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Good for you Houston.
Providing housing to the unhoused should be the first priority before attempting to address mental health issues.
Where have I seen this before?
Oh right. So providing someone a safe place to live will provide them with psychological safety? Interesting.
Hey Canada & Australia, maybe instead of treating housing as just another "investment asset" to squeeze capital gains from - maybe you should focus on ensuring housing is available to everyone before throwing your immigration ponzi scheme into hyperdrive and forcing people to live out of their cars and on the streets?
Lack of Housing > Increased mental health issues > social disorder
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Great example of how Disinformation spreads and rarely gets corrected.
This is why we DON'T need manipulation platforms.
Giving everyone a digital bullhorn was never a good idea.
Tech Bros like Dorsey, Zuck, et al just made it seem like a good idea in order to sell ads. In truth, they're destroying our shared sense of reality.
End all manipulation platforms. We don't need them, we never did.
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Vote the major parties out.
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To fix the housing crisis...
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Labor is pushing ... a modest shared equity scheme.
The Coalition’s current idea is to allow would-be homebuyers to dip into their superannuation, which would not only push up home prices but also drain the future retirement incomes of young homebuyers.
... major political parties simply will not let go of the idea of demand-side fixes, despite the overwhelming view among economists that they only serve to increase prices.
[The real demand side fix which is to peg net intake of immigrants to the level of new housing stock arriving each year.]
Cutting negative gearing and the CGT would not be a panacea for housing affordability. By Grattan’s estimates, it would see prices rise about 2 per cent less than they otherwise would have. According to the analysis, however, it would see speculators sell homes and owner-occupiers buy.
“It wouldn’t change prices very much,” Coates says. “But – and this is really important – you would still see quite a big change in who owns houses.”
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Both major parties are pathetic. Even the Greens can't see how "immigration hyper-drive" is forcing people onto the streets.
Pathetic.
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End. Meta. Now.
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Death for those convicted of mass fraud. Not a bad idea.
Just think of all those banking cartel executives who would be six feet under if the US instituted this type of law.
Background: Most of the members of the US banking cartel have been serially CONVICTED of committing felonies in the US. Yet those same firms (JPMorgan Chase, Citigroup, et al), continue to operate with immunity distorting markets and ruining society at large.
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Immunity for all whistle-blowers. Always.
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Big fan of Jordan's work - especially the database of shit landlords and shit real estate agents. Keep up the good work.
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Good for you New Zealand! Better late than never.
Your move Australia.
What are you waiting for? More suicides? More crime? More tent cities?
These are penstroke solutions at the Federal level.
Yet all either party can suggest is "waiting for supply side to catch up" or "allowing young people to raid their superannuation to reinforce hyper-inflated prices".
Pathetic.
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Mr. Knight said it was naive to expect housing supply could be ramped up to cater to surging demand for housing arising from higher immigration.
'It takes two to three years at the very best to build an apartment block - we've already got shortfalls in the hundreds of thousands now,' he said.
'This is going to get far worse before it gets better.
'The best lever that governments can pull right now to ease the housing crisis is to pull the lever on immigration to ease demand.'
Higher building costs have also caused a surge in building companies going into receivership.
'There's already a massive shortfall,' he said.
'It looks like chaos is coming down the corner because it's bad now, it's going to get worse and with builders going bust, it's going to mean that more people go homeless.'
A record 548,800 migrants, on a net basis, moved to Australia in the year to September.
The level slowed to 481,620 in January but this is still well above Treasury's forecast of 375,000 for 2023-24 made in December's Mid-Year Economic and Fiscal Outlook.
Australian building approvals fell by 1.9 per cent in February, following January's 2.5 per cent decline.
This marked the third consecutive month of decline, with monthly building approvals 5.8 per cent lower compared with a year earlier.
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Importing record numbers of people directly into homelessness.
Vote them out.
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https://www.news.com.au/finance/economy/australian-economy/simply-too-high-australia-nearing-crucial-immigration-peak/news-story/0ae04b6762adba6793c7f373170cd23f
"Simply Too High"
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“Australia’s economic performance in the decade before the pandemic was, on many measures, the worst in 60 years”, Minack wrote in his November report.
“Per capita GDP growth was low, productivity growth tepid, real wages were stagnant, and housing increasingly unaffordable. There were many reasons for the mess, but the most important was a giant capital-to-labour switch:
Australia relied on increasing labour supply, rather than increasing investment, to drive growth.
“Australia’s population-led growth model was a demonstrable failure in the 15 years prior to the pandemic. Remarkably, the country now seems to be doubling down on the same strategy. The result, unsurprisingly, is likely to be more of the same.”
To add further insult to injury, data compiled by the Grattan Institute shows that a significantly smaller share of migrants work in the construction sector than their Australian-born counterparts.
“About 32 per cent of Australian workers were foreign born, but only about 24 per cent of workers in building and construction were born overseas”, the Grattan Institute wrote in January.
