That's exactly what the Chinese government did, only at a larger scale. It hasn't worked out well.
> They actually suggested recently to offer multi-generational mortgages... That's how crazy the market is getting.
I saw that, it's absolutely wild.
> Those are risks your landlord should have insurance for. In a world where property isn't such a commodity, those risks don't really have the same meaning or value.
There are risks that can't be insured against. Suppose my employer relocates to another region, and I have the choice of following or finding a new job. If I own a house, I now have to sell it (incurring a 3-6% transaction cost and lots of headache). I can only sell it if there's a willing buyer, and there's no guarantee there will be any.
My rent is covering the building's mortgage, taxes, and maintenance, which I would be paying if I owned the property. It may be marginally higher than the cost of ownership, but I have a strong preference for flexibility. That flexibility is worth the liquidity premium to me.
> What happens to people that are 'undesirable' to landlords
In the US, there’s legislation that prohibits discrimination across a variety of protected classes (race, religion, sex, etc.) Does the UK have similar legislation? Putting aside ethics for a moment — discrimination is inefficient. It’s in everyone’s best interest to eliminate such behavior, whether through market forces or legislation.