Asia private equity arm of German media group Bertelsmann.

Danke did not answer a request for comment. “This shows yet again that as soon as rental apartments groups verge into finance, it creates all kinds of new problems,” said Yan Yuejin, research director of E-House China R&D Institute in Shanghai.  Despite doubts over profitability, venture capital has flooded into the sector on expectations of policy support and growth. China’s rental market housed 190m people last year and generated Rmb1.3tn ($190bn) in revenue.

Those figures will rise to 270m people and Rmb4.2tn by 2030, according to Oriental Securities. Financial regulators are also working on policies to encourage the creation of real estate investment trusts — portfolios of rental property that trade like a stock. Tax breaks for such structures would increase their profitability.  “Right now everyone is rushing to scale up by gobbling up housing resources.

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The logic of the industry is ‘whoever rules housing inventories rules heaven and earth’,” said Hu Jinghui, chairman of the China Alliance of Real Estate Agencies, an industry association. “A lot of companies have very high costs, but they’re more focused on impressing VCs than serving customers.”

Financial Times

Pandemonium as 100-year-old Delta church collapses

There was pandemonium in Adagbrasa-Ugolo community, in the Okpe Local Government Area of Delta State on Sunday after  a church, St. Paul Catholic Church, collapsed.

While an 11-year-old boy was confirmed dead, no fewer than 15 others reportedly sustained varying degrees of injury.

Our correspondent, who visited the scene of the incident, gathered that the walls of the 100-year-old church started falling while parishioners were waiting for the priest to commence mass around 7am.

The deceased, identified as Jeffrey Jackson, who had successfully escaped from the church hall, was later trapped while reportedly fleeing to a safer place.

The injured, among which were octogenarians, were said to have been rushed to the Orerokpe General Hospital and another private hospital in the headquarters of the council.

They were all said to be in good condition when our correspondent visited both hospitals with the state Commissioner for Works, Chief James Augoye, who led a government delegation to the scene of the collapse on Sunday.

A witness and vice chairman of the church, Mr Daniel Agiri, said the incident occurred after the foundation of a new structure to expand the church gave way.

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Agiri noted that worshippers had concluded rosary and morning prayers before the incident happened, adding that over 100 persons were inside the church at the time.

He said, “We were about to commence mass when we noticed a crack on the wall of the building from the altar. The incident happened rapidly. We are happy that the seminarian, who was to conduct mass, had not started. The moment the building started falling, everyone ran to safety. We lost one person and 15 persons got injured.

“We have recovered the deceased’s body from the rubble. Jeffery was a primary four pupil. My son’s leg was also broken. Some of the injured persons are in their 80s. A doctor told us that they were in stable condition.”

Agiri pleaded with the state government and the Warri Catholic Diocese to erect a new building for them to worship, adding that they were planning for the centenary celebration of the church when tragedy struck.

Augoye, who said he was representing the state Governor, Dr Ifeanyi Okowa, told PUNCH Metro after paying a condolence visit to the father of the deceased that the state government would investigate the cause of the incident.

The commissioner, after making a cash donation at the Orerokpe General Hospital, assured the victims that the government would also settle their medical bills.

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He directed the hospital management to give prompt treatment to the injured.

The state governor, Okowa, while reacting to the building collapse in a statement signed by his Chief Press Secretary, Charles Aniagwu, described the incident as “sad and unfortunate.”

He said, “The church is a 100-year-old building and, in an attempt to rebuild and expand the church, the old church building collapsed as a result of heavily soaked water occasioned by the weight of worshippers who leaned against the walls while the early morning mass was on.

“While we pledge to pay the cost of treatment of the injured, people must ensure they seek necessary approvals before construction of buildings, particularly public structures, to avoid incidents like this.

“On behalf of the government and people of Delta State, I commiserate with the family of the deceased; the injured; the Speaker of the Delta State House of Assembly; the Chairman of the Okpe Local Government Area, Chief Julius Scott; the Orodje of Okpe, HRM Orhue 1, Major Gen. Felix Mujakperuo (retd.); and the entire Ugolo community in Okpe Kingdom, on the unfortunate incident.

“It is our prayer that the soul of the deceased will rest in peace, and that the injured will experience quick recovery. Our thoughts and prayers will continue to be with the people of Ugolo in Okpe Kingdom over this tragedy.”

The state Commissioner of Police, Muhammad Mustafa, said the dead and the injured had been evacuated from the scene of the incident.


