There’s a big risk that the excessively restrictive rules imposed by the Isle of Man Government are creating a housing bubble in the Isle of Man.
One of the main causes of this housing bubble is the lack of supply of new homes. The Isle of Man Government has placed strict regulations on the development of new housing, making it difficult for builders to construct new homes. This has led to a shortage of available properties, driving up prices and making it increasingly difficult for working families to afford to buy or rent a home.
The Isle of Man Government’s excessively restrictive rules have also led to a lack of affordable housing on the island. Many locals are being priced out of the housing market, leaving them with no option but to leave the island in search of more affordable housing. This is not only a problem for those who are forced to leave, but it also has a negative impact on the island’s economy as a whole.
You get homes for people to live in by encouraging people to provide them. This is the fundamental basis of our food industry, and our clothing industry, and, yes, our shelter/housing industry. This is what prices ultimately are: a signal that more is needed.
In a healthy market, high prices would cause more people to think, “Hey, I can make money by providing homes! I’ll do that!” As people provide more homes, prices will come down. The problem in IOM is we have artificial constraints on housing supply, creating a bubble.
This bubble caused by the IOM Government is bad for people who cannot afford housing, because they don’t get it. This bubble caused by the IOM Government is also bad for people who CAN afford housing, because the bubble may eventually burst and they will lose a lot of money.
