Let me get this straight, Labour can green light Billions for property speculators in one of the greatest transfers of wealth top the wealthy in NZ history, but they can’t help Renters OR First Home buyers either???
Reserve Bank concerned half of first home buyers face mortgage distress when rates hit 6%
The Reserve Bank is concerned that half of last year’s first-home buyers could face difficulty servicing their mortgages if mortgage rates hit 6 per cent.
…while ASB walks off with another $743m profit, Labour are still attempting to use failed free market ideas for a housing market mutated by no regulation.
It doesn’t matter if Labour or National are your landlord, the rent still goes up!
With inflation from global shockwaves only growing by the day, we are about to be swamped by intense economic damage.
Currently the only person on the Left even attempting to consider the impact of this is Chloe.
The people on Parliament Lawn, the dispossessed, the ones bearing the harshest economic lash of the mandates have nothing to lose.
Imagine how big it will get when the economic situation gets much worse?
To stave off an economic stampede as Covid broke out, the Government pumped billions into the banks who in turn used that to spark a speculative gold rush that will crucify renters once Adrian Orr has to raise mortgage rates.
Mortgage rates that the Megalandlord scum class will push straight onto their tenants!
The landlord class have a vast power over the renter class who have bugger all!
Surely an explosion of food inflation and oppressive rent hikes must be met with militancy!
A nationwide rent strike with clear instructions to the landlords to get the rent paid by Labour would terrify this nation of property speculators and their political handlers.
Burning down ghost houses should be next.
Previously renter militancy couldn’t be collectively harvested to be effective but social media can do that and so much more!
The politicians, landlords and banks have rigged the game for themselves – if we enter a winter of discontent from greedy landlords raising rents, we should strike back on the place that hurts them most, their wallets and their precious assets!
The truth (like everything else in fucking NZ), is that the under regulated free market has been warped by the wealthy for their interests and all Labour attempt is bullshit tinkering on the sides rather than challenge the dominance of neoliberal theology.
We have allowed the commodification of houses to be a means to make wealth and people are chasing that with all the nuance of meth addicts in a P lab.
If Labour wanted actual solutions, these 3 would do it.
1 – FLOOD MARKET WITH MASS STATE HOUSING REBUILD: End the scum landlord subsidy of housing allowances end putting money into the pockets of unscrupulous motel owners by rapidly building 50 000 new state homes. Scum Landlords can do as they please because the level of desperation amongst renters gives them total power. Flooding the market with 50 000 new state houses would rob scum landlords of that desperation.
2 – STATE HOUSE FOR LIFE: Allow beneficiaries to stay in their state home for life so that they can create stable communities and that their desperation is never transported back to Landlords.
3 – DEPOSIT RESTRICTIONS: First time home buys should be required to have 10% deposit, but the more properties you own, the higher the deposit. The reason the speculators can out buy any first time home owner is because they can use their multiple properties to leverage more debt. If you are a property speculator, you need to turn up with a 70% deposit to counter the leverage multiple properties allows them.
If Labour want to actually solve the problem they have to regulate the market and re-set it so that speculation is punished while first home ownership and housing of the poor is championed.
For too long we have allowed the the rich to dictate the rules, if Labour’s kindness is to be meaningful, it needs to challenge that dynamic.
Unfortunately Labour are not looking for solutions, they are looking for the pretence of a solution to ease criticism from their Left.
That’s ‘neokindness’.
A rent strike would force Labour to do something more meaningful than tilting their head to one side and nodding sadly!
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Yes head tilting is the only capability Jacinda Ardern has.
Keeping election promises way beyond her skill level.
Helping the poor of no interest to the Labour Government.
Transfer of wealth highest in history over the last 4 years.
Complete shambles.
Bhahahahahaha, you are hilarious with your jokes today.
Thanks Bert pleased my humour acceptable to the high standards you set
You’re welcome your jokes are the funniest!!!
https://www.weforum.org/people/jacinda-ardern
Biggy
Aah well, nothing can go wrong now. We have the top economy expert on board.
