Letters

‘Is it inherently wrong to be a landlord?’

A core part of capitalism?

Fri Apr 21 2023 - 00:14

Sir, – Joe Humphreys provides food for thought on the difference between wealth, which is all about ownership, and income, which is primarily about work (“Is it inherently wrong to be a landlord?”, Unthinkable, April 20th).

Political economists such as Gary Stevenson and Brett Christophers give voice to the ownership economy, which is all about wealth.

Wealth inequality is about who owns what.

Houses, land, natural resources, technology, stocks and shares are all examples of assets that are owned by somebody or a group of people such as a corporations.

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But corporations are owned by people too.

Debt is also an asset, even though many people think of debt as a liability.

But that is only if you owe the debt.

Every time one person owes a debt, there is another person who is owed the debt. And they receive income from that debt.

Mortgages on houses and government debt are a huge source of wealth.

And the income from this wealth goes to those that own the asset.

And the more assets you own, the easier it is to leverage that portfolio which then makes it more difficult for an ordinary worker on a fixed income to own their own home.

For the vast majority of people, owing a house to live in will be the only significant asset they will ever own.

Bertie Ahern recently noted in this paper that he still only owns one house while he said other politicians own up to 17 (“Bertie Ahern interview: I see all this stuff now about TDs with 20 houses – I’m still with me one house”, April 10th). It can be legitimately argued that politicians owing a portfolio of houses is contrary to the common good because for housing to become more affordable to those in need their values need to fall.

Brett Christophers is probably right when he says it is only through public ownership that housing and energy infrastructure can be provided at affordable rates.

But he is also right when he says, “And I think it’s really worrying for the long term, not just the short term, that large-scale public ownership of housing and of essential infrastructures remains so far out of the realm of existing political possibility.”

If one wants an everyday proof of that sentiment, one can only look at the politician with 17 houses who has more than 50,000 followers on TikTok, while the politician that built 70,000 house a year during his time in government is now berated and laughed at on the same channel. – Is mise,

TOM McELLIGOTT,

Listowel,

Co Kerry.