Our woes, pains by housing corporations

Dreams of Nigerians to own homes through housing agencies may have dimmed, following inadequate funding, political tinkering orchestrated by greed and corruption of the leadership in states.

The state housing agencies say, the option for their becoming the engine room of economic development is restructuring by way of organizational and financial structural changes.

The creation of these housing corporations by the then regional governments prior to independence marked the beginning of the creation of modern housing estates throughout the country.

The effect of the housing corporations were further widened with the establishment in 1964 of the Association of Housing Corporations of Nigeria (AHCN), whose main objective is to ensure the increased availability of dwelling houses and the development of housing industry.

This structure ultimately became a focal point within which the first housing policy of 1990 was formulated and subsequent policies are being implemented.

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These housing agencies located in each state of the federation, were statutorily created to execute public housing programmes for each state of the federation based on the formulated housing policies.

Essentially, they are to undertake the development of estates by acquiring, developing, holding, managing, selling, leasing or letting any property movable or unmovable in their respective states.

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They were also charged with providing a home ownership saving scheme in respect of any housing estate or building owned, constructed and managed by them with a view to enabling members of the public purchase or build their own houses as well as sites and services scheme for residential, commercial and industrial purposes for the people of their respective states.

AHCN also construct and maintain modern dwelling houses at reasonable costs for sales to members of the public; undertake the construction of offices, commercial and industrial buildings for letting out to members of the public among other things and engage in other investment activities and opportunities as may be determined by the respective state governments.

But since its creation, a lot have changed.

The Guardian investigations revealed that most of the state housing agencies are under-utilized, rendered redundant and could hardly carry out their primary responsibility as elaborated in the respective laws setting up these agencies.

The challenges, it was gathered are ONE: Usurpation of the statutory responsibility of housing corporations in housing construction and development by supervising ministries who engage in direct construction instead of their primary role to formulate policy and monitor its parastatals to ensure policy compliance and accomplishment.

With this, housing corporations are neglected and starved of funds.  

When these housing corporations decide to source funds, the required backing from the state government is not always there as laws establishing the corporations require executive government backing with approval of the state house of assembly.

In some cases, parallel organizations are set up under the governor’s office to package public private partnership on behalf of the state and when housing corporations come up with such package, they would be denied all necessary support to make such PPP to work.

And where support was granted, there were usually over-pricing of such projects to take care of the interest of the political leaders as well as diversion of funds, which make final product of the project unaffordable.

TWO: In states where housing corporations are utilized for housing production, Political interference with activities of the agencies usually result in their ineffectiveness which grossly in most cases affect on-going projects.

THREE: Lack of total independence to execute projects professionally and most housing corporations even collect their salaries from the state ministries and the introduction of Treasury Single Account has rendered most of these corporation redundant.

FOUR: In virtually all the housing corporations, there are no financial support in terms of seed funding to assist state Housing Corporations to take off project execution.

FIVE: Lack of government support in terms of provision of infrastructural facilities in most housing estates, which often increase the cost of completed housing units.


SIX: Withdrawal of some state governments from the National Housing Fund contribution which put Housing Corporations of such States at disadvantage in accessing estate development loans from the Federal Mortgage Bank of Nigeria (FMBN).

“Today, most of these housing corporations merely exist by names. In some states, they are rendered irrelevant in their special field while state ministries have taken over construction and in some states they have been merged with the ministries.

This situation has relegated housing development to the background and hardly can we see any state government today that categorize housing as priority and major cardinal focus unlike in the second republic, according to AHCN immediate past president, Dr. Ifenna Chukwujekwu.

He said: “The recent shift of housing provision through government policy of total withdrawal from direct construction introduced by the Obasanjo regime did not help matter as the private developers were unable to meet the housing demand of the people.

This situation has further widened the rising housing shortage in Nigeria.”

Chukwujekwu explained that all the edict that established most of the housing corporations are outdated.

“For these corporations to be effective, these outdated laws and edicts require urgent and immediate amendments.”

He said: “Provision should be made to commercialize these housing corporations with full autonomy to make them more dynamic and productive.”

AHCN Executive Secretary, Toye Eniola told The Guardian that the housing corporations remain the only body that can solve Nigerian housing deficit.

