Prosper Australia, a little-known group which supports tax reform on land, has ignited a small but growing online push calling for a "buyers' strike" to protest against the high cost of housing.
“I undertake not to bid at auction or negotiate by private treaty to buy real estate until prices moderate, just as they have in all the countries we compare ourselves to,” the Prosper pledge states on its website.
What's next, a protest against gravity? And whom, precisely, are they protesting against?
Theses idiots are protesting against the outcome (high property prices) without protesting against the cause, which is government regulation.
Why aren't they protesting against the hundreds of millions of dollars in subsidies to first home owners that have been poured into the housing market by successive Australian governments? These policies, aimed at promoting housing affordability, have instead been the single greatest cause of the reduction in housing afforability even seen in Australia.
Why aren't they protesting against state goverments for restricting the supply of new houses through draconian planning laws? What about the tax laws which incentivise investment in property and penalise other forms of savings and investment? What about protesting against the RBA, who set interest rates instead of allowing supply and demand to set the cost of borrowing and the return on saving?
These are the real causes of the property bubble in Australia. And don't get me wrong, a bubble it is. A bubble that is going to end very, very badly for property owners and for the Australian economy as a whole.
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