Be fair mate, she can also frown quite well.
helping ‘first home buyers’ just throws more logs on the fire, of course a young mum cradling a bub is good optics….but actually pointless.
maybe we need to get away from the home ownership model for the moment and just get roofs over heads and revisit the busted ‘kiwi dream’ at a later date.
also ‘property porn’ gives people over inflated ideas of what they can expect in a first home…3 bedrooms with ensuite…..rather than a flat with 1 bedroom and a box room if you’re lucky which used to do for young couples.
Or in my parents case.
A garage and a caravan on an undeveloped section(ie no sewerage, no electricity connected)
In my case a 50 year old Villa in Pt Chev whose 3 bedroom foot print would be similar to a new 2 car garage.
Loved your idea Bomber that the Government could flood the market with new builds……Wasnt that the objective of miserably failed Kiwibuild. Where start prices were going to be in the $600k region. Keep in mind that its Government regulations that have pumped up house prices and rents.
A better strategy might be to remove restrictions. ie the Urban boundary removal. Another failed promise by this Government.
The majority value in todays houses is land cost. Which means cheap lands giving cheaper housing and lower rents.
CONTROLS dont work!!!!
No, we do need to keep control of urban boundaries and food producing land on the fringes.
Keep in mind that its Government regulations that have pumped up house prices and rents.
No its not. Its the private banks creating too much money. Same as what happened in Germany in the 1920s.
BTW, regulations are actually needed else costs get ignored and placed upon others who have no defence.
A better strategy might be to remove restrictions. ie the Urban boundary removal.
Nope, need to keep those as well else we’ll destroy that which keeps us alive – the environment.
colin only a countries national bank can engage in QE. which they then give at no cost to private banks who use it to ramp up asset prices…none of it passes into the actual real day to day economy.
Dunno about burn down the ghost houses…but certainly occupy them in a disciplined manner for actual accomodation use, and empty commercial property too for whatever use. Put the fear into the slumlords, and those that unthinkingly just go along with the whole distorted property and rental scam.
This will spark support from hundreds of thousands pissed off that they are excluded but have to pay boomers Super and extortionate rents for dumps.
2 – STATE HOUSE FOR LIFE: Allow beneficiaries to stay in their state home for life so that they can create stable communities and that their desperation is never transported back to Landlords.
Soooo Martyn, a 3-4bedroom house given to young family, kids grow up and leave the nest leaving 1 or 2 living in a house that can (should) be repurposed for a NEW young family starting out and the parent(s) who brought up their family in it get downsided to a 2 bedroom state home!
No???
I’m right you are right on.
Surely benefituries are only in that state for a short time as they find a job or find a partner . As their situation improves and they can afford private rent then they should move on or be helped to buy the property . Obviously this does not include those on on sickness or disability benefit who should be looked after by an independent authority
No, we do need to keep control of urban boundaries and food producing land on the fringes.And when beneficiaries and working people retire, they should be expected to move to a smaller unit – even if it is a state one. The grown family should be able to look after themselves.
with the way society is developing there will be a lot more ‘singletons’ both young and old as young people opt out of formal ‘partnering’ and older people survive longer…we need to be building single person units as well as other types for the future now…but ohhhh nooooooo this is NZ where planning ahead isn’t a thing.
You do know that Housing corp will not even consider what you are suggesting now? They will not downsize you. they will leave you in a large house until the powers that be decide you don’t need a large house then kick you out completely. (or they did up until labour won the election) I’m guessing there is too much paperwork. Even if you find a family of 6 in a 2 bedroom and want to swap your 3 bedroom because you live alone now and feel like shit sitting in a family home by yourself they wont do it. Do you move into a car to allow that or another family to have it? Would you?
Yes.
No not quite IR. The original family is left to stay in the state house. The kids that have left the nest get another state house…or two.
Or in my parents case.
A garage and a caravan on an undeveloped section(ie no sewerage, no electricity connected)
In my case an 80 year old Villa in Pt Chev whose 3 bedroom foot print would be similar to a new build 2 car garage.
Loved your idea Bomber that the Government could flood the market with new builds……Wasnt that the objective of miserably failed Kiwibuild. Where start prices were going to be in the $600k region. Keep in mind that its Government regulations that have pumped up house prices and rents.