“The public and private sector driven mass housing provision have been experimented and tested over years and it has been proven that public sector driven housing provision through housing corporations are equal to the task of developing mass housing given the right atmosphere,” he said

According to him, “housing challenge of most of our state capitals,especially during creation of new states were effectively resolved by housing corporations and it is most evident in most state capitals with popular and established housing estates.

“Housing corporations are government parastatals with access to government land, which place them at vantage position to execute government housing scheme.

He stated that private developers are high profit driven and they prefer middle and high-income housing projects, which are easier to dispose to recoup their investment in a short while, which invariably does not favour the low income group because of affordability question.

Chinedum Uwaegbulam

What Will Lower Housing Prices?

In late 2017, Congress and the President wanted to make the $1.5 trillion plus cuts in corporate and other taxes not look so big. So they raised taxes for some people by drastically limiting the deductions for state and local property and income taxes (SALT), capping the deductability of mortgage interest, and increasing the standard deduction (which makes itemizing less valuable).

Of course, these tax hikes affect people with houses and mortgages, especially those living in states with high real estate and income taxes.  Before this change, they could write off those SALT taxes when they paid federal income tax. The National Association of Realtors (NAR) led the scare, predicting house values would generally fall, and especially in California, New York, Massachusetts, and New Jersey.

But housing prices generally have not fallen.  In the first half of 2018, the Federal Housing Finance Agency’s house price index rose by 3.8 percent.  Even in California, housing demand is strong.  The chief economist for the Relators  said, “We thought there would be some impact…but the market is saying, so far, there is not an impact.”

But don’t tax deductions affect housing values? Generally, economists would not expect the change in the tax deductibility to have a major impact on house prices because several other factors have larger effects on home values than government tax breaks. Of course, those tax breaks can be a factor in buying a home or willingness to bid up the price–they just aren’t the biggest factor.

Let’s look at the big picture. We might want to say good riddance to special deductions for owning a home. Mortgage deductions and other tax subsidies for home ownership may in fact be bad policy.  They tell society that the government wants you to own a single-family house. But home ownership could be bad for you financially and inefficient for the larger economy.  Not only is renting a perfectly decent decision but housing tax breaks may steer too much investment capital into housing debt and away from productive investments and diversified household portfolios.

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Harvard economist Edward Glaeser has argued that tax subsidies and related policies result in “the government…essentially bribing Americans to live in suburban, detached homes.”  And the 2007 financial and economic crash was caused in significant part by too much housing debt, especially for lower and middle income households.  That rise in debt, amplified significantly by risky Wall Street financial manipulation, ended up putting the entire economy at risk.

So why aren’t the loss of the SALT deductions for some taxpayers and the mortgage deduction cap suppressing housing prices?

First, the tax bill also contained a large increase in the standard deduction, which is a significant gain for most households.  Using the standard deduction means less itemizing overall, so the value of the mortgage and tax deductions fell for many taxpayers.  Relatively few taxpayers will be deducting their state and local property taxes so they are untouched–in fact, they are probably a bit better off.  So they may want to buy a house, pushing up demand and keeping prices high.  Only high tax payers in states with both high income and property taxes may feel a pinch from losing the SALT and mortgage deductions.

Second, housing prices are what economists describe as “sticky downwards.”  Homeowners are notoriously prone to overvalue their house and reluctant to lower the asking price until faced with continuing bad news – and, of course, no offers.

Third, buyers, especially higher-income consumers, are wealthier because of the legislation’s other windfall tax breaks, especially lower rates. And they feel wealthier because of the run-up in the stock market.  The psychological effect of both may be bidding up the price of the better houses they want to buy.

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Does this mean we shouldn’t worry about house prices?  No.  Prices could fall as the Federal Reserve continues to raise interest rates, although some fear that could tip the economy into recession which of course would lower house prices.  And there are some signs of weakness in housing markets.  For example, new private housing starts have barely reached the levels of just before the 2007 economic collapse.  There seems to be some slowing of price increases in places where the tax bill has its largest negative impacts. And slow income growth for many American households means that buying a house is moving beyond their reach.  A recent report concluded that in twenty large metropolitan areas, middle-class families are increasingly unable to afford a house.

Like many other aspects of today’s economy, we may see housing prices favoring the rich over the middle class and below. House prices for higher income families may be rising, which might in turn nudge more and more middle-class families with stagnant incomes out of the housing market and also put upward pressure on rents.  If that megatrend continues, it may swamp whatever effects the tax legislation is having and housing prices will fall.

Teresa Ghilarducci

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