ABSTRACT
There is an inherent tension in housing policy between long-term and shortterm objectives. This is more marked than in other fields of social policy because housing is particularly inflexible.
• The housing stock is a fixed asset lasting decades and often centuries. • It takes many years to alter the housing stock significantly, through either
the development of new housing or alterations to the existing stock. • Housing investment depends upon a high level of capital expenditure with
a commitment from public and private expenditure plans looking several years ahead.
