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.

Leave a Comment

Show Tags

Recent Comments

Recent Posts

  • Nats’ housing policy fails to keep pace with population growth
    Auckland got less than half the new houses it needed in the past year to keep up with record population growth, says Labour’s Housing spokesperson Phil Twyford. ...
    1 day ago
  • Urgent action needed on dirty rivers
    The Our Fresh Water Environment 2017 report re-confirms that we need urgent action to clean up our rivers. Meanwhile, National is standing by as our rivers get even more polluted, says Labour’s Environment spokesperson David Parker. “This report is yet ...
    2 days ago
  • Where there’s smoke and mirrors, there’s Steven Joyce
    Steven Joyce’s much vaunted pre-Budget speech is simply an underwhelming response to the infrastructure deficit National has created, says Labour’s Finance Spokesperson Grant Robertson. “Steven Joyce has belatedly come to the realisation that everyone else has a long time ago, ...
    2 days ago
  • Time to stamp out cold, mouldy rentals
    New figures show a small number of landlords are letting down the sector by renting cold, mouldy rentals. These houses need to be brought up to a decent standard for people to live in by Andrew Little’s Healthy Homes Bill, ...
    3 days ago
  • Time for fresh approach on immigration
    Latest figures showing another record year for immigration underlines the need for an urgent rethink on how this country can continue to absorb so many people, says Labour Leader Andrew Little. “New Zealand needs immigrants and is all the better ...
    3 days ago
  • Bring back the Mental Health Commission
    The People’s Mental Health Review is a much needed wake up call for the Government on mental health, says the Leader of the Opposition Andrew Little.   “I applaud their proposal to restore a Mental Health Commission and their call for ...
    5 days ago
  • And the band played on…
    Making Amy Adams the Housing Minister five months out from the election is just the orchestra playing on as National’s Titanic housing crisis slips below the waves – along with the hopes and dreams of countless Kiwi families, says Labour’s ...
    5 days ago
  • Hotel no place for children in care
    ...
    1 week ago
  • Maybe not, Minister? Nick Smith’s housing measure suppressed
    Sir Humphrey: Minister, remember the Housing Affordability Measure work you asked us to prepare back in 2012? Well, it’s ready now.Minister Smith: Oh goodie, what does it say?Sir Humphrey: Nothing.Minister Smith: Nothing?Sir Humphrey: Well, sir, you asked us to prepare ...
    1 week ago
  • Inflation data shows many New Zealanders are worse off under National
    The latest inflation data from Statistics New Zealand shows that too many New Zealanders are now worse off under the National Government, said Labour’s Finance Spokesperson Grant Robertson “Consumer Price Inflation (CPI) is now running at 2.2 per cent, and ...
    1 week ago
  • Another emergency housing grant blow out
      Emergency housing grants data released today show another blow out in spending on putting homeless people up in motels, says Labour’s Housing spokesperson Phil Twyford.   ...
    1 week ago
  • Families struggle as hardship grants increase
    The considerable increase in hardship grants shows that more and more Kiwi families are struggling to put food on the table and pay for basic schooling, says Labour’s Social Development spokesperson Carmel Sepuloni. ...
    1 week ago
  • More tinkering, no leadership from Nats on immigration
    National’s latest tinkering with the immigration system is another attempt to create the appearance of action without actually doing anything meaningful, says Leader of the Opposition Andrew Little. ...
    1 week ago
  • Suicide figures make for grim reading
    The 506 suspected suicides of Kiwis who have been in the care of mental health services in the last four years show that these services are under severe stress, says Labour’s Health spokesperson David Clark.   “If you do the ...
    2 weeks ago
  • Pay equity deal a victory for determination and unions
    The pay equity settlement revealed today for around 55,000 low-paid workers was hard-won by a determined Kristine Bartlett backed by her union, up against sheer Government resistance to paying Kiwis their fair share, says Labour Leader Andrew Little. “Labour welcomes ...
    2 weeks ago
  • DHB’s forced to make tough choices
    The Minister of Health today admitted that the country’s District Health Boards were having to spend more than their ring fenced expenditure on Mental Health, says Labour’s Health spokesperson David Clark.   “The situation is serious with Capital and Coast ...
    2 weeks ago
  • Nats break emergency housing pledge – deliver just five more places
