Australia has always been built on immigration.
The immigration policy certainly does not need to change and in fact, what we are currently doing with immigration is absolutely boosting our economy.
The Govt's of both persuasions have however, seriously f**ked up with the housing supply that could not support this policy.
That is the issue.
I agree with this, but am not sure how there will be a quick fix with housing supply.
There is so much regulation and planning bullshit that developers need to navigate. It’s been put in place to satisfy the NIMBY’s of the world, a vocal minority that continues to have too much influence.
This is not unique to Sydney or indeed Australia. Housing affordability in popular OECD capitals is expensive and they too have low vacancy rates.
• Zoning Reforms: It is happening, but people are going to have to STFU when the concrete jungle encroaches upon their little bit of paradise.
• Public Housing Investment: Building more social housing will alleviate some of the pressure on the private market. At the moment, we give rent subsidies to tenants and send them out to the private market. One side of politics doesn’t like to build public housing. Who dat ?
• Rent Controls: Implementing rent controls; as seen in parts of New York, can help prevent price gouging. Oooh that’s controversial and anti-market, because it can also deter investment in rental properties.
• Vacancy Taxes: Introducing taxes on vacant properties owned by investors, as London, Melbourne, Sydney have considered, could incentivize owners to rent or sell vacant homes, boosting housing availability. Merkins who leave their properties empty or for Air BNB need to pony up or face a potential Byron Bay situation where short term rentals are all but banned.