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#41 |
Banned
Join Date: Sep 2006
Location: NZ
Posts: 21,318
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At the end of the day no govt can afford to have house prices actually reduce.
With the amount of voters mortgaged up to their **** holes and looking at negative equity if it happened. It would be lie shooting yourself in the foot. They all pretend to say they will do it though, from both sides, which is humorous. Is quite handy for Ardern ruling out a CGT so early and blaming Peters. I have heard they may turn the 5 year Bightline from 5 to 10 years, which will make as much difference to the housing situation as a fart in an Olympic size swimming pool. |
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#42 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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Rubbish.
You're out of touch with reality. House prices have increased 20% in the past one year. A 20% reduction now would have almost zero effect on anybody. Butbutbut... it might cost Cinderella votes, and that's a step too far. The numb **** is creating a tsunami of trouble in future years. Do you not even realise that poverty has a serious negative long-term impact on crime, health and longevity? Her front is a cynical reflection of what she actually is. The most ironic thing about this situation is that Jacinda is far to the right of Bill English. |
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#43 |
Penultimate Amazing
Join Date: Mar 2007
Posts: 21,203
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You do understand that the Government doesn't have any ability to refuse to allow people with New Zealand Citizenship entrance to the country, right?
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#44 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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Oh my god - someone actually came out with that idiotic response.
Are numbers limited right now? Are NZ taxpayers paying for the quarantine facilities? Limit the numbers further, create a user-pays system. Game over. And there are non-NZ citizens being allowed in right now, for no other reason than they have a Kiwi girl/boyfriend. I'm not even going to bother mentioning the government cut off all flights last year. Just ask yourself why the empty vessel refused to consider a capital gains tax. If 109,000 houses were listed fore sale in 2020, I'm going to go with less than 109,000. With a total of 1.9M residences, I make that a whole 0.57% of the total stock. It's not often I find someone as ignorant of finance, but there you go. If someone is living in a house, how does their cashflow change? And nice strawman on the idiotic "asset that is worth less than the debt". If the property market went down by 20%, a massive 0.57% of home owners could end up with negative equity. That is truly a tragedy. Yet again I will note the empty vessels own Tweets, that she cannot escape: 2015: Jacinda Ardern, verified Twat: "John Key just told the gallery he doesn't think Auckland houses are over valued. THEY'RE EARNING MORE THAN PEOPLE!!! For the love of.." Six years is a long time in politics. |
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#45 |
Penultimate Amazing
Join Date: Mar 2007
Posts: 21,203
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Seriously, this is just naive. Do you really think that you can legally bar citizens from returning home? Paying for MIQ isn't going to be a game-changer for people wanting to escape the hellscape that is the pandemic at the moment. And as for limiting numbers, we just had the whole Wiggles fiasco, what do you suggest we do with Kiwis that arrive here without a placement in MIQ?
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100,000 houses at an average of $597,000 dropping 20%. That's a drop in value of $12 billion dollars across the board. How many of our financial institutes can take that sort of hit?
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#46 |
In the Peanut Gallery
Join Date: Jan 2007
Location: Melbourne
Posts: 54,017
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#47 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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Do you even read, bro?
I said limit the numbers. The numbers are already limited. It unquestionably would. They're not all millionaires. Don't get on a plane without one. Are you really so dense you couldn't work that out for yourself? Nothing else in your post needs to be answered, because it just displays your complete lack of understanding of finance and economics. The banks would have no trouble at all - you're ignoring the massive increase in home equity over the past decade & more. I won't even bother repeating that is an owner-occupier is in a house that goes down in value, it makes no difference to their cashflow, or the bank's. Yeah, good spot - I must have slipped an extra zero and didn't notice, even though it's quite obvious to look at. |
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#48 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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And just in case anyone is ignorant enough of the situation here to be sucked by loads of bollocks in this thread, the country's leading economist has called for our gutless Finance Minister to take action, while the by-far largest bank in NZ has stated:
Originally Posted by ANZ Bank
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#49 |
Philosopher
Join Date: Jun 2008
Posts: 6,652
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Quote:
Originally Posted by The Atheist
1 slang, vulgar + offensive : a woman's sexual organsOr perhaps it means something different in New Zealand? Nah, it's just your misogyny showing again. Perhaps you have something worthwhile to say, but if so it's lost in the childish name-calling and offensive language. Why should we listen to someone who has to resort to such tactics to boost their argument? |
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#50 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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That's why I used the term.
