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  1. #481
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    Quote Originally Posted by Logen Ninefingers View Post
    [I]

    Interest rate suppression is criminal, IMO. It is clearly a measure designed to distort the market unfairly, and deprives depositors of their rightful returns. This is not capitalism!
    I don't disagree with you but in the face of the worse economic crisis the world has known since the Great Depression, there is a requirement to cushion the impact.

    If you have an alternative, I am sure governments right around the world would embrace the alternative.

  2. #482
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    Quote Originally Posted by Logen Ninefingers View Post
    Do you think we might be slightly behind the 8 ball?

    HDB take loans from the government for the construction of public housing and in turn provide mortgage loans to citizens to purchase the flats. The Home Ownership for the People program was launched in 1964, but mass adoption only took off in 1968 with amendments to Central Provident Fund that enable its use for the payments of the monthly mortgages to HDB. [7]
    My two good friends had (by law) to contribute 20% of their salaries into the Central Provident Fund and their employers, 17% per annum. So they both saved 37% (yes, 37%) of their salaries every year. The requirement applies to all Singaporeans and expats who are PR.

    The CPF in turn provide loans for housing amongst other things.

    One of the best things left by the British when they administered Singapore and Singapore improved on.

    In contrast, the buffoon Muldoon scraped compulsory super in 1976 and the rest is history.

  3. #483
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    Quote Originally Posted by Balance View Post
    I don't disagree with you but in the face of the worse economic crisis the world has known since the Great Depression, there is a requirement to cushion the impact.

    If you have an alternative, I am sure governments right around the world would embrace the alternative.
    What 'economic crisis'? House prices are going through the roof, there is an unbelieveable amount of money sloshing around. So pull the other one, it's got bells on: cushion what impact? We are all obviously 'rich'. This is a case of having your cake and eating it: a nation crying poor while at the same time going on a spending binge for the ages. The paradox is extraordinary. As I've stated previously, the OCR was at a pathetic 1% prior to anyone even hearing about COVID, and our unelected Central Bankers and gutless governments were probably itching to find an excuse to start printing money - and the pandemic provided one. Now that they've opened Pandora's Box, we are stuffed. There is no way back, no exit strategy.

  4. #484
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    Quote Originally Posted by Balance View Post
    My two good friends had (by law) to contribute 20% of their salaries into the Central Provident Fund and their employers, 17% per annum. So they both saved 37% (yes, 37%) of their salaries every year. The requirement applies to all Singaporeans and expats who are PR.

    The CPF in turn provide loans for housing amongst other things.

    One of the best things left by the British when they administered Singapore and Singapore improved on.

    In contrast, the buffoon Muldoon scraped compulsory super in 1976 and the rest is history.
    All I am saying is that they launched this in 1964, and ramped it up in 1968. Goodness nows how many homes they have built since then.
    Meanwhile, here in NZ we have not even begun...and it is 2021.
    I imagine you could build pretty cheaply in the 1960's....

    KiwiBuild was never going to happen. No way does the state want lower prices. Telling people that prices will drop is political suicide when so many have 'bet the farm' on housing. We are stuffed.

  5. #485
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    Quote Originally Posted by Logen Ninefingers View Post
    All I am saying is that they launched this in 1964, and ramped it up in 1968. Goodness nows how many homes they have built since then.
    Meanwhile, here in NZ we have not even begun...and it is 2021.
    I imagine you could build pretty cheaply in the 1960's....

    KiwiBuild was never going to happen. No way does the state want lower prices. Telling people that prices will drop is political suicide when so many have 'bet the farm' on housing. We are stuffed.
    They are still building today, LN - at today's costs. All Singaporeans are guaranteed a new home with repayments pegged to their incomes so the demand is relentless but the government there can meet the demand.

    And of course, NZ built plenty of state homes cheaply during the 50s, 60s and 70s too.

    We have really really dropped the ball big time in NZ when it comes to housing - from 1st world to 3rd world?

    Kiwibuild - what a great con that was, wasn't it by Cynical Cindy & her team of incompetents to scam young NZers into voting them in for 'affordable' housing!
    Last edited by Balance; 20-01-2021 at 06:38 PM.

  6. #486
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    Yes, it was a great big con - and now many of these same young people have been ‘forced’ by societal pressure into taking on enormous debt. It’s a disgrace, it really is. Adrian Orr should hang his head in shame. What a mess.

  7. #487
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    Rent subsidies paid by the central government are forecast to rise from $2.6b last year to $4.2b by 2025. They have already risen from $1.9b over the last four years, Treasury figures show.

  8. #488
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    Quote Originally Posted by Logen Ninefingers View Post
    Rent subsidies paid by the central government are forecast to rise from $2.6b last year to $4.2b by 2025. They have already risen from $1.9b over the last four years, Treasury figures show.
    Just under $100 million a month taxpayer subsidy for 70,000 social housing tenants paying income related rent. That's an average of $17,000 a year, $330 per week rent paid by the taxpayer. No wonder the waiting list is going through the roof.

    Also that number doesn't include those in transitional (motel etc) housing who now also pay income related rent - approx 4,000 households - and are even more heavily subsidised.

    The waiting list has quadrupled in 3 years, and the government tells us it is because people now know their entitlement. Anyone believe that?

  9. #489
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    The government is set to announce its new ‘KiwiHouse’ policy, a government (taxpayer) backed scheme whereby every home owner has a government guaranteed double digit paper capital gain in any property they own. Under the scheme, the state committs to keep interest rates permanently low, and will simply print money if the supply of housing funding starts to wane. Anyone unable to come up with a deposit will simply be paid a government (taxpayer) grant to get them through the door. Any renters disadvantaged by climbing rents (climbing in concert with house prices) will simply have their rent subsidised by government (taxpayers) grants. Anyone completely locked out of the market will simply be housed by the government at taxpayer expense.

    Hang on, we already have this (ponzi) scheme in place, and it is fully underwritten by the government (taxpayer).

  10. #490
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    Quote Originally Posted by Balance View Post
    My two good friends had (by law) to contribute 20% of their salaries into the Central Provident Fund and their employers, 17% per annum. So they both saved 37% (yes, 37%) of their salaries every year. The requirement applies to all Singaporeans and expats who are PR.

    The CPF in turn provide loans for housing amongst other things.

    One of the best things left by the British when they administered Singapore and Singapore improved on.

    In contrast, the buffoon Muldoon scraped compulsory super in 1976 and the rest is history.
    So you think you could move this to NZ and it would work?
    It is hard to take bits and pieces of other countries policies and expect them to work as a whole in NZ.
    For a start the people are different and have different expectations.

    And, yes, National screwed things up some time ago and we now suffer.

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