Today's Grattan institute report is a great example of how easy solutions that are politically impossible can be: housing affordability is largely a solved problem #auspol http://www.abc.net.au/news/2018-03-04/housing-costs-hit-young-and-poor-nimby-development/9507198?section=business …
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Replying to @HankCampbell
But the difference is that we currently provide enormous subsidies in Australia that encourage home ownership as well as disincentives to sell
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Replying to @GidMK @HankCampbell
So property is a really attractive investment but there's a lot to lose from selling, which means that the supply stays low because people hold onto property whilst demand skyrockets because of the tax breaks
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Replying to @GidMK @HankCampbell
Also, Australia has some of the most lax rental law in the world, renters have few rights which makes property an even more lucrative investment
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Replying to @GidMK @HankCampbell
Oh and also also, this report found that local home owners have enormous power and control over developments which has basically kept Sydney and Melbourne, two enormous cities, from densifying in spite of the extremely good reasons to do so
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For reference, the 'housing crisis' that's referred to a lot in Australia is that prices have roughly doubled in major cities over the last 5 years
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