An interesting analysis really:
The reality is more significant. Ordinary people – the vast majority of people – were in reality priced out of some basics of living, like housing, by an elite. That elite – the holders of the vast majority of wealth – forced up the price of many assets – housing in particular. The result was people had to borrow more and more, and one income households had to become two income households and still borrow more and more, just to secure a roof over their heads.
So who were that elite?
On the evidence given there it was the local council planning committees.
The price of houses did not change at all during the boom: houses were, as they always are, at or around replacement cost. What did change in price was the right to build a house on a specific plot of land. A right that is artifically created and very much artifically limited by those planning committees.
The solution is therefore to change the method of allocating planning permission.
So, following Ritchie\’s analysis we get to burn the bureaucrats anyway.