Well argued. The current situation with housing is unsustainable.
"Decades of federal and state governments of both stripes walking away from public housing, drunk on failed neoliberal policy of outsourcing affordable housing to the private sector, has produced the current crisis."
@timrichards it seems kind of obvious that investing in existing housing will produce a better return than investing in new build housing especially combined with the planning NIMBY nightmare we have.
Existing houses are in rare supply, in nice neighbourhoods with services.
New build housing is usually in a field in the middle of nowhere, near nothing and just down the freeway from other fields that will soon have exactly the same houses.
I know someone that brought a new house in Tarneit and could barely get what they originally paid for it 6yrs later.
@timrichards any government that thinks its a good idea to hand the keys to the supply of an investment vehicle to those that would invest in it, should be considered actively malicious.
Govt:"Private investors will build new housing, we aren't building any more"
Private investors: "So if we don't build houses, OUR houses go up in value, and we don't have to do shit? Score! "
@stufromoz@timrichards plus, yanno, the bit of loosening the requirements for loan minimum downpayments while pumping the first home buyers grant (with few limitations) into the money multiplier machine that is bank home loans...
I couldn't invent a better way to pour money from the sweat of one generation into the pockets of the previous one if I tried.
@Taco_lad@timrichards there is so much about housing policy that is absolutely enraging when you look seriously at it, and no one in control is willing to take steps to fix it. And again something Howard was heavily involved in destroying sanity in
@stufromoz@Taco_lad Particularly frustrating as we could all see years ago that it would come to this, young people realising they can't afford to buy a house at all. But no one stopped the negative gearing money train.
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