Immigration stupidity?

[Gringotts Bank]

Yeh I like Bris.

The way this all came about was that housing affordability was an issue. So instead of cutting right back on immigration and foreign investment, governments allowed developers open slather (to increase supply). You can't drive 100m without bumping into a new building site here. All that's happened is a feeding frenzy of real estate transactions, with no change in prices. I know agents who were taking massive cash deposits on multiple apartments at once, and just guess where the money was coming from? The problems were made worse by governments terrified of cutting immigration.

So now we have kids living with their parents up until 30's, we have massive apartments on every corner, old homes being levelled to build multi-dwelling sites. Most suburban side streets have cars parked both sides, and navigating your way through is difficult. I spoke to a developer who told me the boom had about a year to run. By then the damage will be done and of course people keep having babies. The poorer they are, the more they have. Another government-inspired trend.

Meant to say... housing affordability first became an issue when governments allowed wealthy Australian baby boomers and investors to buy up everything in sight in the 80's and 90's. The idea of becoming a real estate investor came out of the US, where the early uptake brigade had become extremely rich leasing out hundreds of properties on "nothing down" loans.

It's a problem caused by goverment mis-management, and it's had two "solutions", both of which caused a worsening of the problem. So much for ****ing governments. Left/right, they're all the same to me.

Greed needs to be legislated against, otherwise we all suffer in the end.

 

[noirua]