12/11/2020
Agree or disagree, this is a compelling article.
"[H]erein lies the problem with UBI. Without directly addressing the commodified housing market, UBI works like a never-ending capital-bailout-carousel that simply reroutes public money into the pockets of property owners by way of its recipients, simultaneously propping up an outrageous housing crisis. If a basic income program is in motion when the economy eventually kicks back into gear, this is exactly what it’ll do. It won’t intervene in the market in any meaningful way; it’ll sustain it. In fact, UBI will make it worse: since everyone’s receiving money each month, what’s stopping the system from accommodating that mass influx of cash by inflating housing values and raising rents accordingly? What’s stopping investors from continuing to gamble, to speculate, to rip you off? If we’re to bring about a fairer society, social spending can’t be seen as good in and of itself—we need to follow it to find its function in the overall economy, right to whose pocket it goes. And following the money brings you to multi-propertied landowners, to domestic and international capital, to people whose main contribution to society was securitizing it.
The market gave us these problems. Why should we use the market to solve them?"
To better address inequality, we might first consider the comparatively unsexy, un-new idea of pursuing public housing and housing decommodification on a massive scale—call it a public housing revolution. Building tens of thousands of new social housing units every year, thus addressing backlogs a...