Discuss the main points of the news article. Discuss what you think about the efficiency of housing market. Provide your reasoning. (Why you think what you think.) Discuss the role of fairness that led to government action in housing market based on the article.

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THE WALL STREET JOURNAL. Housing Affordability Concerns Rise to the Fore World-Wide China has moved to curtail house price increases and rein in borrowing. PHOTO: QILAI SHEN/BLOOMBERG NEWS Calls for action gain support, but policy makers are worried about existing homeowners and the global recovery By Mike Cherney in Sydney and Tom Fairless in Frankfurt Sept. 27, 2021 8:14 am ET The record-setting rise in home values during the pandemic is triggering fresh debates about housing affordabil- ity world-wide, as policy makers search for ways to rein in price appreciation without driving prices sharply lower or derailing the global economic recovery. In cities from Austin to Dublin to Seoul, more families are finding it impossible to pay higher prices unleashed by a global property boom. Sydney house prices leapt by nearly $870 a day in the second quarter of the year, said real-estate firm Ray White. In the U.K., first-time buyers are paying on average 32% more than 12 months ago, according to Benham and Reeves, a real estate agency. Many economists worry that as more people get stuck renting, or borrow more than they can afford, it could contribute to greater inequality in major cities that could take years to unwind and add to political polarization. It could also lead to more pushback from first-home buyers and affordable housing advocates that forces govern- ments to take more aggressive action. In Berlin, voters on Sunday backed a nonbinding referendum to nationalize large real estate groups with more than 3,000 apartments. But many policy makers are wary of doing too much to control prices, for fear of harming existing owners who benefit from higher values. They also don't want to undermine an economic recovery that is being driven in part by confidence among owners of homes and other assets. Price increases have been a boon for many families. Rising home values typically spur more spending on furni- ture and other goods, benefiting the economy at large. Recent events in China are a reminder of how tricky it can be to try to tame the market. Chinese leaders, worried that rising housing costs could trigger unrest and add risks to the financial system, have moved to curtail price increases and rein in borrowing. Now, China Evergrande Group, a leading developer, is on the brink of collapse, and home sales are weakening, triggering fears of wider economic damage. The affordability problem, however, isn't going away in many economies. A combination of low interest rates, pandemic-era stimulus and changes in buying patterns as people work remotely are pushing prices higher. 1 THE WALL STREET JOURNAL. Housing Affordability Concerns Rise to the Fore World-Wide China has moved to curtail house price increases and rein in borrowing. PHOTO: QILAI SHEN/BLOOMBERG NEWS Calls for action gain support, but policy makers are worried about existing homeowners and the global recovery By Mike Cherney in Sydney and Tom Fairless in Frankfurt Sept. 27, 2021 8:14 am ET The record-setting rise in home values during the pandemic is triggering fresh debates about housing affordabil- ity world-wide, as policy makers search for ways to rein in price appreciation without driving prices sharply lower or derailing the global economic recovery. In cities from Austin to Dublin to Seoul, more families are finding it impossible to pay higher prices unleashed by a global property boom. Sydney house prices leapt by nearly $870 a day in the second quarter of the year, said real-estate firm Ray White. In the U.K., first-time buyers are paying on average 32% more than 12 months ago, according to Benham and Reeves, a real estate agency. Many economists worry that as more people get stuck renting, or borrow more than they can afford, it could contribute to greater inequality in major cities that could take years to unwind and add to political polarization. It could also lead to more pushback from first-home buyers and affordable housing advocates that forces govern- ments to take more aggressive action. In Berlin, voters on Sunday backed a nonbinding referendum to nationalize large real estate groups with more than 3,000 apartments. But many policy makers are wary of doing too much to control prices, for fear of harming existing owners who benefit from higher values. They also don't want to undermine an economic recovery that is being driven in part by confidence among owners of homes and other assets. Price increases have been a boon for many families. Rising home values typically spur more spending on furni- ture and other goods, benefiting the economy at large. Recent events in China are a reminder of how tricky it can be to try to tame the market. Chinese leaders, worried that rising housing costs could trigger unrest and add risks to the financial system, have moved to curtail price increases and rein in borrowing. Now, China Evergrande Group, a leading developer, is on the brink of collapse, and home sales are weakening, triggering fears of wider economic damage. The affordability problem, however, isn't going away in many economies. A combination of low interest rates, pandemic-era stimulus and changes in buying patterns as people work remotely are pushing prices higher. 1

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The article discusses rising concerns about housing affordability globally triggered by a recordsetting increase in home values during the pandemic Cities worldwide from Austin to Dublin to Seoul are ... View the full answer