ABC Online have an amazing outburst from Housing Minister John Hargreaves asking ACT Landlord’s to examine their social consciences and reduce rentals.
Minister, it is a market, the market pays what the market will bear. As a rent payer I would like to pay less. But most landlord’s in Canberra have a limited number of properties, which are geared up to the hilt, and reflecting a real-estate market your government has driven up with it’s land release policies. If they had to compete they could probably find a way to reduce prices. But very few of them will choose further degrade their not-extravagant lifestyles just so you can sleep better at night.
If you care about this then stop whimpering platitudes, and start increasing supply in the damn housing market.
And for the love of god don’t try and further regulate the market because that will reduce supply.
For those who disdain economics please trust me on this. When you reduce supply you raise prices as surely as night follows day.
And if the rents get too high due to your lunatic policies at least the border beckons. Landowners aren’t the only ones who have to compete Minister, so do you. So do we all.