Chinese rent sharks feast on AlboGreens housing shock

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The waste of space known as the AlboGreens, which could not run an economic piss up in a brewery, are still busy with their housing pretend-to-care pantomime.

Treasurer Jim “Chicken” Chalmers, whose rabid immigration intake is the sole cause of the crisis, is incensed that the Greens won’t accept his non-solution.

Treasurer Jim Chalmers called on the Greens to “end the ambit claims and the political games in the Senate”.

“If they really believe in building more public and affordable housing, they’ll vote for it,” he said.

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”It beggars belief, frankly, that a party that pretends to care about housing – the Greens party – wanders into the Senate and votes against 30,000 more social and affordable homes, including homes for women and kids fleeing domestic violence.“

What beggar’s belief is that a treasurer can be such an extreme hypocrite by putting forward 6k homes per year as a solution to his pumping up demand to 250k per annum.

Australia has never been able to build so many dwellings despite huge booms:

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Australian dwelling completions

Nor will there be a solution at that vaunted national cabinet:

National cabinet will ignore calls for market intervention and focus on ways to remove bureaucratic hurdles to new housing supply, in an approach not dissimilar to that of the housing accord the Rudd government struck with the states 15 years ago.

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That is that, then.

But, where cowardly governments fear to tread, blood-sucking capitalists never hesitate. And the rental crisis has now been handed over to Chinese rent sharks:

International students desperate to find accommodation in Australian cities are forking out hefty payments to online Chinese-language “property brokers” who claim they can help secure leases in the tight rental market.

In addition to paying upfront service fees to the brokers, some impacted students have then discovered they’re paying rent at an inflated rate, or are locked into a contract requiring them to make several months of advance payments, documents seen by The Citizen/Crikey show.

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The self-styled brokers operate largely out of sight of mainstream scrutiny across popular Chinese social media platforms WeChat and Xiaohongshu (Little Red Book).

Hilariously, it is the international student influx at the top of the mass immigration funnel, many of whom are fake and only here to work, that is driving the crisis in the first place.

It is easy to fix all of the problems. Freeze the intake of students and migrants.

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Or watch his thing eat children like Grendel at a banquet.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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