Rent Freeze Could Have Saved Aussies Nearly $4 Billion
Вставка
- Опубліковано 8 тра 2024
- A new report released by the Greens has revealed that if a rent freeze had been implemented last year, Aussies would have saved up to $3,000 per household.
Jordan van de Berg, AKA Purple Pingers, joins us.
#RentalCrisis #HousingCrisis #ShitRentals
Private rental industry has failed. Bring back publicly owned rentals.
Landlords equally should ask the reserve bank for interest rate freezes so no more interest rate rises that are passed on to tenants as rent increases
or landlords should quit passing 100% of the pain onto renters and shoulder some of the burden also
@@MrBibi86 Landlords mostly have 90% LVRs so banks own 90% of the property. The owner pays more to the bank than he gets from rents. Please ask the bank to shoulder more of the burden for both owners and renters
@@MrBibi86They haven't been able to pass on even a third of what cost increases they have faced from the RBA rate rises. Don't worry. Rents are dirt cheap compared to the cost of buying a home. Rents would have to double from here before they would match a good old term deposit in the bank.
@@MrBibi86They definitely do not pass on 100% of rises. You obviously don’t have a mortgage
@@MrBibi86Landlords definitely aren’t passing on 100% of rate rises. You obviously don’t have a mortgage
*Capital cities?? rents are also very high in the regions. I live in a town of 70,000 people and our rents almost match those of Woolongong. sick of feeling like we don't count because we don't live in a city*
Rents too high? It's not the government's fault, its those evil landlords 🙄
Rent freezes will not work. If people talk about caps landlords with below market rents will increase them. Caps will simply mean they sell & put money elsewhere. The incentive to invest in rental properties will collapse.
Basically homelessness will sky rocket & once the freeze stops rents will sky rocket
Oh yes, famously, when someone decides to sell their investment property. It disappears into thin air.
@@thenewyearsgrinchI heard about rent freezes so I put rents up. I’ll do it each time a contract comes up if I hear about rent freezes.
Rent freeze will may save renters money but create more expenses for Landlords, who will be forced to sell ... creating less houses to rent.
Go Jordan, live from Federal Parliament....let's go. Professor Pinger's keep that.
Just heard that we are shelling out $175bn over 4 years to private landlords via ATO data. There's were your fertility just went. And we wonder why couples are deciding it's just too hard to do. Add to that the horrors of mouldy leaking rentals or heat stress from no air conditioning, it's frightening that Parliament is knowing all that and given only 30% of renters a $9 a week increase when landlords are waved through going up $50-$150 a week increases year on year. Where are the Independents etc who are saying block business claims for those landlords behaving like that. And caveat ATO claims for landlords without a mortgage.
A Rent freeze could have saved SOME Aussies nearly $4billion at the expense of SOME OTHER Aussies who would have lost nearly $4 billion. There is no free lunch nor do rent freezes help Australians in aggregate. Only increasing supply and better utilising the existing housing stock can truly help.
opposition wants you to use all your super to buy a house. im not an economist but wont that push the prices even further?
The only solution? Why not focus on the demand side? We are in a rental crisis! Index the level of net overseas migration to the completion of an adequate number of new dwellings - this wouldn’t fix everything, but it would be more effective than anything else we have tried. Do you remember what happened to rents when the borders were closed during COVID?
@@Inflammasomes yes renters crucified landlords by demanding and getting huge rent reductions and multiple free weeks rent just to start or renew their lease. What goes around comes around and landlords rightly are increasing rents as much as possible to recover their increased cost of providing housing and with little sympathy as a result of how renters exploited the COVID situation.
MightyAbs, stop trying to rewrite history.
@@The_Handle_I_Want_Is_Too_Long I am not rewriting history. I am voicing my personal experience during the pandemic. This is history. This actually happened. It's renter's trying to rewrite history with their sob stories about how rents have gone up. How about landlords whose costs of providing rental property has gone up 300% and they have only passed on 25% in rent rises?
*Rent Assistance? You gave pensioners an extra $22 a fortnight. how is that assisting anyone?*
Increase supply = lower rents, freeze rates = freeze rent
Lower Mortgage rates = lower rents.
@@traceyholt8223Nah rents will stay up. Why show support when we’re spoken about like this.
Nah landlords and real estates raise rents regardless of what interest rates are doing. It's just a convenient excuse for them when rates are raised. Don't ever see rents staying the same or being cut when rates are cut or stay the same.
