Houses are for living, not for speculation
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a great example of this country saying something and not doing anything resembling the idea at all. china has one of the most fucked real estate markets in the world. chinese speculation is notorious for fueling insane projects that fall apart, or wiping out working class communities with gentrification and displacing millions. the money pours into vietnam and cambodia where families lose their savings "investing in a condo" that hasn't been built yet. china is a country run by an ultra capitalist mafia.
they built trains which are great. im a leftist too. but you guys, holy fuck.
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That quote gave me whiplash as soon as I read who and when it was from.
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a great example of this country saying something and not doing anything resembling the idea at all. china has one of the most fucked real estate markets in the world. chinese speculation is notorious for fueling insane projects that fall apart, or wiping out working class communities with gentrification and displacing millions. the money pours into vietnam and cambodia where families lose their savings "investing in a condo" that hasn't been built yet. china is a country run by an ultra capitalist mafia.
they built trains which are great. im a leftist too. but you guys, holy fuck.
Chinese property prices have been in continual decline for the past three years, when the bubble popped and the government has done little to incentivise further builds and mania.
Coupled with the aging population and falling birthrates, the mechanics simply aren’t there for it to happen again - so although Xi’s quote dates back to 2016 - it is very much true now in China.
There has been a sharp turn in national investment towards high-tech manufacturing, driven by EVs and associated industries, as the next engine for economic growth and prosperity.
Whether or not that actually plays out as intended is a seperate matter, but that’s really outside the scope of this discussion.
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This is the central issue to Australia's housing affordability and availability crisis
Yup, and with more than two decades of rat-box quality appartments sold primarily as investment vehicles have pushed first-home further and further out - placing a massive burden on infrastructure to keep up.
The problem is, the vast majority of our politicians are heavily invested into the property market and are therefore disincentivised to do anything substantial to fix it.
Even those with only one property to their name, wouldn’t want to do anything substantial to cause property values to decline. They are in the unenviable position of trying to freeze property prices where they currently are for the next ~50 years or so and let society catch up in terms of buying power.
It’s definitely doable, but the risks of fucking it up greatly out-weigh the potential successes, so no one really seems willing to pick up the mantle.
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Yup, and with more than two decades of rat-box quality appartments sold primarily as investment vehicles have pushed first-home further and further out - placing a massive burden on infrastructure to keep up.
The problem is, the vast majority of our politicians are heavily invested into the property market and are therefore disincentivised to do anything substantial to fix it.
Even those with only one property to their name, wouldn’t want to do anything substantial to cause property values to decline. They are in the unenviable position of trying to freeze property prices where they currently are for the next ~50 years or so and let society catch up in terms of buying power.
It’s definitely doable, but the risks of fucking it up greatly out-weigh the potential successes, so no one really seems willing to pick up the mantle.
Slow and phased changes to tax legislation to remove incentives with suitable grace and transition periods for people to offload assets would see a dramatic improvement to property prices for buyers. The impact on sellers would be determined by the market but we could expect lower prices due to an influx of volume.
The other issue is that Australia's economy is held up by big banks which are in turn propped up by their mortgage debts. A reduction to property values will see a downturn on the ASX. All the more reason for Australia to reinvigorate its manufacturing footprint and diversify its economics.
Getting rich off of a property portfolio is lazy and unproductive. Try operating a business that is useful to someone or pushing the boundary of innovation. Instead we have all those boomers out there filing away their monthly statements from their property manager saying "YoU JuSt GoTtA WoRk hArDeR!" What a joke.
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Slow and phased changes to tax legislation to remove incentives with suitable grace and transition periods for people to offload assets would see a dramatic improvement to property prices for buyers. The impact on sellers would be determined by the market but we could expect lower prices due to an influx of volume.
The other issue is that Australia's economy is held up by big banks which are in turn propped up by their mortgage debts. A reduction to property values will see a downturn on the ASX. All the more reason for Australia to reinvigorate its manufacturing footprint and diversify its economics.
Getting rich off of a property portfolio is lazy and unproductive. Try operating a business that is useful to someone or pushing the boundary of innovation. Instead we have all those boomers out there filing away their monthly statements from their property manager saying "YoU JuSt GoTtA WoRk hArDeR!" What a joke.
