The rent is too damned high because money-laundering oligarchs bought all the real-estate to clean their oil money

In an absolutely epic Twitter thread (unrolled here) author CZ Edwards lays out an incredibly compelling explanation of spiralling real-estate prices: oligarchs need to launder a lot of oil money -- think Russia, Iran, ex-Soviet basket-case states, Saudi -- and so they plow the money into offshore Real Estate Investment Trust that then cleans it by outbidding any actual real-estate investors or would-be homeowners, bidding up and snapping up all the property in desirable cities, and then realizing the rental income-flows as legitimate, clean money. Read the rest

How the UK's "Company Factories" helped criminals from 13 countries launder £80B in stolen and looted money

Transparency International found 766 dodgy companies registered to just 6 UK addresses, formed by Trust and Companies Service Providers (colloquially called "company factories") that took advantage of the drastic understaffing at Companies House (the primary oversight body for company formation) to launder over £80 billion in stolen money smuggled out of 13 countries. Read the rest