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Stay on the treadmill suckers!

Written By: - Date published: 10:53 am, April 12th, 2017 - 32 comments
Categories: housing, national, useless - Tags: , , , ,

The truth is out – Young house hunters should just give up

Nats would rather we all stayed on the treadmill – Government says Auckland houses are affordable, keep saving

The Government is sticking to its guns: there is no housing crisis and young Aucklanders looking to buy just need to keep saving.

In parliament today Social Housing Minister Amy Adams stopped short of warning millennials off flat whites and smashed avocado toast – but only just.

Adams and the National Government refuse to admit we have a crisis. They refuse to admit housing has exacerbated inequality under their watch.

The list of things that these muppets can’t afford to admit is a long one.

32 comments on “Stay on the treadmill suckers!”

  1. We are all expecting far too much from this govt, goodness gracious !!!

    Back in the good old days our ancestors slept whole family’s in tents and quickly slapped up ponga huts while burning and slashing our forests down to make way for sheep and dairy for the Motherland and masts for the Aussies out of Kauris.

    This younger generation needs to harden up !

    * Nat govt partially solves housing crisis by introducing subsidy’s and tenure on approved slightly leaky , second hand tents.

    • BM 2.1

      I’ve heard from a few people that banks are ringing up customers with no mortgages or who own properties that have increased in value and offering money to purchase second properties.

      I wonder if they’re desperately trying to keep the market inflated.

      • bwaghorn 2.1.1

        no just getting some more clients, if they play their cards right they can get 50 to 60 years out of the boobs , what with reverse mortgages becoming the rage for the boomers now.

      • Greg 2.1.2

        I got call from the bank as well trying get enough to tale out a loan they know who got homes from there records there quite pushy as well they trying to give me a credit card as well they don’t seem to understand no thank you

      • Antoine 2.1.3

        Probably just trying to sell some low risk home loans eh

  2. AB 3

    If the young buy a house in the current inflated market and they intend to pay it off with earned income from actual work, they are choosing a lifetime of debt-serfdom.
    If they have a swag of inherited cash or equity, they can leverage themselves, join the speculator-class who have created this mess, and pay it off from unearned capital gain and rents. This is how wealth gets concentrated in the hands of the few.

    So apart from the few with the inherited cash, their choices are debt-serfdom or revolt. Or apathy I guess. The only serious political party with the guts to say that prices need to come down is the Greens. Labour know it – but don’t want to scare the horses. Voting accordingly would be a good place to start.

    • Greg 3.1

      The repayment times are far to long and in an environment of. Precarious,work the chance of default are very high the sums being borrowed are not sustainable on a nz wage its all going end in tears for a lot . Bankers will win either way

      • Lara 3.1.1

        Not necessarily. Enough defaults and the bank faces bankruptcy.

        It happened plenty after the 2008 crisis. It’ll happen again.

        • Duncan 3.1.1.1

          Check out the open bank resolution rules. In summary, Bill English has ensured depositors will bear the brunt. The banks are safe.

          • Antoine 3.1.1.1.1

            Thats just not correct. Both depositors and shareholders can lose out.

            A.

            • mauī 3.1.1.1.1.1

              That’s right the depositors also known as shareholders are treated as unsecured creditors with the bank.

              • Antoine

                I’m talking about shareholders, the owners of the bank, not depositors. They can take a haircut too.

                • Duncan

                  Shareholders may lose money but that is not a hair cut. Shareholders win and lose every day. If a company goes bust how does that become shareholders are taking a hair cut to save the company.
                  Furthermore, show me where it says shares will be transferred to depositors or the government in exchange for guaranteed deposits.
                  The depositors and government are baling out shareholders and unless you can show where it says shareholders lose their investment your statement is incorrect.

                  • Antoine

                    Fer gawd’s sake
                    Read point 4 of the ‘OBR Made Simple’ fact-sheet

                    • Duncan

                      Yeah very good but have you actually thought this through.
                      How are shareholders going to incur a loss unless their shares are transferred. Think about the implications of point 4 and think who owns the shares.
                      Don’t just regurgitate some information point that has not been fully thought through.

                    • Antoine

                      You gotta follow the process through to the end right? The OBR process ends with the bank being liquidated, onsold or restructured. The owners are out of pocket. It’s not during OBR that they take their loss, though, but after.

                      A.

