Submitted 7 months ago by Longmactoppedup@aussie.zone to australia@aussie.zone
Not sure I agree with the title that no one can ”escape” it. I think the wealth hoarding class does very nicely out of everyone else’s misery. Perhaps if things don’t turn around their grand children might go from owning the whole country to facing a guillotine.
More likely once there is a large enough percentage of people who will have no hope of owning, then they will start to have an effect at the polling booth.
So basically it says the homeowners will be affected because if they have children they will need to help them … And for those who have already purchased a home at an expensive price, their mortgage is impacted. Top Notch journalism.
Yeah ‘it’s coming for homeowners!!!’ = house prices are obscenely high and unobtainable for a significant portion of the population.
Like…no shit, that was the housing crisis before landlords found a new level of cunt to descend to.
The guillotine is how they won’t escape the crisis.
Where I disagree is on owning a house. This should not be a primary thing whatever the wealth you have. It’s how people make other wealthier.
Housing is a human right as well as food. It can’t be a human right without having a majority of the housing in public hands. It’s not free or common housing. It’s to give affordable rent to everyone and make housing speculation not worth it.
Owning a house is a primary thing, but only a single one where you live long term and keep your belongings. Otherwise how can you expect any kind of privacy (a landlord not coming in with their own set of keys) or that your belongings won’t get thrashed while you’re at work or abroad for a longer time?
People need housing - it’s demand is inelastic, meaning that market forces fail around it - people will pay whatever they have to in order to keep a roof over their heads.
For an example of what this market failure looks like when you commodify essentials, look to the US healthcare system.
We’re a wealthy society that could provide these essentials, but we’d rather allow people to amass enough personal wealth that they can single-handedly undermine our democracy. Stop playing defence for the people treading on you - the chances of you benefiting from this dynamic are vanishingly small.
This is the best summary I could come up with:
Experts have published numerous reports on this topic in recent years for the Australian Housing and Urban Research Institute (AHURI).
They’ve explained how that change in policy has led to a situation in which it’s become increasingly unrealistic for younger Australians to be able to buy a home by simply working hard.
They say a huge number of problems younger people face can be traced back to the 1980s and 1990s, when major reforms to Australia’s labour market regulations and wage-setting institutions, initiated by the Hawke-Keating Labor governments, contributed to the disappearance of the “norm” of full-time secure work.
“We know that in 2010 around about 12 per cent of people [who were] first home buyers were getting assistance from the bank of mum and dad,” University of Newcastle youth sociologist Julia Cook told ABC RN’s The Money podcast last month.
Other researchers have noted that, for people who have managed to get into home ownership, larger mortgage debts are causing an increasing number of older workers to delay their retirement.
“This is comfortably the largest share of the population citing these problems since the question was first asked in 2011,” lead researcher Dr James O’Donnell, from ANU, said.
The original article contains 1,091 words, the summary contains 199 words. Saved 82%. I’m a bot and I’m open source!
Stop leaving out important bits ffs
Good.
The problem is that if you own a home and you’ve paid off the mortgage or paid it down over 20 years already then there’s no reason to sell, meaning prices likely won’t fall that much as people will prefer to sit on their asset than to sell at a loss, or at a perceived loss relative to what they were previously told the market would pay for it.
The only mechanism for prices to actually return to earth and make housing affordable again is wage growth and inflation, and the hope that housing prices don’t simply rise alongside wage growth.
Even if you conquer the mountain of ending negative gearing and the insanely generous tax subsidies that investors get, even then you need to wait a decade just to see prices enter a sane rage relative to income again.
Millennials are doomed. Half of them will be renting until they die. The only way out of this trap is to making own 3-10 homes a bad investment. But can you imagine any Australian government decommodifying housing? It’s not going to happen which means a generation of renters and a poverty time bomb when the millennials want to retire.
For people stuck in the renting trap already in their 40s, they’re doomed now and the best idea the intelligentsia have is “maybe just live with your rich parents who sent you to a private school a bit longer and ask them for a loan.”
I live in NYC. Many Wall Street office buildings have already been repurposed as apartments/condos.
Yeah we’re at an inflection point. I’m not really sure where we’ll go next, housing crash? Move to small homes or mobile homes? Migration to smaller towns?
Personally I might move to a smaller town myself, somewhere I can afford a simpler lifestyle and either work for myself or a remote online job. Big cities are for visiting, not for living in.
RedditWanderer@lemmy.world 7 months ago