A better strategy might be to remove restrictions. ie the Urban boundary removal. Another failed promise by this Government.
The majority value in todays houses is land cost. Which means cheap lands giving cheaper housing and lower rents.
CONTROLS don’t work!!!!
It’s not the market that has caused this problem it’s politicians thinking they can control the market – they can’t.
As for regulation being needed, it’s the regulation that’s the problem now!
What should be done? Easy – just scrap the urban boundaries to free up land which will collapse the cost of land now which in turn will force a much needed correction in the price of housing.
Central government should also invest in building infrastructure to these newly freed up areas of land to prevent councils making it impossible to build as they’ve spent too much money on signs missing key letters and silly things like rainbow crossings.
Then the market will compete to build houses on land that is much cheaper hence the cost of homes will be less.
It’ll never happen though as the greens hate and development and labour are useless. National just don’t do anything and on it goes.
We have so much land in NZ it is utterly ridiculous that people are paying hundreds of thousands for a shoe box sliver of dirt.
not market failure yeti really…well in the sense that asset inflation was the preferred policy of successive govts of BOTH stripes you do have a point but ‘the mighty market’ can’t, won’t isn’t capable of trying to fix it…because ‘the market’ likes it.
the market prefers McMansions to reasonable and useful developments freeing up land if only to build large US style clapboard suburban houses won’t help one bit and is a wasteful use of land where several smaller units could be constructed.
“If they wanted”…
But they don’t! They like this sad unjust incredibly damaging situation just the way it is. Worse in fact, they want to prices continue to rise.
They’ll continue to trowel the bullshit on and pretend they care but they don’t.
This government is such an infuriating waste of licence to change things for the better. These fools cannot see the long term damage they’re doing, not only to this country, but to the Labour movement and brand.
Labour are now firmly part of the problem!
They are now the problem X-RAY
Incompetent
Bhahahahahaha, another joke!
I used to think incompetent and to some extent that is true but as John Minto has carefully pointed out, Labour had some definite options in state housing when they came in that could have vastly improved things all round. But they chose to keep Nationals settings for social housing. None of these big state housing builds are Labour’s idea, that was all set up under National. A public private money go-round with all the risk on the public and all the reward for the private few.
There is a very worrying status quo about the entire housing market Labour are carefully preserving. Hence its worse than incompetence. These lying pricks never had any intention in solving the housing crisis, their track record in over 4 years screams that.
Labour, sadly, a nothing more than the National Party by another name.
they are the two sides of the same coin, one red one blue, both useless eaters.
big tick and a gold star x-ray
no jeremy they’re very very competent in not changing the status quo which is their man aim
…..to coin a phrase ‘never assume incompetence when malice will do’
Natz and Labeen seem to somehow all help the same people into property – on the palatial mansion boom taking up all NZ’s construction resources.
Criminals and billionaires seem to be benefiting from NZ’s property laws…. but wait, NZ government is only concentrating on taxing the local workers made up of middle and working class professionals/blue collar workers. This seems to be unfair so those people are leaving in droves creating a skills shortage that is filled by liquor barons and Covid refugee billionaires.
In some cases aka petrol tax, the council and government created the tax from the workers and can’t even spend it, millions is sitting in a bank account, unspent.
Beneficiaries of NZ’s criminal culture often launder cash into houses and cars – remember crime pays in NZ!
Liquor store owners designed mansion while company probed
https://www.stuff.co.nz/business/119602924/liquor-store-owners-planned-mansion-while-company-probed
Auckland businessman sentenced after police target professional money launderers in covert Operation Menelaus
https://www.nzherald.co.nz/nz/auckland-businessman-sentenced-after-police-target-professional-money-launderers-in-covert-operation-menelaus/KZOJ75U6V2I6PBYIUVYWQEY5E4/
$18.7m cigarette smuggling case: Businesswoman jailed, millions in assets forfeited
https://www.nzherald.co.nz/business/187m-cigarette-smuggling-case-businesswoman-jailed-millions-in-assets-forfeited/4BWFS2RDWI2SBHTERAEUCX3M2E/
Billionaires are also huge beneficiaries from NZ government policy – such as the ease to become a NZ citizen/resident or start a business here and bring in your own slave workers, while not having to pay all worldwide taxes here.