    Despite National’s promises of 2,200 emergency housing beds, just 737 were provided in the March Quarter, an increase of only five from six months earlier, says Labour’s Housing spokesperson Phil Twyford. ...
    2 weeks ago
  • Research underlines need for KiwiBuild
    New research showing the social and fiscal benefits of homeownership underlines the need for a massive government-backed building programme like KiwiBuild, says Labour’s housing spokesperson Phil Twyford. ...
    2 weeks ago
  • Social data security review too little, too late
    The independent review into the Ministry of Social Development’s individual client level data IT system is too little, too late, says Labour’s Social Development spokesperson Carmel Sepuloni. “The Minister of Social Development has finally seen some sense and called for ...
    2 weeks ago
  • More questions raised on CERA conflicts
    With the admission that three more former CERA staff members are under suspicion of not appropriately managing conflicts of interest related to the Canterbury rebuild, it’s imperative that CERA’s successor organisation Ōtākaro fronts up to Parliamentary questions, says Labour’s Canterbury ...
    2 weeks ago
  • Labour to tackle Hutt housing crisis
    Labour will build a mix of 400 state houses and affordable KiwiBuild homes in the Hutt Valley in its first term in government to tackle the housing crisis there, says Leader of the Opposition Andrew Little. “Housing in the Hutt ...
    2 weeks ago
  • Farewell to John Clarke
    This wonderfully talented man has been claimed by Australia, but how I remember John Clarke is as a young Wellington actor who performed satirical pieces in a show called “Knickers” at Downstage Theatre. The show featured other future luminaries like ...
    GreensBy Catherine Delahunty
    3 weeks ago
  • Valedictory Speech
    Te papa pounamu Aotearoa NZ Karanga karanga karanga; Nga tupuna Haere haere haere; Te kahui ora te korowai o tenei whare; E tu e tu ... tutahi tonu Ki a koutou oku hoa mahi ki Te Kawanatanga; Noho mai noho ...
    3 weeks ago
  • Buck stops with Gerry Brownlee
    The fact that the State Services Commission has referred the CERA conflict of interest issue to the Serious Fraud Office is a positive move, but one that raises serious questions about the Government’s oversight of the rebuild, says Labour Canterbury ...
    3 weeks ago
  • Teachers deserve a democratic Education Council
    Teachers around New Zealand reeling from the news that their registration fees could more than double will be even angrier that the National Government has removed their ability to have any say about who sits on the Council that sets ...
    3 weeks ago
  • Free trade backers are simply out of touch
    Are the backers of free trade out of touch with public opinion? This was the question asked when the Chartered Accountants launched their Future of Trade study. I was astonished by the answer in a room of free trade enthusiasts ...
    GreensBy Barry Coates
    3 weeks ago
  • John Clarke aka Fred Dagg will be missed by all Kiwis
    The man who revolutionised comedy on both sides of the Tasman, John Clarke, will be sadly missed by Kiwis and Aussies alike, says the Leader of the Opposition Andrew Little.   “I grew up with Fred Dagg and I am ...
    3 weeks ago
  • Labour’s modern approach to monetary policy
    A commitment to full employment and a more transparent process to provide market certainty are the hallmarks of Labour’s proposals for a new approach to monetary policy, says Labour’s Finance spokesperson Grant Robertson. ...
    3 weeks ago
  • Greens back Labour’s plan for monetary policy reform
    Labour plans to change the way we do monetary policy in New Zealand and the Green Party supports them fully. We’re now of a single mind on this. Labour will move away from our reliance on a single, unelected person ...
    GreensBy robert.ashe
    3 weeks ago
  • Greens back Labour’s monetary policy reform
    Labour plans to change the way we do monetary policy in New Zealand and the Green Party supports them fully. We’re now of a single mind on this. Labour will move away from our reliance on a single, unelected person ...
    GreensBy James Shaw
    3 weeks ago
  • Govt drops ball on Masters Games housing squeeze
    Families currently living in emergency accommodation face being forced out onto the street as motel accommodation in Auckland is filled up by contestants and visitors of the World Masters Games in coming weeks, says Labours social development spokesperson Carmel Sepuloni. ...
    3 weeks ago
  • State inquiry for Nga Morehu – The Survivors of State Abuse
    The Prime Minister must show humanitarian leadership and launch an independent inquiry into historic claims of abuse of children who were in State care, says Labour’s Deputy Leader Jacinda Ardern. ...
    3 weeks ago