                    • Duncan []

                      You aee being disingenuous here and ignoring the fact the point of the OBR is to keep the bank open.
                      And you seem to be ignorant of the fact once a bank is subject to OBR deposits are guaranteed by the government and so rational investors will move their funds from other banks to the now safe bank.
                      As I pointed out before losing the value of your shares is not a hair cut so if you can’t move past this please don’t waste both your aand my time.

                    • Antoine

                      The point of the OBR is to keep the bank open, only up to some kind of resolution, quite probably liquidation. At which point the shares would be valueless. If that doesnt count as a haircut I really dont know what does.

                      Or recapitalisation, which means the owners throwing in lots of money, ditto.

                      (And you’re saying new deposits will come under the guarantee? That doesnt sound right. I would think existing deposits only.)

                      A.

  3. Siobhan 4

    Neither Labour or National are wanting to end ‘The Market’…and its accompanying treadmill.
    The prospect of a life style and retirement subsidised by Capital Gains (and landlordism) is the modern definition of the ‘Kiwi Dream’.

    To say its ‘home ownership’ is mainly for the sake of having a secure place to live, like our Grandparents had, is a naive proposition. A ‘home owner’ who doesn’t bang on about their house value is a rare beast these days.

    If a $500.000 affordable house, in an unfettered market place..is in anyway going to put an end to this carry on I’ll..eat my hat..or whatever…

    • Draco T Bastard 4.1

      Neither Labour or National are wanting to end ‘The Market’…and its accompanying treadmill.

      QFT

      In fact, I’d say that neither see other way for the world to be which is why neither can fix the ills brought about by the present sociopathic system.

      To say its ‘home ownership’ is mainly for the sake of having a secure place to live, like our Grandparents had, is a naive proposition.

      It’s also false.

      Yes, a home-owner is more secure than a renter because of the power of the landlord but the government can kick them out if they so choose as the people of Avondale found out when National decided that doing so was cheaper than a slightly longer tunnel. Thing is, from everything that I’ve seen, it’s actually fear of the government that has people going on about the security of ownership but that just comes down to rules and regulations not an inherent security.

      We could have just as secure rentals – if we put in place the right rules and regulations. They’d be even more secure and cheaper if those rentals were state owned.

      • WILD KATIPO 4.1.1

        ” We could have just as secure rentals – if we put in place the right rules and regulations. They’d be even more secure and cheaper if those rentals were state owned.”

        In a nutshell.

  4. Carolyn_nth 5

    And they are also ignoring the impact on people who cannot afford to rent.

    A callous, inhumane government. i don’t know how they sleep at night.

    • Oh they do , and quite soundly. And it certainly isn’t in a garage or a car or even under a bridge.

    • Draco T Bastard 5.2

      A callous, inhumane government. i don’t know how they sleep at night.

      Psychopaths really don’t have a problem with being callous or inhumane and thus sleep very soundly.

  5. Philj 6

    It’s not the governments fault! They aren’t responsible. Lol. It’s the banks, who are largely Ozzy owned. The PM is happy with that, so long as they pay there taxes. Finally the people are starting to wake up that they are trapped in a system that the government is unable to fix. Voting just encourages more of the same. Fundamental change is coming, ready or not, and the puppet government will not be leading the way.

    • Draco T Bastard 6.1

      It’s the banks, who are largely Ozzy owned. The PM is happy with that, so long as they pay there taxes.

      Oh, he’s quite happy if they don’t pay any taxes either.

  6. rhinocrates 7

    The Four Yorkshiremen sketch needs an update.

  7. repateet 8

    Yep, that’s it, stay on the treadmill. Just move over a bit on the Auckland one , I’ve got another 30,000 odd joining you.

  8. ropata 9

    I just wandered past Bayleys HQ at lunchtime today (in the rain), there was an auction in progress for an average looking place in Ponsonby, 2.1 million

  9. AsleepWhileWalking 10

    I’ve said it before and I’ll say it again. Short of inheriting either the house itself or the blunt to buy it with the lottery is the best option those not in the market have.

    Putting money in Kiwisaver is going to end badly as soon as the market crashes through the floor which should happen soon. If you had the option of going to cash it might be different, but it’s not.

    The trend of homelessness in Auckland is clear and unabating and is gradually creeping over the nation.

    Speaking of treadmill, I heard something about a gym experiencing a sudden power outage. Result was a mass treadmill faceplant.

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