“And very few recent migrants work in construction. Migrants who arrived in Australia less than five years ago account for just 2.8 per cent of the construction workforce, but account for 4.4 per cent of all workers in Australia”.
Therefore, Australia’s immigration system is directly adding to Australia’s housing and productivity problems in two ways.
First, immigration volumes are simply too high, overwhelming the supply side of the economy.
Second, the migration system is poorly targeted and does not provide the skills the economy needs.
The fact that the nation’s population has ballooned by 8.2 million people (44 per cent) this century alone, yet Australia’s skills shortages are worse than ever, is empirical evidence of these facts.
Australia, therefore, needs a migration system that is much smaller in size and better targeted towards the skills we need.
Australia’s migration system must be calibrated to a level below the nation’s ability to supply homes, infrastructure, and business investment while safeguarding the natural environment (including water supplies).
Otherwise, Australia’s housing shortage will become permanent, and productivity growth and living standards will flounder.
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On nearly every measure, Australia’s mass immigration policy has been a failure, and Australian living standards have declined.
Yet, here we have the housing and construction industries arguing for more immigration under the veil of labour shortages. The situation is laughable.
Even the Big Australia boosters are struggling to maintain the façade.
First, we witnessed current and former NSW political leaders – Chris Minns, Mark Speakman, and Domonic Perrottet – pivot against mass immigration, noting that it is wrecking Sydney.
Now we have The SMH, which has long pumped Big Australia migration propaganda, having second thoughts.
“A long-running housing shortage has become acute. We have priced a generation out of the ability to buy a home. It’s a grave national failure”, The SMH’s political editor, Peter Hartcher, wrote over the weekend.
The SMH even published an article stating that it is not racist to want lower immigration—a massive change in rhetoric from an outlet that always loved to play the racism card.
The fact remains that the Albanese government has jumped the shark on immigration, and the mainstream media can no longer ignore the policy idiocy.
#australia#housing#economy#real estate#immigration#smh#sydney morning herald#albanese#big australia#ponzi scheme
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Only idiots and sociopaths would tell a young person to raid their retirement savings to purchase a home.
Even if you believe that to be a good idea - the data shows that most young people who are already struggling to raise money for a deposit, don't have that much super anyway. So this is a solution for NO ONE.
“Overall, the data suggests that an early release of superannuation would largely be used by the minority with higher superannuation balances, a group who often achieve home ownership in any event.”
E.g. the only people who would benefit from this type of approach - already have enough savings outside of Superannuation to fund a deposit.
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Not a fan of her or her party but a Plebiscite makes sense. Let the people's voice be heard loud and clear on this critical issue.
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The controversial Queensland senator blamed congestion and wages stagnation on immigration-fuelled population growth, arguing that people battling clogged roads and rising house prices deserved a say on the rate of migration.
"It just makes commonsense to understand that more people means more demand for services. If those services are not established at a pace that keeps up with the growth then lifestyles will go backwards."
"This Bill is not about where people originate when they come to live in our great nation or why," she told the Senate.
"It is strictly about the numbers and the impact those numbers - significant numbers on a global scale mind you - are having on our lives here."
Before the election, Prime Minister Scott Morrison announced the cap on Australia's permanent migration intake would be cut from 190,000 to 160,000 as part of the government's "congestion-busting" approach.
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The den of vipers who don't understand economics nor care about their constituents then told us why they prefer high immigration:
"If the current [high] rate of migration is not maintained, we risk significantly lower economic growth and a substantial drop in Australians living standards."
So the reasons for hyper-immigration are:
Paper over an already failing economy where per-capita incomes are already going backwards and where mortgage holders are now paying MORE THAN THEY EARN in repayments
Prop up [FAILING] living standards THAT HAVE BEEN GOING BACKWARDS FOR YEARS by inducing a further reduction to those same standards.
The den of vipers know the intake isn't sustainable. These new immigrants will end up living 10 people to a 2 bedroom flat or living on the street.
Does that sound like an increase in living standards to anyone?
https://www.skynews.com.au/australia-news/its-not-helping-the-australian-people-senator-pauline-hanson-blames-record-immigration-for-worsening-housing-crisis/news-story/05f9c3d1ccd373de7d141109539c6f71
The comments are telling:
"Governments of all stripes are party to this. There is a very powerful business lobby that wants, CHEAP LABOUR. It is well documents that excess immigration puts downward pressure on wages while inflating the value of assets. When inflation bites, it is because companies are profit taking. 75% of the current inflation spike is by companies passing costs on to maintain profit margins. The Reserve bank has only one lever to pull, interest rates. Interest rates are not affecting those companies (they pass the costs on), they disproportionately affect those not responsible for inflation, wage earners."
