this post was submitted on 28 Apr 2024
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Solid data behind the ladder pulling younger generations have been calling out since before the whole "avocado toast" boomer entitlement.
I guarantee boomers and Gen-X won't support a rebalancing, especially the type of rebalancing required — where housing being treated as an investment vehicle needs to cease via a dozen extreme regulations — like banning all ownership beyond a single investment property, banning all corporate ownership including SMSF's, banning of non-resident ownership, extreme taxes for empty property, and most penalties (beyond a sensible grace period) including outright forfeiture and resale of the entire asset; coupled with strong tenancy regulations to bring us in line with the EU, where the status quo is the opposite of Australia, instead of renting = temporary accommodation and housing insecurity.
Gen X here. I also just bought a house a year ago. I support the elimination of housing-as-investment. It has always been a smoke and mirrors trick anyway.
You buy a house to live in. You put money into that house. Eventually, 30 years later, I won't have to pay a mortgage any more but by that time I'll be a very old man. In the meantime the value of the house has gone up. Hooray? Not really: I can't get that money back out and live on it. To live on it, I'd have to sell the house. Then I'd need somewhere else to live. Oh, I suppose I could buy a house? Except the value of every other property has gone up just like mine. It's break-even. It's not an investment for anyone except developers and massive real estate corps.
I never understood why people care so much about their property values. I personally think it makes me worse off when my house goes up in value. Now I have to pay more in property taxes and I can’t move because all other houses are way more expensive too.