Business Insider: The Thiel Deal
https://www.nzherald.co.nz/business/business-insider-the-thiel-deal/DBP6RYXM6RM7QARFEXQXXXNBRE/
James Cameron explains dairy cows on Wairarapa farm
https://www.rnz.co.nz/national/programmes/checkpoint/audio/2018791897/james-cameron-explains-dairy-cows-on-wairarapa-farm
Some of New Zealand’s most exclusive employers claimed Covid-19 wage subsidy
https://www.stuff.co.nz/business/industries/125691018/some-of-new-zealands-most-exclusive-employers-claimed-covid19-wage-subsidy
Two remedies, make a law that anybody with NZ resident in NZ has to pay their world wide taxes here and anyone receiving citizenship or residency that no longer lives in NZ, does not quality for taxpayer paid social services any more and can’t own property here (or pays a wealth tax on any property they hold here).
Do immigration due diligence in the first place before giving out quickie NZ residency. A lot of migrants get NZ citizenship/residency only to buy up property, dump relatives and fly off to other countries to work/live while complaining how they cannot get back and forth easily to NZ anymore and how the taxpayers should pay their MIQ fees and Covid expenses after their holidays and business trips!
Only people who really want to live in NZ and actually liver here full time should own property here, the rest should pay a wealth tax or not own property here at all, the rich can rent!
Happy now Grant pissed 100B against the wall needlessly. Major corporates still have millions in their bank accounts due to the wage subsidy insanity. All because Grant wouldn’t of been able to handle it if the economy started to slide during restrictions.
And now he’s almost checkmated himself with help from his partner in crime Orr and has nothing left in the tank. It’s like the fat kid that sprints out the block on the school cross country and in the end comes last as they run out of gas.
“Burn down ghost houses”
Surely the better solution would be to undo the laws which have created them. Which by the way also drove up rents, and hurt those our virtue signallers were supposedly trying to help.
Can I ask a few questions?
Excellent.
What do you call that stuff you put in your mouth then chew and swallow? ( That’s your filthy mind, not mine.)
What do you call that stuff you wear that was once on animals excluding fleas, lice and sundry parasites. Yes, also including real estate agents?
What do you call that stuff which is earned by our primary industry exporters that you can spend on stuff and things once those stuffs and things are sold to them foreigners then laundered through AO/NZ banksters who then allow, say, .5% of the money dribble back into the domestic economy?
Is real estate edible?
Can you wear an Audi R8?
Is being a tax accountant vital to human existence?
The insurance industry? Why?
Banks? See insurance industry?
Who grows, shears and exports etc the above ‘stuff’ ?
Is the tomato a fruit?
What is removed from an animal which then sells for .70cents a kg but once washed and knitted becomes worth more than $300 for 400 grams?
Who, in AO/NZ feeds we 5 million but also feeds another 35 million?
If you don’t know the answers to the above questions you must never drive a car, vote, breed or come here with an opinion because your opinions are worthless and man alive am I sick and tired of that shit.
The ever inward spiraling gibberish spewed into my eyes while blithely side stepping that which is blindingly obvious is becoming unbearable.
One last question? Why? Why blithely with the side stepping? Why? For God’s sake, why?
Point 3 is wrong.
It needs to be with every additional house you buy you pay a progressive duty on the purchase price.
The Singapore method would help.
‘Permanent residents buying their second residential property will see the ABSD rate rise from 15 per cent to 25 per cent. If they are buying their third and subsequent properties, the rate will increase from 15 per cent to 30 per cent.
Foreigners buying any residential property will pay an ABSD rate of 30 per cent, up from 20 per cent now.’
You are correct countryboy, every government we have had since monetarism became “the Way” has been shit, and we are suffering the consequences.
The question is can we save ourselves or is it too late? It looks like it is too late because the powers that be are a ship of fools and there is no substantial ground swell against them other than those Counterspin fascist fools.
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