Vacancy a Sign of Systemic Failure - The AGE
Cashmore shares her thoughts with The Age
Quoted in The Age this week re Land Bankers and the effects on the economy.
Quotes from Catherine Cashmore:
“Morally it’s not a good thing to do,” she said. “But let’s not blame the investors.”
She pointed the finger at government policy: “The nation has been breastfed on the notion that the way to fund their retirement is to invest in land.”
She said she knew of cases in which very large developers would buy up property and hold onto it, before feeding it back into the market in controlled staged releases."
We rightly directs the concern of the well-heeled towards the economic system encouraging such lazy land use.
Housing Choices Australia CEO Michael Lennon lent a supportive quote:
“There is a wider social issue here and a wider economic issue about underutilised assets,” Mr Lennon said. “It’s in nobody’s interest for assets of any kind to sit idle, including property assets.”
As always, the policies we have are good for property investors, terrible for the economy and housing affordability.
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