As regards housing unaffordabil-ity, there are a great many Australian young couples who simply cannot afford to purchase a home, especially when raising a family on a single income. They rent because they are forced to.
Hence, Marc Florio, in detailing the adverse impact of investors and negative gearing (News Weekly, June 9, 2007), is much closer to the mark than is Emidio Restall, who describes how investor activities reduce rents (News Weekly, June 23, 2007).
Lower rents are good, but lower house prices are better.
I have several children who will endure the misery of enforced renting, and the inability to furnish their “nest” as is possible with one’s own home.
My heart goes out to them. Our generation has failed them completely, and we must admit the fact that we have reversed the paradigm and left them worse off than ourselves.