As the supply of affordable housing is also expanding more slowly than demand, social renting is an increasingly restricted alternative. Fiscal consolidation since 2010 initially reduced inequality, as tax increases hit high-income households the most, but phased-in benefit cuts may have the opposite effect going forward (Jin et a I., 2011). The council tax, which is regressive, should be replaced by a property tax based on market values, with safeguard mechanisms for housing rich but income poor households. As well as reducing inequality, this could improve the stability of the housing market (OECD, 2011a, Chapter 2).