Housing Announcement and Reforms 23/03/2021

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#2684472 31-Mar-2021 08:42

GV27:

tdgeek:

I agree but you said it was predicted by the article in your link

As for those people, that's too bad, they knew the risk. Of all the homeowners in NZ a very small number are recent purchasers, and not all of them would be forced to sell. Plus this risk is inherent no matter what a Govt did or didnt do, its been there for a good while now

I'm against the idea of owner-occupiers facing financial ruin on properties they bought to live in because investors spiked prices to insane, unsustainable levels.

We could target assistance to home owners facing negative equity if we want to, but I think it comes with a moral obligation to fully unwind house prices back to affordable levels by global standards.

Perhaps you could find an impacted owner and give them$100 a week from your pocket.

Just NZs rental housing capitalisation is worth more than NZs GDP.

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#2684474 31-Mar-2021 08:49

GV27:

I'm against the idea of owner-occupiers facing financial ruin on properties they bought to live in because investors spiked prices to insane, unsustainable levels.

We could target assistance to home owners facing negative equity if we want to, but I think it comes with a moral obligation to fully unwind house prices back to affordable levels by global standards.

I cannot see anyway to make house prices back to 5X levels. Its likely a Govt might intervene, underwrite a mortgage, possibly.

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#2684481 31-Mar-2021 08:51

sir1963:

Just NZs rental housing capitalisation is worth more than NZs GDP.

NZ's owner occupied housing capitalisation is far more than that, and for some reason its declining... That is apparently no problem, but its now a problem if we wish to reverse the trend back to home ownership

sir1963

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#2684491 31-Mar-2021 09:00

tdgeek:

sir1963:

Just NZs rental housing capitalisation is worth more than NZs GDP.

NZ's owner occupied housing capitalisation is far more than that, and for some reason its declining... That is apparently no problem, but its now a problem if we wish to reverse the trend back to home ownership

The total is remaining the same.

No one is entitled to own. Other bigger countries, with better economies, and lower rates of ownership prove that too "works"

GV27

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#2684498 31-Mar-2021 09:22

sir1963:

The total is remaining the same.

No one is entitled to own. Other bigger countries, with better economies, and lower rates of ownership prove that too "works"

Just like no one is entitled to years of golden-goose status for their investments that generate huge social costs that the rest of the country picked up the tab for.

And sorry, we've had historically better rates of ownership, that's how NZ works. If I want to live in a place where low home ownership rates are expected, I could move there. So could you.

How much do you think NZ's cultural fabric should be altered just so investors can keep creaming it?

sir1963

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#2684499 31-Mar-2021 09:28

GV27:

sir1963:

The total is remaining the same.

No one is entitled to own. Other bigger countries, with better economies, and lower rates of ownership prove that too "works"

Just like no one is entitled to years of golden-goose status for their investments that generate huge social costs that the rest of the country picked up the tab for.

And sorry, we've had historically better rates of ownership, that's how NZ works. If I want to live in a place where low home ownership rates are expected, I could move there. So could you.

How much do you think NZ's cultural fabric should be altered just so investors can keep creaming it?

Correct, and in BOTH cases it is also not wrong.

We have also has worse rates of home ownership. And that is NOT how NZ works, if you believe that then everyone is also entitled to a 1/4 acre section.

There are a lot of things that have changed in NZ.

And life is NOT fair, just go and ask any disabled person.

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GV27

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#2684502 31-Mar-2021 09:34

sir1963:

We have also has worse rates of home ownership. And that is NOT how NZ works, if you believe that then everyone is also entitled to a 1/4 acre section.

There are a lot of things that have changed in NZ.

And life is NOT fair, just go and ask any disabled person.

This is getting tiresome. So it's "suck it up, buttercup" for the people affected most by rampant housing speculation, but take away even just a couple of the advantages investors have stacking the deck in their favour and suddenly the waterworks and complaining hits hysterical levels?

sir1963

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#2684503 31-Mar-2021 09:36

GV27:

sir1963:

We have also has worse rates of home ownership. And that is NOT how NZ works, if you believe that then everyone is also entitled to a 1/4 acre section.

There are a lot of things that have changed in NZ.

And life is NOT fair, just go and ask any disabled person.

This is getting tiresome. So it's "suck it up, buttercup" for the people affected most by rampant housing speculation, but take away even just a couple of the advantages investors have stacking the deck in their favour and suddenly the waterworks and complaining hits hysterical levels?

Well then everyone will have to suck it up and pay higher rents.

GV27

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#2684504 31-Mar-2021 09:37

tdgeek:

I cannot see anyway to make house prices back to 5X levels. Its likely a Govt might intervene, underwrite a mortgage, possibly.

That's what I'm saying - if the government is going to intervene then we need to get all the way back to where things should be, and then aggressively cap demand and reign in investment so that prices never get this stupid again.

GV27

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#2684505 31-Mar-2021 09:39

sir1963:

Well then everyone will have to suck it up and pay higher rents.

Or, instead of just giving our country over to a corrosive, cancerous paper-shuffling wealth-concentrating exercise that pushes a basic human right like shelter out of reach, we could do something about it.

And we should. And we should do a lot more than we're talking about doing now.

sir1963

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#2684507 31-Mar-2021 09:40

GV27:

tdgeek:

I cannot see anyway to make house prices back to 5X levels. Its likely a Govt might intervene, underwrite a mortgage, possibly.

That's what I'm saying - if the government is going to intervene then we need to get all the way back to where things should be, and then aggressively cap demand and reign in investment so that prices never get this stupid again.

If I increased you costs by $6000, you would be asking for a pay rise to compensate.

NO DIFFERENCE, this is a business , not a charity. I don't see you giving the government 6K extra a year either.

As always, the money must come from somewhere.

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sir1963

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#2684557 31-Mar-2021 09:48

GV27:

sir1963:

Well then everyone will have to suck it up and pay higher rents.

Or, instead of just giving our country over to a corrosive, cancerous paper-shuffling wealth-concentrating exercise that pushes a basic human right like shelter out of reach, we could do something about it.

And we should. And we should do a lot more than we're talking about doing now.

Health is a basic human right.

There are people who are on Dialysis who spend most of their lives hooked up onto a machine .

How about you take your morals and go donate a Kidney to someone. You only need one.

GV27

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#2684558 31-Mar-2021 09:50

sir1963:

If I increased you costs by $6000, you would be asking for a pay rise to compensate.

NO DIFFERENCE, this is a business , not a charity. I don't see you giving the government 6K extra a year either.

As always, the money must come from somewhere.

Good argument, too bad wages haven't kept up with house price inflation - you know, the added costs you're talking about - that have been inflicted on the non-investor community.

If your argument to even the slightest walkback in your massive advantages over aspiring owner-occupiers is "we'll just jack up rents, that'll show you how compassionate we are!" then all I can say is enjoy your rent controls.