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Foreword: Please beware that I already asked about my angst over 'albeit that' on ELU.
Source: p 5 of 16, Where is housing heading?, by Dr Peter Williams. 2014 June

What we have seen in recent years is a degree of caution by ministers in both pronouncements and policy regarding homeownership, with the coalition clearly backing a two-horse policy of stimulating renting and owning albeit that, as housing moved higher up the political ladder, there has been a clear shift towards the latter.

Does this excerpt truly reveal what is the specific two-horse policy here? I'm confused because the latter seems to refer back to owning in stimulating renting and owning ? But then this alleged reference implies that stimulating was gapped as an ellipsis => stimulating renting and [stimulating] owning. In other words, the latter truly means [stimulating] owning.

Per contra, this excerpt concerns homeownership by the general UK public. A layperson can only rent or own; so nothing here resembles a horse race? Was two-horse used correctly and aptly here?

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  • See also "hedging one's bets", "covering all bases", "straddling the fence", "talking out of both sides of one's mouth", "two-faced", "something for everyone", "stereotypical politician", "gatherers and sharers", "fair".
    – Jasper
    Mar 12 '15 at 19:53
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    This would be spoken so: "backing a two-horse policy of stimulating renting ánd owning", rather than "renting 'n owning". 'Stimulating' has a dual object. Mar 12 '15 at 22:16
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'Backing a two-horse race' = betting on all possible outcomes.

As any gambler would know, that's no way to make money, as the bookie [turf accountant] will always want his profit margin.
So even though you 'win' whichever horse makes it past the post first, ultimately you are worse off.

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