Highrise Harry celebrates migrant meat for property grinder

Earlier this week, the Morrison Government announced that Australia will re-open its international border to overseas students, skilled visa holders and working holiday makers, with Home Affairs Minister Karen Andrews expecting that at least 200,000 migrant workers will arrive in Australia by July 2022:

“We are working on a figure of 200,000, it may well be more than that but we will be actively looking to bring as many people into Australia as soon as we possibly can” – Karen Andrews, 22 November 2021.

Multi-billionaire apartment developer, ‘Highrise’ Harry Triguboff, is in full celebration mode as he looks to flog 11,000 units to “Chinese and Indians and other Asians”:

The property tycoon is building thousands of units across Sydney’s suburbs and has just commenced construction of a further 630 luxury apartments on Queensland’s Gold Coast.

“We still have 11,000 units to commence… The majority of our buyers are Chinese and Indians and other Asians”…

“So, the market immediately improved (with the government’s announcement). These buyers will live in the big cities which have suffered the most from the Covid virus”…

“We need more and more young workers to come,” Mr Triguboff added…

Mr Triguboff’s Meriton Apartments are now building “a lot more units because the NSW Planning Department realises at last that without development there is no progress.

“Our interest rates are low and if we continue to grow quickly, we will build even more.”

That dear readers is Australia’s property Narco state in action. The government floods the nation with hundreds of thousands of warm bodies every year so rentiers like Highrise Harry can get even richer. Meanwhile, ordinary residents have their living standards eroded as they are forced to live in increasingly crowded cities and smaller and more expensive housing:

Sydney dwelling composition

Houses only for the rich.

Seriously, what is the point of building all of these apartments if they will simply be ‘filled-up’ with migrants? How does this benefit existing Australian residents? The short answer is that it doesn’t.

Mass immigration led development is the ultimate Ponzi scheme, with property industry parasites like Highrise Harry privatising the gains while the costs are socialised on the existing population through having to fund the increased infrastructure needs (water, power, transport, recreation facilities etc), paying higher housing costs, as well as suffering the downsides of increasing congestion. None of this registers with Highrise Harry at all, nor that lower apartment rents are improving people’s cost of living.

A return to the broken economic model of the last cycle is precisely NOT what Australia needs. It drove property prices and rents higher marginalising youth. It corrupted our university standards and introduced deeply undemocratic CCP influences on campus. It corrupted our politics and jeopardised ANZUS. It drove down wages as poor foreign students and temporary migrants poured in. It lowered living standards across cities while enriching only a very narrow set of billionaires like Highrise Harry.

Australia needs instead is to leave those migrants at home where they can develop their own economies and export our expertise to them there.

The housing industry should meet the needs of Australians. Not the other way round.

Unconventional Economist
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Comments

  1. Jumping jack flash

    They’ll need to be eligible for the debt though, and it becomes a bit tricky when considering the traditional “imported slaves” that the businesses are actually looking for.

    Its no good importing a heap of Nigerians or Sudanese to work the abattoirs or for farmers’ fruit picking because on $12/hr the banks would laugh at them if they phoned them up looking for some cheap debt to buy, to buy a house with.
    (On my last visit to an abattoir just last week I noticed a lot less Koreans than usual – they must be getting too expensive)

    Perhaps we will actually need a few professionals in the mix for the likes of Harry and his ilk?

    No. My opinion is that it isn’t exactly migrants who are needed to buy the houses, instead business owners are probably still hopeful they can keep prices low, cut operating costs further by employing even cheaper slaves, steal enough wages to boost their own debt eligibility, and then buy investment apartments from Harry et al, for said imported slaves to live in.

    • Your argument is partially correct. If we get sufficient quantity, their debt carrying ability is not that relevant. As long as they can rent from a debt carrying landlord who would borrow more to get a few more IPs to house more migrants.

  2. blindjusticeMEMBER

    In January 2020, Andrews stated that it was time to move on from ideological battles over [climate change](https://en.wikipedia.org/wiki/Climate_change), saying that it had robbed Australia of the time and energy needed to respond to the change. “Every second that we spend talking about whether or not the climate is changing is a second that we are not spending on looking at adaptation [and] mitigation strategies. … It really is time for everyone to move on and look at what we’re going to do.”[[17]](https://en.wikipedia.org/wiki/Karen_Andrews#cite_note-2020-01-15_ABC-17)

    https://en.wikipedia.org/wiki/Karen_Andrews

    • The elite love to lecture us on climate change and tell us we need to do more. The solutions already exist such as lighter coloured roofs, deciduous tree lined streets, double glazing and more. One problem though, the elites won’t make money on it.

  3. C'est de la folieMEMBER

    They are just like drug dealers really.

    They have had us as a nation hooked on population ponzi for a generation now.

    Every time someone talks about giving up the addiction they warn about the shakes and sweats (or the economy or our pensions or our responsibility to take as many people in as we can, or falling real estate values or job losses) and how we wouldn’t be able to handle it.

    Then they line us up with another juicy hit

    This next one will be epic-there will be waves of relief flooding over us for a short while.

    But we will wake up from that needing another hit, and another, and another.  And we never really do get another high like that first population ponzi rush back in the early 2000s. And our behaviour becomes ever more irrational as we try and get another hit. We start telling fibs.  And we start taking short cuts and risks to get the next one.  Then we go for lower quality gear.

    Then one day we just start shaking for no reason at all, or our decisions and actions stop making sense…….

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