I'd be much less polite if the thread were in Community. _______________________________ Meanwhile, Graeme Hart has made $3.5Bn since the start of the pandemic, so I'm picking his vote's safe: https://www.stuff.co.nz/business/124...vid19-pandemic |
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#51 |
Penultimate Amazing
Join Date: Mar 2007
Posts: 21,203
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Numbers are limited because we only have a certain number of placements available. You are talking about artificially limiting placements which is essentially implementing a ban on people from returning when they want to.
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you know, bits like this New Zealanders have favoured pouring money into property instead of productive investments since the 1987 market crash. Investors say it's been a foolproof way to make money - Ashley Church, former head of the Property Institute of New Zealand, telling The AM Show in November values double every seven to 10 years, regardless of what moves the Government and Reserve Bank make. and this part... "Incentives to reduce the attractiveness of property investment would perhaps be desirable to impact the composition of the market, even if not a game changer for affordability. The most effective way to reduce the attractiveness of property investment is to reduce the scope for capital gains by increasing supply." A capital gains tax, on the other hand, is "worth considering for broader reasons, like intergenerational equality", but would only have a very slight effect on house prices, "similar to the ban on foreign buyers". Both of these totally contradicts your previous claims. And yes the ANZ does say that they think the best idea is to try and increase the housing stock by freeing up move land and building more houses. This is exactly what the present Government is doing with consents hitting record numbers across the country, up 4.2% from last year with a total of 38,624 consents being granted (and that was with an extremely poor May and April because of COVID lockdowns). There is new land is being opened up as fast as it can be developed, and is being snapped up just as fast. On top of that, we have a shortage of builders and building materials. This is one of the issues plaguing the KiwiBuild Project which was aiming to provide cheaper housing for 1st home buyers, but it has fallen short because it is impossible to get enough builders and materials to build them at the rates required. So you are claiming that the Government isn't doing enough when it's doing exactly what the article you then posted recommends doing, within the physical limits of doing it. The only other solution you seem willing to provide is to stop NZers from returning home unless they are ultra-wealthy, which seems like it's the exact opposite of what we require. And when told these things, instead of defending your position, your wave your hands in the breeze and demand that people stop pointing out your errors because they know nothing. Oh, and another question. Given that the ANZ only made a A$1.4 Billion dollar profit last year, and the others made less than that, how exactly would they easily handle up to $12 Billion in combined losses should people decide to walk away from a depreciating home that is over-mortgaged? |
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#52 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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You really have no clue at all.
Losses would be nothing like $12B because almost none of the losses would be realised. Owner occupiers aren't going to walk away from a paper loss to pay more in rent than their mortgage, or does even that absurdly obvious point escape you? An $800,000 mortgage costs $500 a week, while rent on the property is over $700. Once you learn how to spell "economics" get back to me. I'm not even going to bother noting I didn't suggest capital gains or land taxes were the only option. I only gave one option because I don't bother trying to educate the wilfully ignorant. |
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#53 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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I'm thinking there must be a word to describe people so desperate for a hero that they're prepared to overlook a wide range of faults and outright hypocrisy to believe in one.
It's probably German. |
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#54 |
Skeptical about skeptics
Join Date: Sep 2010
Location: 31°57'S 115°57'E
Posts: 20,535
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You haven't considered what happens when you don't have a choice (you lost your job or something).