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I dunno why you have to hate saying that; China and the Chinese govt are doing freaking awesome things that the world should envy, and they deserves lavish praise. Period. And I’m speaking as a red blooded Texan.
They’re into some shit, too. And have problems, including major ones conflated with the real estate crisis.
It can be both. Westerners don’t have to be walking stereotypes that ponder ‘China evil’ with every other thought, like Lemmygrad seems to think. I mean, what leg to I have to stand on?
It doesn’t mean we have to just accept the human rights violations or papered over crises or whatever either.
Upvote for reasonableness.
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Slow and phased changes to tax legislation to remove incentives with suitable grace and transition periods for people to offload assets would see a dramatic improvement to property prices for buyers. The impact on sellers would be determined by the market but we could expect lower prices due to an influx of volume.
The other issue is that Australia's economy is held up by big banks which are in turn propped up by their mortgage debts. A reduction to property values will see a downturn on the ASX. All the more reason for Australia to reinvigorate its manufacturing footprint and diversify its economics.
Getting rich off of a property portfolio is lazy and unproductive. Try operating a business that is useful to someone or pushing the boundary of innovation. Instead we have all those boomers out there filing away their monthly statements from their property manager saying "YoU JuSt GoTtA WoRk hArDeR!" What a joke.
The problem is that any dramatic fall in house prices risks an absolute calamity economically as innocent people who are only working to pay off the roof over their heads find themselves underwater on their mortgage.
Bankruptcies are painful not just economically, but also socially and mentally - which is why we really need to ‘thread the needle’ in such a way that housing costs stagnate for multiple generations, rather than drastically fall backwards.
One other option would be to allow home owners to somehow claim primary/residential losses against their income tax - but that could likely be an imperfect solution that would probably face too many headwinds politically to ever pass.
But the most obvious, low hanging fruit would be to roll-back Howard-era changes to Negative Gearing and Capital Gains benefits, as well as imposing restrictions on who can buy residential properties in Australia (eg. require a PR to be able to purchase a primary place of residence, citizenship to purchase additional properties).
The problem though is that whichever political party would ever be brave enough to pass this legislation (let’s be honest, it would only ever be Labor and not the LNP), risks being absolutely slaughtered in the media, losing the subsequent election, only to have the incoming government undo said changes.
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a great example of this country saying something and not doing anything resembling the idea at all. china has one of the most fucked real estate markets in the world. chinese speculation is notorious for fueling insane projects that fall apart, or wiping out working class communities with gentrification and displacing millions. the money pours into vietnam and cambodia where families lose their savings "investing in a condo" that hasn't been built yet. china is a country run by an ultra capitalist mafia.
they built trains which are great. im a leftist too. but you guys, holy fuck.
fueling insane projects that fall apart, or wiping out working class communities with gentrification and displacing millions.
LOL mr 'leftist' here regurgitating western propaganda.
Sure that terrible real estate market has resulted in the terrible situation that only 93% of people OWN their house. -
fueling insane projects that fall apart, or wiping out working class communities with gentrification and displacing millions.
LOL mr 'leftist' here regurgitating western propaganda.
Sure that terrible real estate market has resulted in the terrible situation that only 93% of people OWN their house.wrote last edited by [email protected]I live in Asia and the real estate market in many of these cities is not viable. you rent
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And yet their home ownership is still greater than 90%. Ownership is for your lifetime without property tax. Yes families work together to afford homes but it is normal in asian cultures to live with your family for a long time. I wouldn't call their housing situation comparable to the US.
93% actually.
Land of opportunity and freedom: 67% -
fueling insane projects that fall apart, or wiping out working class communities with gentrification and displacing millions.
LOL mr 'leftist' here regurgitating western propaganda.
Sure that terrible real estate market has resulted in the terrible situation that only 93% of people OWN their house.You mean their "dwelling", probably (includes houses and apartments). 93% def don't live in single-family homes.
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I live in Asia and the real estate market in many of these cities is not viable. you rent
' Asia' can be a lot of countries, probably some western colony/vasal state if you're so vague about it.
93% is 93% -
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That's always been my attitude. Yet the property taxes on the house I've lived in for 35 years keep going up based on what somebody else would pay for it if I sold it. Paying tax on the money I make if I ever do sell the house would make sense to me, but until that ever happens I'm being taxed on a number determined by real estate speculators. So what the actual fuck?
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Tax the land