"Agreed, over immigration is a way of creating false growth and wage suppression. The only ones who benefit are those who want to drive inflation from profits while falsely blaming wage growth. That will feed into the reserve bank using its only tool, interest rates. Interest rates disproportionately penalise those not responsible for the inflation. "
https://www.skynews.com.au/australia-news/thats-why-weve-got-the-rental-crisis-tony-abbott-and-peta-credlin-on-how-migration-ponzi-scheme-impacts-housing-shortage/news-story/ac83e937e988e675b405bfa2d2f11ac2
Former Liberal PM agrees it's a Ponzi Scheme
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Former prime minister Tony Abbott and Sky News Australia host Peta Credlin have discussed how Australia’s “Ponzi scheme” approach to immigration is contributing to the national housing crisis.
In the sixth episode of the Abbott and Credlin podcast, the two political veterans analysed how the country’s migration policies are flawed, including a temporary student visa program that is often exploited as an easy pathway to residency.
The former Prime Minister began by declaring “immigration is central to modern Australia” but questioned the Albanese government’s target of 200,000 new migrants per year.
“Why don't we have a sensible population plan one and two? Why don't we just get immigration under some level of control until infrastructure and housing and everything catches up,” Credin asked the former Prime Minister.
“Exactly, Peta. Now, personally, I want to see Australia a bigger, stronger country, but to be both bigger and stronger. It is important that we've got a high-quality immigration program," Mr Abbott said.
The host of the self-titled Credlin then asked Mr Abbott if he believed in a “big Australia”.
“Well, over time I think our population should continue to grow, but both from immigration and from natural increase,” Mr Abbott said.
“Whatever the population is, we've got to have the right facilities for the number of people. And if we think that Melbourne, for argument's sake, is going to have an extra two million people within the next 20 years, obviously that means we need more roads and more public transport.
“We need more housing, we need more green space. And it's not that difficult to work out where the likely population growth is and then to plan for the infrastructure and the housing and the schooling and the health facilities and the aged care facilities of the future.
“But there's precious little evidence that any of this is being done, and that's why the traffic jams are just getting worse. That's why we've got the rental crisis. That's why housing prices are going through the roof and so on.”
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"...it's Sydney, Melbourne, Brisbane where the price of houses in particular...just looks completely overvalued," Ms Mousina said.
"...people are pressured into a few spots within 100 kilometres of the CBDs, and that's what's kept prices booming...
At the same time, we've run very high levels of immigration now for 20 years...
"So I don't think it's a Ponzi scheme. I think there are genuine reasons why property prices are overvalued.
"Not to mention the impact of taxation and how Australian taxation massively favours property investment."
Ms. Mousina clearly doesn't understand what a Ponzi Scheme is.
Up until his scam fell apart and his bubble burst, Bernie Madoff was able to demonstrate to potential customers that the value of his investment was increasing which induced them to invest before it went higher. But the reason the value kept increasing was because he was able to keep convincing other morons to put money into that investment. That's a Ponzi Scheme Ms. Mousina and that's exactly what we have here in Australia.
It really doesn't matter what is driving the price up (the drivers you listed are valid drivers), but simply put the price increases seen in Australia's housing market are out of step relative to value of similar assets in other markets AND that the PRICE GROWTH is unsustainable when compared to INCOME GROWTH.
Australia's Housing Market is a perfect example of IRRATIONAL EXUBERANCE.
INCOME GROWTH in Australia is not and will not keep pace with the PRICE GROWTH in housing. It is IRRATIONAL to believe otherwise. The only way this BUBBLE can continue growing is by putting in supports on the demand side that will result in long-term harm to individuals and the overall economy (e.g. raiding retirement savings to pay for housing, government offering unfunded kickbacks to pay for housing, etc).
The only way IRRATIONALITY can persist in this market, is when MORONS like Ms. Mousina continue believing growth is sustainable which only feeds into this bullshit narrative - hence a PONZI SCHEME.
HOUSING IS FOR PEOPLE. NOT CAPITAL GAINS.
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Rent inflation is dehousing Australian youth and the vulnerable in droves. Kicking them onto streets, creating tent cities, forcing them into ghettoes, and overwhelming support services.
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Meanwhile, dwelling construction is collapsing because the federal government is running a hyper-immigration ponzi scheme that forces states to crowd out dwelling construction with infrastructure builds which is sending building material prices higher.
There is no problem with building approvals, but a considerable backlog in construction is growing.
The problem with construction is that the cost of building has increased by 30%. Fixed price contracts made before the price spikes are pushing builders into bankruptcy.
THE SOLUTION
Building input costs need to come down.
The Federal government can shut down the demand pipeline (e.g. the hyper-immigration Ponzi scheme) to attempt to indirectly cool building costs.
The Federal government can cover the difference between the contract price and the actual price to build. Instead of offering homebuyers cash, offer the builders cash.
Or House prices have to go up to enable builders to recover costs.
This just results in broader inflation and higher interest rates for longer.
This also results in another iteration of the cycle we're already in which the federal government will simply attempt to paper over using hyper-immigration.
#australia#housing#real estate#federal government#immigration ponzi scheme#immigration#hyper-immigration
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