If you are unable to pay your rent then you get evicted. Lose the ability to make your mortgage payments then not only do you lose the house but if prices have fallen then your equity is probably negative and you can be forced into bankruptcy as well. That is why falling house prices are bad for home owners as well as investors. Of course, rapidly rising house prices is also a bad thing. It locks new entrants out of the housing market and for owner occupiers, it at best increases the taxes and duties you have to pay whenever you want to sell up and move. I find it hard to believe that politicians and the gullible public are so enamoured with rising house prices that the government actually has home buyer schemes that push the prices up even further. That only benefits speculators. Best if property prices are limited to inflation only. |
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#55 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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Yet by far the largest lender is calling for house prices to be stabilised or fall.
Gosh, I wonder why that could be. ANZ isn't exactly known as a hotbed of liberal attitudes - especially towards NZ. In NZ, that figure is zero, so increases won't be too painful. The best example I know is a friend of mine who employs 90 people. He currently has $3M invested in his company and makes a return of around 20% on his money, on which he pays tax. He also pays around $2.5M in wages tax annually. His investment has risen 50% in the 20 years since 2000. If he had invested his starting $2M in property in 2000 instead of his company, he would have made $6M profit and paid no tax. Ah, now there's the entire problem in one sentence. House prices used to be included in inflation data, but got dropped in the 1980s. Our inflation target of 2% would have kept prices down, but since they don't get counted, it's free money. |
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#56 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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Also, the idea that all of the people entering NZ right now are NZ citizens or essential workers is a myth.
I've had a massive total of eight responses to a vacancy I'm advertising at the moment. Two of the eight are non-NZ citizens who have arrived since March 2020. Both are boyfriends of NZ chicks who have returned from UK. No children involved, just people who are required to apply for a visa to come to NZ at any time. |
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#57 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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All hail our hero Cinderella!
https://www.stuff.co.nz/business/124...19-freeze-ends 40% rent increases - she's certainly doing a great job. ![]() |
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#58 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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This one's even funnier!
Must have been comedy morning at Stuff. https://www.stuff.co.nz/national/edu...as-term-starts |
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#59 |
Skeptical about skeptics
Join Date: Sep 2010
Location: 31°57'S 115°57'E
Posts: 20,535
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I have no idea why a bank would call for lower house prices. If a buyer defaults then the bank relies on selling the house to recover the debt.
You're lucky. Stamp duty is a lucrative source of revenue for the state government here. There is no capital gains tax in NZ? |
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#60 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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#61 |
Skeptical about skeptics
Join Date: Sep 2010
Location: 31°57'S 115°57'E
Posts: 20,535
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I don't understand what that means.
In Australia there is no CGT or GST on the family home (but interest on mortgages is not tax deductible). If it is an investment property then the reverse applies. If you rent out your family home for a period of time then any capital appreciation during that time is subject to CGT. |
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#62 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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#63 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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Schinderella shtays shtum: https://www.stuff.co.nz/business/124...ome-loan-rates
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#64 |
Philosopher
Join Date: Jun 2008
Posts: 6,652
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#65 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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Do I?
Pity Randi's mio died out. What's to be sensible about? The government is a bad joke, and deserves to be treated as one. I have two choices - I can let my rage out and become a terrorist, or I can treat the lot of them with complete derision and sarcasm. Guess which I pick. |
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#66 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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The country's leading expert on Covid and infections calls for immediate reduction in numbers coming to NZ in light of tripling of new cases in quarantine.
