The video is useless, except to spark discussion. Fucking well done Bloomberg. Top quality journalism. Yep, it really is a fucking mystery. Vast rivers of ink h

The video is useless, except to spark discussion. Fucking well done Bloomberg. Top quality journalism. Yep, it really is a fucking mystery. Vast rivers of ink have been spilt on this topic and Bloomberg has not read any of it. Topics the video studiously avoids: 1. Record immigration: 400,000 migrants in 2022-2023 [1] in a population of 26.5 million [2]. Where are all those people going to live? Well, they'll continue to prop up the housing and rental ponzi schemes. 2. Shitty tax policies (negative gearing and capital gains tax deduction) that make housing more attractive as an investment vehicle. The centre-right Labor party (think: Labor = US Democrats, except Australian politics are not as extreme right as the US') tried to take modest reforms to the 2019 federal elections and got shot down hard. [3] 3. AirBnB siphoning accommodation away from the long-term rental market. It is more profitable to run your AirBnB for 3 months a year than to provide long-term accommodation, contributing to the tight rental market. 4. The power imbalance in the rental equation: renters in Australia have some of the weakest rights protections in the world [4] [5] [6] although at least one progressive state is making modest reforms that don't go nearly far enough [7]. Australian renters have no guaranteed right to put up a picture frame, have pets, or get a decades-long lease like their European counterparts. [8] 5. The demise of public (read: government owned and built) housing in Australia [9] [10] [11]. It used to provide affordable housing to essential workers. It has been gradually sold off by state governments to private real-estate developers under neoliberal economic policies. [1] https://www.abc.net.au/news/2023-04-29/australian-migrant-population-growth-hits-all-time-record-high/102281798 https://www.abc.net.au/news/2023-04-29/australian-migrant-po... [2] https://www.worldometers.info/world-population/australia-population/ https://www.worldometers.info/world-population/australia-pop... [3] https://www.9news.com.au/national/labor-to-abandon-negative-gearing-policy/0c52c0e6-5de5-4504-a478-291c434983a4 https://www.9news.com.au/national/labor-to-abandon-negative-... [4] https://www.news.com.au/finance/real-estate/renting/shifting-housing-trends-mean-australias-lagging-tenancy-laws-undermine-renters/news-story/b5239528b7e5550f3b1728a18e62074b https://www.news.com.au/finance/real-estate/renting/shifting... [5] https://www.abc.net.au/news/2015-06-11/bagwell-australian-a-nation-of-reluctant-renters/6539266 https://www.abc.net.au/news/2015-06-11/bagwell-australian-a-... [6] https://theconversation.com/renting-for-life-housing-shift-requires-rethink-of-renters-rights-20538 https://theconversation.com/renting-for-life-housing-shift-r... [7] https://www.theguardian.com/australia-news/2023/sep/20/short-stay-levy-and-800000-homes-how-victoria-plans-to-ease-the-housing-crisis https://www.theguardian.com/australia-news/2023/sep/20/short... [8] https://www.abc.net.au/news/2021-12-21/rental-market-housing-crisis-australia-germany-singapore/100686340 https://www.abc.net.au/news/2021-12-21/rental-market-housing... [9] https://en.wikipedia.org/wiki/Public_housing_in_Australia https://en.wikipedia.org/wiki/Public_housing_in_Australia [10] https://www.abc.net.au/news/2019-08-12/fact-check-social-housing-lowest-level/11403298 https://www.abc.net.au/news/2019-08-12/fact-check-social-hou... [11] https://www.abc.net.au/news/2021-02-27/policy-ideas-to-solve-national-housing-crisis-australia/13185064 https://www.abc.net.au/news/2021-02-27/policy-ideas-to-solve...