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by thght
3514 days ago
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> Price controls are a terrible solution I never mentioned price controls in general. In Auckland, New Zealand, investors are buying property and houses en masse. They blow up the market price for profit. In the news you can read that most people born now in New Zealand will likely never be able to buy a house in their lives, and this is a very hot issue there right now. It has never been this bad and it only gets worse every day. If the price per square meter never exceeds for example 0.25% of the average minimum income, most people should be able to own a house. Property owners could than make profit on the quality of a house, which is fair enough for now, but not anymore on the square meter property price. How can it be that you are born on this planet and not being able to ever have your own place? Because it is all owned and inherited by a handful of people that took profit of a flawed system? |
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That isn't exactly a bad problem to have--if free construction is allowed and property taxes (or better yet, land value taxes) aren't constrained, it would be fairly straightforward to fund a significant portion of the governments' budgets, plus a basic income or rent subsidy, by a taxing foreign investors.