At the beginning of the 2008 crisis, Lehman Brothers was considered as 'too big to fail'. Then it crashed and plunged the US, and the rest of the world into a crisis like never before.

So much for 'too big to fail'.

Ten years after the crisis, we in Malta also have a 'too big to fail'. Only, in our case, it is an entire industry, the construction sector.

Day after day, our media is filled with stories about yet another ODZ site given over to development, another house of character being pulled down and another high-rise clawing at the sky.

That is not all. Apart from a whole army of workers employed in the construction industry, there is then another army waiting in the wings - plasterers, electricians, tilers, etc. And air-conditioning experts, and a whole range of shops selling furniture, etc.

That is the beneficial side of construction. It provides thousands of jobs and if there is an increasing amount of foreigners working in this sector, that is solely because not that many Maltese are being attracted to the sector, maybe because of the wages that are practiced.

On the other hand, it is absolutely clear that all this development is changing the face of Malta both by increased landtaking as well as higher and higher buildings that in many cases shut out light and sun from those who find themselves living in the shadow of these huge developments.

All this unbridled development has left Malta on the cusp of an abyss: the sheer amount of residences with no residents, shuttered houses that are not on the market, new apartments that nobody seems to want to buy, timble-sized apartments where people are expected to double up to breathe, and apartments whose rents are far above those that ordinary citizens can afford, let alone people on social security.

Successive governments have wrung their hands in consternation but basically allowed the situation to deteriorate. This government, in particular, is hampered by the close links to developers while the party in Opposition is now reported to be trying to emulate it.

While the going is good, the economy booming, jobs on the increase, and people making money, the problem is not felt but if even one of these plus signs turns negative, there will be problems for all.

Belatedly, the government is now trying to do something. It is building social housing in many areas and Parliament has again been discussing the rent laws. With our capillary democracy, it comes as no surprise to find that many MPs are quite knowledgeable on the matter. There are many lawyers on both sides of the House and in their professional roles they become involved in many aspects of construction.

On the other hand, too many of our population live in decrepit and run down buildings while the recent upsurge in rents has forced quite a few to live in garages and other ill-healthy accommodation.

So far, the government has only paid lip-service to the real needs of the people - suffice to say it did not build one unit of social housing in the past legislature.

The only solution to avoid a property bubble is to so increase the help to those who desire better accommodation and thus take on some of the empty properties lying around.