Comment on @jack_toohey on why the housing crisis is not caused by migration
Nalivai@lemmy.world 3 weeks agoWhy do they get all the money and not buy anything with it? Billionaires are horders, they don’t use what they hoard.
Comment on @jack_toohey on why the housing crisis is not caused by migration
Nalivai@lemmy.world 3 weeks agoWhy do they get all the money and not buy anything with it? Billionaires are horders, they don’t use what they hoard.
null_dot@lemmy.dbzer0.com 3 weeks ago
Billionaires dont leave their billions sitting in a bank. Of course they buy things with it.
Nalivai@lemmy.world 3 weeks ago
They demonstrably don’t. They “buy” assets and stocks and some shit, but that’s just another form of hoarding the money. They don’t buy things, there is not enough things in the world to buy for them, and that’s not what they’re after. Elongated Muskrat bought a fucking twitter for an inflated price, and he’s still a richest motherfucker in the world.
null_dot@lemmy.dbzer0.com 3 weeks ago
Do you really think a billionaire would be actively involved in buying houses to hoard them?
They wouldn’t give a fuck. If they have excess money they’re not looking at the stock market, they would just transfer the excess money to the trust that manages their excess money.
Billionaires are a big problem, they shouldn’t exist, but you haven’t drawn a real connection between billionaires and the Australian housing problem.
Nalivai@lemmy.world 3 weeks ago
Doesn’t matter how active they are. Yeah, most of of them don’t give a shit that a particular scheme of theirs that some firm runs on their behalf buys new houses and uses them as assets. They are still the reason this all happens, they are the main catalyst for this shady practice. I mean, there is also shady corpos, but I pretty much lump all of that in one shitty ball of greed, like a hatesphere of evil of some sorts.
Treating houses as assets contributes to housing problem everywhere where there is no strong regulations against it.