Imagine! Those inhumane fucks that have been hoarding property have had to increase the minimum standards to somewhat-liveable, and some of them have decided to sell their investments rather than continue to deprive first-home buyers of their own property. This has resulted in fewer renters, and, the demand for rentals is down as there are fewer people trying to rent: they can buy property now that they’re not competing with hugely over-leveraged fiends buying their 30th (or 130th; thank you Steve McKnight) house-shaped human right. Rents have ceased growing at a rate of 2-3% per quarter, stabilising at about 0.3% growth (yes, that’s still growth).
Yet, according to Ben Kingsley of Property Investors Council of Australia:
“It should be an alarm signal for the government that the investors are basically voting with their feet and their wallets, and they are tapping out.”
Further:
“The bleeding obvious thing is the governments severely overreached on the reform agenda,”
“The unintended consequences have been that effectively the investors are moving on.”
Are you serious? The government overreached by legislating that homes must be liveable? That’s just consumer law; it shouldn’t have needed to be further refined. A product or service must be fit for its purpose. A house cannot be a health risk, and also be offered for rent to the disadvantaged and desperate.
Unintended consequences? Anyone that was involved with this is jumping for joy! Fewer fucks are getting rich by abusing privilege, and they didn’t even have to face the political nightmare of trying to fix (read:abolish) negative gearing.
Source: Duggerspy