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The Great Divide: Australia's Housing Mess and How to Fix It; Quarterly Essay 92

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What caused Australia's housing crisis - and how we might fix it

One of the great mysteries of Australian life is that a land of sweeping plains, with one of the lowest population densities on the planet, has a shortage of land for houses. As a result, Sydney is the second most expensive place to buy a house on Earth, after Hong Kong.

The escalation in house prices is a pain that has altered Australian society; it has increased inequality and profoundly changed the relationship between genera...