Ho hum https://www.stuff.co.nz/national/300...ntries--expert |
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#67 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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This is ******* gold:
https://www.stuff.co.nz/national/hea...upid-prof-says Yet again emphasising our current Covid (maybe) free status is due to being unbelievably lucky rather than really smart. |
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#68 |
Penultimate Amazing
Join Date: Mar 2007
Posts: 21,203
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![]() It must be fun to lead a life completely unburdened by reality. -- JayUtah I am not able to rightly apprehend the kind of confusion of ideas that could provoke such a question. -- Charles Babbage (1791-1871) ![]() |
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#69 |
Penultimate Amazing
Join Date: Mar 2007
Posts: 21,203
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#70 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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1 - I suspect you're getting confused with appeal to false authority, because using authoritative opinions is perfectly valid, especially in subjects like economics, which some people of limited intelligence struggle to understand.
2 - try using spell check now and then - your feeble attempted attack looks even more feeble when you can't spell "fallacies" or "agenda". |
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#71 |
Penultimate Amazing
Join Date: Oct 2013
Posts: 11,501
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Ardern inherits the family farm with her sister. She will be deaf and blind to Churchill's 1909 warning
https://www.cooperative-individualis...olies-1909.htm It is quite true that land monopoly is not the only monopoly which exists, but it is by far the greatest of monopolies - it is a perpetual monopoly, and it is the mother of all other forms of monopoly. It is quite true that unearned increments in land are not the only form of unearned or undeserved profit which individuals are able to secure; but it is the principal form of unearned increment which is derived from processes which are not merely not beneficial, but which are positively detrimental to the general public. and so on |
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#72 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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How nice for her.
What I find utterly hilarious is the move to outlaw petrol vehicles, adding yet another nail to the coffin of people who can least afford to buy them. She's pretty well sealed up the much sought-after "Worst Labour Leader in NZ History" prize. In fact, she's pretty neck and neck with Key for second-worst PM in the country's history. At least she has no chance of catching Muldoon. Surely? |
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#73 |
Philosopher
Join Date: Jun 2008
Posts: 6,652
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Ah yes, the old "We can't do what's necessary to save us from extinction because poor people won't be able to afford it" excuse. Pathetic.
We are stuffing the planet with our use of fossil fuels. If we don't address the problem now it's going to get much worse, and people like you will be to blame for it. But we will address it, despite your bleating. New Zealand is not the only country that intends to ban gas cars, Phase-out of fossil fuel vehicles
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Originally Posted by The Atheist
End of petrol cars: NZ must ban fossil-fueled imports by 2032, says Climate Change Commission
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#74 |
Penultimate Amazing
Join Date: Oct 2013
Posts: 11,501
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#75 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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...completely miss the point post.
Samson was on it, so it wasn't that hard to see. Worrying about what happens in 50 years' time is farcical when this is happening right now: https://www.stuff.co.nz/life-style/h...-from-parasite https://www.stuff.co.nz/business/pro...e-in-carterton |
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#76 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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Sharon Murdoch gets it - the next page I opened was Stuff, where this appears on the front page:
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#77 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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Jacinda's New Zealand just got summed in a beautiful way.
I was walking back from the shop when I saw a young dad walking with his boy (about 7 years old) in school uniform. I jokingly said to him, "Jeez, your school must start early!" The dad - an African bloke - gave me a sad smile and told me he was walking with his boy to drop him off at school because he had to go to work and they couldn't afford pre-school care. At 6:15 am. For the uninitiated, schools aren't staffed until at least 7:30, so the poor little blighter is going to have to sit there alone for over an hour. All hail Jacinda! |
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#78 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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And some more: https://www.stuff.co.nz/business/124...her-agents-say
The incentive for people to invest in business in NZ is zero - only a retard would take on the hassle of running a business, cutting through swathes of red tape and resource consents, and go through all the trouble you buy when you hire people, when you can get a vastly higher return by doing nothing other than sign a mortgage document. |
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#79 |
Philosopher
Join Date: Jun 2008
Posts: 6,652
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Originally Posted by The Atheist
But hey, congratulations on crapping so hard on this thread that I can't stand the smell. |
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#80 |
The Grammar Tyrant
Join Date: Jul 2006
Posts: 34,120
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