@@The_Handle_I_Want_Is_Too_Long maybe some do but not all lanlords. Don’t generalise- it’s a sign of ignorance
Freeze rents and you'll have a landlord exodus. What happens next requires some economic modelling so you don't end up with since unintended consequences. Should make it more affordable for some people to buy property to live in but could reduce number of rental properties even further.
This guy has a very simplistic view of the world. Oh if you reduce rents the owners will still get a capital gain when they sell the property. Or maybe they won't. Basic financial concept - the value of property depends on the rent it can generate.
there more than 125 taxes in oz people dont research this on leftside of poltics
What a load of bull - this argument about having Capital Gains or equity in the property "when you sell". That doesn't help the landlord in the current situation with a negative cash flow (Mortgage and expenses being far more than the rental income). Many Landlords are "Mum and Dad" investors that are working fulltime and still paying their own mortgage. They do not have the spare cash flow to cover the losses of an investment property now, in order to gain the benefits of the equity later. This will just force them to sell now and get the equity now - leaving less houses to rent.
Not if a renter buys it, then their old rental would become available, hence there would be no net effect on the available homes to rent (in aggregate terms), it's just churn.Futhermore, if another investor buys it there is also no effect on the rental market, the houses doesn't just disapear.
There is a cost to having so many so called "Mum and Dad investors" they reguarly outcompete first home buyers in the purchasing market, pushing prices up and forcing them to rent and save for longer or possibly never buy. Australian society would be better with less rental properties and more owner occupiers, you want young people to have skin in the game. The investor could deploy the capital elsewhere in the economy in a form that is actually productive and not just literal rent seeking, enabled by unfair government policies that older Australian's were not subjected to (a business perhaps? or the stock market?).
Well said, Inflammasomes.
@@Inflammasomes 100% Far too much capital in the economy is invested in property investment because the government does everything in his power to guarantee that property prices never go down. Investing in a business or the stock market actually develops and grows the australian economy as opposed to simple rent extraction in property investment
I know I have increased the rent on my property by 30% to match market rates because of the talk of rent freezes and rental caps. I was previously giving my tenant fair bit of a discount. I did so knowing that if a major expense came up relating to the property (eg increase in land tax)I have contingency to raise the rent and cover the costs. The idea of rent freezes or caps takes that flexibility away.
It is one thing to give a discount voluntarily, it's another thing entirely to be locked in to it or forced to do so.
I know it's currently a Greens policy, but I don't trust the Labor government not to cave in implement it seeing they are more renter friendly having introduced new rental laws and massively increase land taxes.
I also put my rents up because of Jordan’s rent freeze March thing in Melbourne. Better do it again when the contracts come up again.
excise up too ! the transport industry tax 14% more in 2 yrs
Reduce demand from excessive net overseas migration, stop only focusing only supply issues! Australia already has a higher proportion of people employed in the construction industry than most other developed nations, we can’t just build our way out of this problem, it’s a demand issue. A rent freeze might be ok for a very short period of time, but medium-long term it would distort the market and create problems. To truely make housing more affordable land prices need to come down, which have been driven ever higher due to demand always outstripping supply - when people don’t have any other options for housing, prices get bid up for no good reason.
Really? higher proportion of people employed in the construction industry? Why is there a shortage of tradespeople and house building times have blown out from 6-8 months to 12-24 months?
@@traceyholt8223 It's hard to believe, but it is true. For comparision, in the USA about 3.5 % of the workforce is employed in the construction sector, in the UK it's 3.2% and in Germany it's 3.1%. In Australia, it's 4.7% (35% more than the USA, OECD figures). The reason why there is a "shortage" is because of the high demand for contruction work. Despite what we are constantly told, Australia actually builds a high rate of homes per capita and state governments are spending big on infrastructure projects. Hence, becuase there is so much demand to build new homes and infrastructure trades are in short supply. And the reason we need to build so many new homes and so much infrastructure is because our population growth rate is massive, driven by net overseas migration and not natural increase. If net overseas migration was at a more sustainable level like 100k per year, not 300k to 600K, there would be less requirement for new homes and infrastructure and tradies would be more available, leading to lower construction costs.
i need house rent cheaper
Buy a house. Then you pay no rent.
Buy a house. Then you won’t pay any rent ever. But it’s more expensive
I need money rent higher
Why are my comments removed?